FAQ > Loan Modification FAQ's > What if there is NO equity and/or the property is underwater?
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Loan modification is still possible! Some banks will agree to a principal reduction. Getting a lender to agree to write off money owed is very difficult, we are seeing some of these results, BUT this is done on a case-by-case basis and is the least likely solution the lender will agree to. Essentially the borrower is asking the lender to pay part of the loan for them and take a loss.
Last updated on May 12, 2009 by Administrator