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Yes, and unfortunately the Mod's they are offering "feel good' to the borrowers - the catch is the Principal is everything they owe, plus penalties, past due amounts, and legal fees - then payments are 2% for 40 years so it feels like they are getting a great deal when in effect, the value will never catch-up and the borrower / owner is "imprisoned" by the new mortgage. What if the borrower's situation changes and they have to move to another State for work? The value will not be there to sell it.
I have advised my clients in this situation to take a hard look at their personal situation - and - if the house is their FOREVER HOME, then it might be ok to do, if it's not, they need to get rid of the property and the headache.
Although none of us like to lose a deal we've worked on for a long time, we all want what's best for our client and if that means keeping the house they love - so be it.
Best of luck,
Thom Colby
Broker / Negotiator
Newport Beach CA
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