[quote=justsayin1964]Huckleberry- if they got thier loan reduced it certainly would not be for less that market value so how would they have enough for another home loan- also their credit would be shot so which lender gave them another loan with bad credit?[/quote]
I never said the loan would be for less, but they may use the money they have been saving for the last year (not paying their mortgage), plus the margin between the new loan and the sale price. Meaning, they are using taxpayer money to fund their new home! Whala…
But now that you mention it. How do you KNOW the new loan wouldn’t be for less than the local market value. Do you figure the gov’t is going to come out to each individual home and assess the value before making the new loan? And, we all know how well the current appraisal system is working…
And again, how do you know their credit is shot with a new loan? I haven’t seen that as one of the stipulations to getting one, have you???
