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Updated over 5 years ago on . Most recent reply

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Jacob Kline
  • Rental Property Investor
  • St Augustine, FL
47
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74
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Negotiating with lender for balance decrease?

Jacob Kline
  • Rental Property Investor
  • St Augustine, FL
Posted

If I have a contract on a property is it possible to go to the lender and negotiate the balance down for a cash payoff?

The note is incurring daily interest, property is in bad shape, and lender would most likely have to evict people currently living there- possible negotiation points?

Anyone have experience doing this?

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1,293
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Brett Goldsmith
  • Investor
  • Los Angeles, CA
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Brett Goldsmith
  • Investor
  • Los Angeles, CA
Replied

If the home has equity a short pay is likely not possible. If the house is upside down then it may be possible depending on account and borrower circumstances. 

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