I know a case that the owner now 11 month behind.

I know a case that the owner now 11 month behind, his family owns a restaurant.

he bought this house for $440k, put in another $75k to expend and renovate it, once worth $740k, he refi and got 500k out of it, now best case house maybe worth $460k or so.

he started working with his bank since last Dec, at first the bank told him they can help, and told him since his loan is own by goldman sachs, to get the mod done, he need to stop making payments., so he did, that is 11 month ago. finally the bank deny his case, telling him either pay up or foreclosure it.

so he let it go in to foreclosure, Indiana has a state funded agency call Indiana Foreclosure Prevention Network, they refer him to a local agency, and start the whole process again, and the agency request a face to face settlement conference with the bank the end of this month.

he say he wants to keep the house if the mod is successful, but if not, he is not afrait to let it go, he had $525k in the beginning, refi out $500k, now with 11 month no payment, he is actually ahead 20k if he walk away.

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• Yeah, that's the deal -sunskitehomes- ♂ (344 bytes) () 11/07/2009 postreply 06:17:56

• haha, here is another story that is even better. -jy101- ♂ (558 bytes) () 11/07/2009 postreply 06:28:53

• how about this one -sunskitehomes- ♂ (240 bytes) () 11/07/2009 postreply 06:45:27

• for 14k, why not hold on to it and to rent it out. -jy101- ♂ (0 bytes) () 11/07/2009 postreply 07:21:04

• I need even that money to do more. -sunskitehomes- ♂ (74 bytes) () 11/07/2009 postreply 10:35:29