A reader waking up to the harsh realities of a housing bust is trying to figure out what to do next. Let's try not to kick a man when he's already down, ok? Maybe resist the schadenfreude this time? He writes in: "I bought a condo in 2007 and of course my loan is underwater. (I don’t need a lecture on that dumb decision) I am not subprime and can afford my mortgage (barely), but it is devastating to be paying so much for something worth so little right now. I wouldn’t foreclose, but friends have advised me that I could go back and renegotiate the sale price with the lender directly. Is this for real? I have tried to research this online but am coming up empty. It seems a little crazy but I thought I would ask if you or your readers had any information on this?"
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Ask Curbed: Can I Renegotiate My Sale Price One Year Later?
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