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Loan Modification

: Loan Modification & Home Loan News

Luxury Homeowners Facing Default Turn to Short Sales

By Evan Bedard

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(Bloomberg) — Homeowners with mortgages of more than $1 million are defaulting at almost twice the U.S. rate and some are turning to so-called short sales to unload properties as stock-market losses and pay cuts squeeze wealthy borrowers. ?The rich aren?t as rich as they used to be,? said Alex Rodriguez, a Miami real estate agent [...]

Full post as published by Loan Modification & Home Loan News on December 22, 2009 (boomark / email).

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