“Couple Rethinks their Foreclosure”
Another great blog Joe, with some very good comments, the entitlement attitude is alive in our country and these people have taken it to a new level expecting to get away with ignoring the house payments that they agreed to pay at one time and then when given a gift of $170 thousand dollars, they want to know if they can get more!
“Couple Rethinks their Foreclosure”
About once a year, this couple contacts me to see if they could refinance their mortgage. I explained numerous times, there is no refinancing available to them as they are in foreclosure. This process has been going on over three years, which means they haven’t made any payment. I’m sorry, but these stories drive me crazy.
This time, they called saying that their servicer made them a proposal and what do I think about what is being offered. They owe $440,000 and their interest rate is 7.5%. The servicer offered to write the loan down to $270,000 and offered them and interest rate of 4.75% for 25 years.
Are you kidding me? You are wondering if you should accept the proposal or continue not making any mortgage payments. I couldn’t stand it, but bit my tongue and told them to take the deal that was offered, as they have been offered an amazing deal.
What a deal, they didn’t make any payments for 3 years, they got a $170,000 discount on the debt and were wondering if the deal is good enough, WOW.
image courtesy of cooldesign/freedigitalphotos.net
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Email: joe@righttracfg.com
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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