Mortgage Question

DDS_30 · #1 (**permalink**) 10-12-2008, 10:53 PM

I purchased a rental property Oct 2004 and have had it rented out since. I have a "neg -am" typer mortgage that will reset next year. I bought the house for $500k and as of today I owe a balance of approx $575k. The prices in the neighborhood have drastically gone down. Similar models are selling for $230k. I was looking at what option I have right now as far as tax consequences, credit consequences etc. I have been contemplating contacting the lender and seeing if we can maybe cut a deal or something. Any advice would be greatly appreciated.

GarySpicuzza · #2 (**permalink**) 10-13-2008, 02:23 PM

Quote:

I have been contemplating contacting the lender and seeing if we can maybe cut a deal or something.

The problem with contacting the lender is the actual "owner" of the mortgage would read something like this:

Below is actual language from a foreclosure deed:

Deutshe Bank National Trust Company as Trustee for Morgan Stanley ABS Capital, Inc. Trust 2006-NC5, Mortgage Pass Through Certificates Series 2006-NC5, GRANTOR.

So just exactly who do you contact?

Sponsors