[quote=urbanrealtor][quote=sdrealtor]I can confirm that sold out jr liens (i.e. completely underwater 2nds that have nothing to gain via foreclosure) are settling for 10 to 20 cents on the dollar and often less. They are de facto principal reductions. I’ve been blogging about it for a couple months but Rt 66 wanted to discount it. Its real.[/quote]

Do you really believe what rt 66 sez?

Dude.[/quote]

Nice, the realtors are banding together for attacks now. I argued that people are not receiving forgiveness on 2nds en masse and, AND, AND, this is important now……. keeping the house. Of course 2nds are taking it in the shorts thru short sales and foreclosures (duh!). B

Big difference there, keep house vs lose house, but I realize that details and facts are not part of the realtor way so I understand why you conveniently omit things to make the mudslinging seem funny or rational.

People who’ve been following the realtors post will remember that his so called “confirmation” is little more than hearsay. Heard it from a guy in bar or another agent did the deal but his office is locked, etc.