Underwater, get discount from bank?

[Larry Flanagan]

I need to get rid of a dog deal that I'm underwater on. I owe about $30,000 more than its value. The lender is a local bank. I have the cash to pay the difference, but it is a big chunk of my liquid money. I have paid this bank over $150,000 in interest between this and other deals over the last 5 years. Basically, I wonder if they would discount the note as a favor? Has anyone accomplished anything similar? I wonder the best way to approach them?