LOAN MODIFICATIONS; THE ENDLESS FRUSTRATION - 09/21/09 07:21 PM
I write this blog growing more frustrated by the idea of a "loan modification".
 
This is based on real experience.
 
Three years ago my parents bought a $390,000 2BR condo in New Smyrna Beach Florida. They bought this condo in order have a place for the family to get together and enjoy the beach.  They put 20% down and obtained a conservative adjustable mortgage. The current mortgage is set to adjust in two years.
 
Then the "real estate crisis" hit. Florida real estate takes a hit including their beach front condo.
 
As home owners watch their values … (4 comments)