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Non-Tech : Investing in Real Estate - Creative Opportunities
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To: John Vosilla who wrote (1010)9/25/2012 9:18:59 PM
From: Riskmgmt  Read Replies (1) of 2722
 
Wow! John, a game changer with this:

Finally, the agency said servicers would waive the right to pursue deficiency judgments in exchange for an agreement that a borrower makes contributions toward the shortfall between the mortgage principal and the sale price. In many cases in Illinois, lenders already waive deficiency judgments.

They are now making it socially acceptable to renege on a debt. So anyone now with a 2 million loan who can get a BPO for a million gets a million discount on a debt he legally agreed to. It's also a blow for those prudent people who never refinanced or paid off the mortgage.
Should handle the scarcity of inventory in these parts.

RM
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