I would strongly agree with CAR. Not only could the reduction be under the recent comps, to me it is a material fact. Frankly if I were buying a home I would like to know if there were alot of loan mods or reductions in that area. It is also valuable for people who are perhaps trying to petition property tax reductions and cannot find many comps.
I cannot think of any good reasons why the information should be concealed. On the flip side, knowledge of that information would seemingly help not only future homeowners and appraisers, but could be argued that for people buying, if other lenders knew of that information that would be helpful as well. Maybe not helpful to the buyer because the lenders may treat that in a negative manner but still, getting the information out will be good.
To me loan mods and other reductions are this grey cloud we all hear of and have stories about, but don’t really know much about. At the very least reductions should be recorded.
I understand where you are coming from Russ and there is a privacy issue…makes sense…I fall on the other side of it though.
