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  • October 6, 2009 at 8:51 AM #465245
    sdrealtor
    Participant

    The 2nds do not just disappear but rather they accept a reduced settlement just like they would in a short sale. Here’s an example of how it would work. Property bought for $500k with 80/20 loan. Stop paying 2nd, negotiate loan mod on the first and tell 2nd to go pound sand. After 6 months of not getting anything 2nd comes back and offers to settle for 10 cents on the dollar. Homeowner writes a $10,000 check and the $100,000 2nd is gone….a de facto principal reduction. I know an attorney that has negotiated several of these and have seen the paperwork with my own eyes.

    This is not a single answer to underwater homeowners escaping but one of many scenarios going on out there.

    Another uninformed hogwash post by Rt 66

    October 6, 2009 at 9:15 AM #464445
    Rt.66
    Participant

    Documentation please. I for one am over hearing about what you say you saw or what you think is going on. Somewhere along the line you have convinced yourself that having a realtor card means you have credibility, the opposite is true actually, so please pony up some proof.

    Can you at least find us just one actually case of this happening, pretty please?

    If someone owed you $100k and stopped paying, would you accept $10k or wait until you can get all your money with interest and penalties? Even if it took 15 years of the deadbeat paying his modified 1st mortgage until it reduced the principal enough for it to make sense for you to foreclose and get your cash?

    Can I borrow a $100k?

    Not only is this not happening like you say, it’s a stupid premise all together.

    October 6, 2009 at 9:15 AM #464634
    Rt.66
    Participant

    Documentation please. I for one am over hearing about what you say you saw or what you think is going on. Somewhere along the line you have convinced yourself that having a realtor card means you have credibility, the opposite is true actually, so please pony up some proof.

    Can you at least find us just one actually case of this happening, pretty please?

    If someone owed you $100k and stopped paying, would you accept $10k or wait until you can get all your money with interest and penalties? Even if it took 15 years of the deadbeat paying his modified 1st mortgage until it reduced the principal enough for it to make sense for you to foreclose and get your cash?

    Can I borrow a $100k?

    Not only is this not happening like you say, it’s a stupid premise all together.

    October 6, 2009 at 9:15 AM #464980
    Rt.66
    Participant

    Documentation please. I for one am over hearing about what you say you saw or what you think is going on. Somewhere along the line you have convinced yourself that having a realtor card means you have credibility, the opposite is true actually, so please pony up some proof.

    Can you at least find us just one actually case of this happening, pretty please?

    If someone owed you $100k and stopped paying, would you accept $10k or wait until you can get all your money with interest and penalties? Even if it took 15 years of the deadbeat paying his modified 1st mortgage until it reduced the principal enough for it to make sense for you to foreclose and get your cash?

    Can I borrow a $100k?

    Not only is this not happening like you say, it’s a stupid premise all together.

    October 6, 2009 at 9:15 AM #465049
    Rt.66
    Participant

    Documentation please. I for one am over hearing about what you say you saw or what you think is going on. Somewhere along the line you have convinced yourself that having a realtor card means you have credibility, the opposite is true actually, so please pony up some proof.

    Can you at least find us just one actually case of this happening, pretty please?

    If someone owed you $100k and stopped paying, would you accept $10k or wait until you can get all your money with interest and penalties? Even if it took 15 years of the deadbeat paying his modified 1st mortgage until it reduced the principal enough for it to make sense for you to foreclose and get your cash?

    Can I borrow a $100k?

    Not only is this not happening like you say, it’s a stupid premise all together.

    October 6, 2009 at 9:15 AM #465255
    Rt.66
    Participant

    Documentation please. I for one am over hearing about what you say you saw or what you think is going on. Somewhere along the line you have convinced yourself that having a realtor card means you have credibility, the opposite is true actually, so please pony up some proof.

    Can you at least find us just one actually case of this happening, pretty please?

