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Loan Modification

: Mortgage Lender Implode-o-Meter

Extend and Pretend: A 40 Year, 2% Loan Mod

By Implode-Explode Heavy Industries

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"Banks are going to qiuite some lengths to avoid doing principal mods. I?d love to know how Bank of America will book this loan versus the it one currently has. Lawyers for borrowers have been pushing principal mods when the bank is having trouble proving standing and is suddenly very willing to negotiate. But deals are confidential, so I have not gotten any reports as to success."

Full post as published by Mortgage Lender Implode-o-Meter on November 13, 2010 (boomark / email).

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