[quote=SD Realtor]Why would someone go through the hassle of selling the home when the lender went ahead and granted them instant equity and a lower rate and basically valued the home at present day prices? Seems like a pretty easy decision to stay and keep the home.[/quote]
Except he didn’t “stay,” lol . . .
SDR, sdr stated that this individual’s divorce occurred several years before he lost his job. Then he lived in the property “free” for a year after defaulting and THEN presumably worked out the mod after landing a new job. Regardless of the $80K, this particular family (like most divorcing couples) would have been better off selling at the time of divorce and splitting the proceeds, IMO. It would have saved his credit. Now, neither party has this heartwarming, special house for their “school-age kids” to live in. Why?? Because “Dad?” is now using it for a biz oppty, courtesy of his generous “loan mod.”
He’s apparently so “upper middle class” (like ALL sdr’s “friends” are, lol) that he needs the $1000 mo rental income to supplement his income.
I thought the function of “loan mods” was to keep families together in their homes … a roof over their heads while they put their financial lives back in order . . . a second chance, so to speak?
