The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: John Vosilla who wrote (215763)	8/14/2009 10:21:21 PM
From: Broken_Clock	Read Replies (1) of 306849

John Here's real life example of how the loan mods are working. My friend bought a 2b condo for 289k a few years back and remodeled it. The market collapsed, his loan reset, he worked for a solid year trying to do a loan mod with indymac then whoever took over their loan when they went under. He was paying $2,800/mo and renting the unit for $800 and never missed a payment in 3 years. Finally, they gave him an offer... reduce his payment $200/mo and raise his balance up 12k. He owed $280,000 and the last sale in there was 125k He walked 5 months ago. The condo came on the market today at 145. These bankers are some smart cookies...

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