How do I use the Mortgage Forgiveness Debt Relief Act of 2007 to negotiate a fix loan on my 1st and 2nd mtg?

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My first mortgage is with Aurora Loan services for $ 355,200 @ 6.875 5 year fixed 2nd mortgage at $ 88,800 with Washington mutual @ 13% 30 year due in 15 Balloon. I cannot refinance since my value has dropped around $ 20,000 is there any law that would allow me to renegotiate this with my lenders? I still have 3 years left but I rather do this now and take advantage of the relief act. I am not in default and want to avoid being in default when negotiating any tips you guys could give me? Thanks!

2 Comments
  1. Reply
    v b
    February 1, 2011 at 5:05 am

    Unless congress/senate change the law, the bank doesn’t owe you anything and isn’t required to change the terms of your loan.

    The debt act merely states that if the bank does change the terms or forecloses that you may be able to avoid having cancellation of debt income on the amount you fail to pay back to the bank.

  2. Reply
    Della Ross
    February 1, 2011 at 5:27 am

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    Della.

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