nsr,
It should be a win for everyone. In 5 years his income situation should be stabilized, he will have caught up on the consumer debt acquired during his layoff and he will rebuild his reserves. This is a pretty responsible guy rather than someone who lived off his house like an atm. I dont know what percentage of the distressed homeonweners fall into his category but its important to recognize there are people like him out there. Around here you would think every one of them had it coming and that no one who goes beyond 6o days late will ever return to paying their mortgage without defaulting.
