I believe the only way to settle your first mortgage is to give the property back like a forclosure.

I've still $89,000 left in mortgage, which I'm not in a position to pay off. I tried to refinance the amount, but not a single creditor approved the refinance. Can I settle the debt though a debt settlement program? Please help.

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I believe the only way to settle your first mortgage is to give the property back like a forclosure.

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Abbie is correct that you cannot use debt settlement for any secured debt. I work in the debt settlement industry and because of tight lending standards I am being approached more frequently from people like Dave who have been turned down for a refinance. Although there is no cash out available with debt settlement you can consolidate your unsecured debt into a payment much lower than your minimum payment, reduce your debt by 40 to 60 % and be out of debt in 2 - 4 years thus improving your disposable income. If you are current on your payments you will have a negative impact on your FICO score. The healing begins once your debts are settled.

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Sorry, you can't. As mortgage is a secured debt, you can't grt rid off it through a debt settlement program. However, options are always there. If your credit score is good, try to get a low interest consolidation loan and pay off the mortgage with that.


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