Posted by John Behle on December 12, 1999 at 24:34:15:
If the banker will go for it. They might consider it over a large loss. The challenge is getting the banker to actually sit down and listen to you.
The big issue is who owns the mortgage. If it is a local bank or other institution, you’ve got a chance. If it has been sold to FNMA or a large out of state institution - your odds aren’t too good.
It’s described on tape 13 of the video course. I’ve also written some articles on it. I’ll track one down and post it.