Posted by stewart on October 30, 2003 at 21:20:37:
I really know nothing, so take this for what it is worth. Lender has to have a reason to discount, and you haven’t said what the house is worth. If worth $120k and you want to give them $50k, then not much incentive, maybe but can’t hurt to ask and depends on each lender. Not sure what order to go in but I think you need some control over the house first including a poa and information release authorization (this first before contacting bank), contact mitigation department of lender to inquire if they would entertain a discount to the mortgage and could they send you a ss package. Do the package and send it off and see how they reply.