Banks have a tendency to contract with borrowers to an agreed sum and interest, and when the borrower becomes incapable of servicing the debt, the debt balloons to a figure neither the borrower nor the lender would have contracted to. These practices benefit the banks only to the extent where the borrower becomes able to pay and benefits no one when the bank has no assets to recoup. There may be a way around these rigid policies that does not cause the borrower to lose real wealth repaying these exorbitant debts but it involves lots of negotiating and begging with the bank. Ask your bank to allowed to you to pay off the principal and disregard the interests. That way it is a win-win situation for both lender and borrower, as there is no loss on either the part of the lender or borrower, as what was borrowed was paid.
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