[quote=ctr70]How about we band together and everyone in the U.S. with a mortgage stop making our mortgage payments so we can all get a principle reduction and a 3% 30 yr fixed?[/quote]
I personally don’t own yet, but I do know two separate couples (one in Vegas and one in Pacific Beach) that did just that.
They saw others getting loan mods and principal reductions, so stopped making payments and fabricated stories of distress. The PB couple got a $200K principal reduction and loan mod on a $800K (purchase price in 2006) condo one block from beach. The Vegas couple got no love from bank, so just mailed the keys back on a house purchased for $275 in 2005.
It’s like the banks are more willing to help out the higher value owners and give the finger to the lower value ones.
