[quote=bearishgurl][quote=SD Realtor]See was it that hard to say? That they actually do exist? Very well done. You didn’t even need to take up 4 paragraphs.[/quote]

Except that in all YOUR experience, YOU haven’t seen any … and neither have I … and sdr is “claiming” ONE here.

Next time you post something longish, I’ll make it a point to “critique it” if I see it.

Ironically, I don’t see you arguing with any of the points I made here. So where is your problem exactly?[/quote]

I’ve actually heard of a bunch of them but my friends is the only one I actually got to review the loan mod agreement on. A couple years ago a client of mine who had done a major kitchen remodel (high end restaurant quality) and home expansion for a couple hundred thousand lost his job and was un/underemployed for over a year while his wife was back in school retraining for a new career in a new industry also. They stopped paying and were in default for over a year. According to the trustee sale default amount they were about $100K behind. About a week before the trustee sale, someone from the bank knocked on his door with a principal reduction deal and loan mod. They were shocked as they had packed up and ready to go. I dont know the details but it was a spectacular deal according to a mutual friend. The wife now has a great new stable/recession proof job and the hubby has a good job again also. FWIW the loan was with one of the more aggressive banks regarding loan mods/short sales etc. I’m not saying these are common but they are out there. Its called loss mitigation and figuring out the best alternative is what they should do.