It’s a good offer, principal write downs are only temporary and incur a lien, they aren’t as good as they sound. I’ve actually not heard of permanent lowered interest rates for 30 years, there’s usually a catch. The FDIC loan mod guidelines allow for the lender to get something on the back end, they usually get everything back when it sells or returns to value.

The reason they will forclose and lose money is because if they fold, then everyone wants that deal and that deal loses them money. Since it is a credit union, and i belong to one, then it loses me money. If I had voting rights in my credit union, I would refuse any loan mods, just foreclose as quick as possible, destroy his credit, take the hit to the bottom line and stop the endless line of people with their hand out. I had a professor one who allowed you to dispute your grade, if he decided your argument was flawed, he lowered your grade. Standing in a line of ten people outside his office, the first guy came out and said he tried to argue his b to an a and the prof lowered his grade to a c. Everyone in line immediately left. Now that i think about it, that guy was probably pulling our leg, but it worked.

Tell your brother you and I said “your welcome” since inevitably you and I get to pay for this.