Are mortgage companies really reducing principle balances on homes that are in foreclosure?
I’m being told by a rep at Infinity Group Services of Irvine who has supposedly qualified me that the mortgage companies have to modify loans becasue of legislation that was passes which includes reducing principle to the market value of the home. Here is an example they sent to me…John Martin’s loan is presently in default, or reasonably foreseeable of near default. The house he previously bought 2 years ago for $800,000 with a $640,000 first and $140,000 second, has now plummeted to $375,000. While Mr. Martin can no longer afford the $9,000 per month mortgage payment, he is willing, able, and ready to execute a modification of his loan on the following terms: a) New Loan Amount: $330,000.00 b) New Interest Rate: 6% fixed c) New Loan Length: 30 years d) New Payment: $1978.52 Is this true?
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