Mortgage Servicers Under Pressure to Cut Principle on Delinquent Loans
This article mentions that a number of State attorney generals that are continuing to put pressure on lenders to reduce the principle on “underwater” loans. In the articlke, the lenders cite moral reasons and state that “the costs could be enormous if widespread principal reductions are triggered by a settlement”. The article also cites a study that shows that loan mofications are more likely to fail than principal reductions. DUHHH!
I don’t claim to know a whole lot about how the financial institutions function but I’ve alwayd wondered about something. If the lenders are willing to sell a property to a complete stranger at foreclosure for an amount far less than what is owed, why wwould they not work a deal with someone who has paid faithfully for years at a price 25% more? I know that a lot of my short sale clients would jump at that opportunity.
As far as their morality concerns, give me a break! Lenders talking about morality???!!!
Experts in Maricopa AZ Short Sales | Foreclosures and Maricopa AZ Homes
Contact Bill Wasowicz for all listings or to be listed for Maricopa AZ homes and real estate
