A friend of mine got two loan mods on million dollar loans-Coronado and Palm Desert. It was a good deal for the lender because he’s a serial entrepreneur that makes several million dollars then loses it all over and over again. 2009 was a lose it year and he lost about $10M which was most of his net worth. He missed about 7 to 10 months of payments and he got a forebearance of the missed payments added to principal and a 4% rate for 5 years. By the time it was all done his income was back over 30K a month and he’s fine now.
