principal reduction

Hi Raoul,

I've rarely seen any banks/lenders reduce principle, only 1 lender I know of in years as an appraiser. There are some private investor groups that will do this though. Interesting to see if the banks can be forced to write down the principle.

--Andrew

I would bet that the banks will inundate the homeowner with so much paperwork that they will give up on trying to get the modification.  I am helping a client that was trying to get a loan to fix up the house on a house that is fully paid for.  When he finally told the underwriter that he was tired of giving them too much personal information over and over again they contacted Maricopa county about his unpermitted block wall around his back yard.  Now he has to get a drainage permit issued for it before the county fines him.