[quote=briansd1]
If you want principal reduction to make the house “affordable” and stay there, then it’s likely a waste of money.[/quote]
Unless you happen to be Arizona Representative Carl Seel, who was prepared to propose a Chain of Title provision into Arizona state law. A funny thing happened on the day the bill was to be proposed…I’ll let someone else finish the story.
Carl Seel must have been in a very good mood the day of his unexpected tardiness, because even though he had been previously turned down twice for his own loan modification, two days before he showed up too late to propose the amendment, Ocwen granted him a PRINCIPAL REDUCTION that reduced his mortgage to $88,000 from roughly $190,000… that’s a reduction of approximately 56% give or take a few points one way or the other.
