Is repayment relief available for private loan borrowers?
Repayment relief is available for private loan borrowers typically after default. If you're current in the loan, they often won't do much for you, they might reduce the interest a little bit. You could consider a separate refinance but oftentimes the origination fees and the ultimate interest savings is not that much to make that worthwhile.
We actually follow a view that was set forth by the Huffington Post a couple of years ago, that sometimes is best to default. If you're paying 750 a month and the loan balance isn't going down and this is better part of a mortgage payment for you, sometimes defaulting is one of your only options to try to reduce the balance, do an ultimate debt settlement, have a payment plan in effect that doesn't include interest going forward, and be able to be done with that loan with an affordable payment and with an end in sight.