    If someone owed you $100k and stopped paying, would you accept $10k or wait until you can get all your money with interest and penalties? Even if it took 15 years of the deadbeat paying his modified 1st mortgage until it reduced the principal enough for it to make sense for you to foreclose and get your cash?

    Can I borrow a $100k?

    Not only is this not happening like you say, it’s a stupid premise all together.

    October 6, 2009 at 10:01 AM #464488
    sdrealtor
    Participant

    It is happening everyday with short sales. The 2nds are getting pennies on the dollar in short sales. They are doing the same with these to a lesser extent as you need to have someone who knows how to pull this off.

    I have seen it with my own eyes and if its not good enough for you I dont care. Its the truth and those that trust me around here know thats what I bring.

    October 6, 2009 at 10:01 AM #464677
    sdrealtor
    Participant

    It is happening everyday with short sales. The 2nds are getting pennies on the dollar in short sales. They are doing the same with these to a lesser extent as you need to have someone who knows how to pull this off.

    I have seen it with my own eyes and if its not good enough for you I dont care. Its the truth and those that trust me around here know thats what I bring.

    October 6, 2009 at 10:01 AM #465022
    sdrealtor
    Participant

    It is happening everyday with short sales. The 2nds are getting pennies on the dollar in short sales. They are doing the same with these to a lesser extent as you need to have someone who knows how to pull this off.

    I have seen it with my own eyes and if its not good enough for you I dont care. Its the truth and those that trust me around here know thats what I bring.

    October 6, 2009 at 10:01 AM #465093
    sdrealtor
    Participant

    It is happening everyday with short sales. The 2nds are getting pennies on the dollar in short sales. They are doing the same with these to a lesser extent as you need to have someone who knows how to pull this off.

    I have seen it with my own eyes and if its not good enough for you I dont care. Its the truth and those that trust me around here know thats what I bring.

    October 6, 2009 at 10:01 AM #465297
    sdrealtor
    Participant

    It is happening everyday with short sales. The 2nds are getting pennies on the dollar in short sales. They are doing the same with these to a lesser extent as you need to have someone who knows how to pull this off.

    I have seen it with my own eyes and if its not good enough for you I dont care. Its the truth and those that trust me around here know thats what I bring.

    October 6, 2009 at 10:10 AM #464493
    sdcellar
    Participant

    It’s certainly not unheard of for debt to be settled at ten cents on the dollar, so to suggest that such a thing is ludicrous is, well, ludicrous.

    Not saying that it’s easy or happens all the time, and I certainly have no idea how often it’s applied to mortgage debt, but it does happen in general.

    More importantly, I don’t think every single last underwater homeowner is as eager to walk away from their home you might think.

    October 6, 2009 at 10:10 AM #464681
    sdcellar
    Participant

    It’s certainly not unheard of for debt to be settled at ten cents on the dollar, so to suggest that such a thing is ludicrous is, well, ludicrous.

    Not saying that it’s easy or happens all the time, and I certainly have no idea how often it’s applied to mortgage debt, but it does happen in general.

    More importantly, I don’t think every single last underwater homeowner is as eager to walk away from their home you might think.

    October 6, 2009 at 10:10 AM #465027
    sdcellar
    Participant

    It’s certainly not unheard of for debt to be settled at ten cents on the dollar, so to suggest that such a thing is ludicrous is, well, ludicrous.

    Not saying that it’s easy or happens all the time, and I certainly have no idea how often it’s applied to mortgage debt, but it does happen in general.

    More importantly, I don’t think every single last underwater homeowner is as eager to walk away from their home you might think.

    October 6, 2009 at 10:10 AM #465098
    sdcellar
    Participant

    It’s certainly not unheard of for debt to be settled at ten cents on the dollar, so to suggest that such a thing is ludicrous is, well, ludicrous.

    Not saying that it’s easy or happens all the time, and I certainly have no idea how often it’s applied to mortgage debt, but it does happen in general.

    More importantly, I don’t think every single last underwater homeowner is as eager to walk away from their home you might think.

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