Praying for a ‘short sale’

After losing high-paying tech job, borrower needs quick solution

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DEAR BOB: I am a loyal reader who should have taken your advice. When my adjustable-rate mortgage was recently "recast" to current interest rates, the unpaid interest was added to the mortgage principal balance. I now owe about 110 percent of my home's market value. I recently lost my tech job, which paid over $100,000 annually. Do I have any recourse to convince the mortgage lender to do the right thing? --Rick C. DEAR RICK: You enjoyed the low monthly mortgage payments for a year or two after obtaining that mortgage. When the mortgage terms provided for a "recast" to a higher interest rate and larger monthly payment, the lender added the unpaid interest to your mortgage balance. This is called "negative amortization" because you owe more than you borrowed. Purchase Bob Bruss reports online. If you are unable to make the higher mortgage payments, ask your lender if you can sell the house for its current market value as payment in full on the mortgage. This is called a ...