Not nearly enough information provided for me to give an adequate response. I am not licensed in Arkansas, however I can give you advice to pass along to another lender. Give me a call if you wish to discuss in further detail. I'd be more than happy to help.

www.stinsonfncl.com

I just got this response from the current loan holder via the BBB...can anyone tell me if this is a good idea? They want to Short Payoff:

Homecomings Financial has received a copy of your inquiry filed with the Better Business Bureau of Minnesota and North Dakota. We appreciate this opportunity to address the issues outlined in your letter.

Guaranty National Bank originated this loan on May 19, 2000. The mortgage was transferred to our company for servicing on April 1, 2001. This transfer did not change the original terms and conditions of the loan. Unfortunately, because we did not charge or receive the closing costs, we are unable to refund these to you.

Our company understands the difficulties you may have encountered when trying to the sell the property because of the Loan to Value ratio. Homecomings Financial would like to extend the offer of a possible Short Payoff, whereby we would accept an amount less than the total amount due to satisfy the debt.

Please complete the enclosed financial package and return it along with the required documentation listed on the coversheet.

Be very careful how you negotiate this contract should you decide to move forward with it. I would hire an attorney. This can affect your credit in a number of ways.

OK...I wont "jump" at this at all...will do my research...I have nearly resigned myself into just sitting on this egg for another 3 years or so and they do this to me. If this is done right and with a lawyer, could this actually be a good thing?

Considering how much I've already paid in interest alone, I wonder if half of the balance Short Payoff is realistic...

"If this is done right and with a lawyer, could this actually be a good thing?"

Yes. Short answer.