Ok I've got to tell this story about a phone call I just sat through with a friend that is 5 months late on a $675,000 mortgage ($600K 1st & $75K 2nd) on an exclusive loft in Atlanta.
My Friend, has owned this loft for years and received an appraisal of $780,000 almost 2 years ago when he refinanced into his current 5 year ARM.
The unit cost him over $6,000 per month in first, second and HOA and like I said he hasn't made a payment in 5 months and calls quit coming a month or so ago so he figured all hope was lost.
Well get this.
I get him to call and YES he was still an active customer of theirs and they were very happy he called to discuss his current situation and how they can rectify things as soon as possible. I said I was his realtor and that in my opinion the loft was worth at most $530K and I could not recommend that my client try to hold onto the property at these current levels and "My Client Needs, No Is Demanding" that they follow what Bernanke said today and cut his principle down to the current market value.
There was silence for a while but he came back to say that something like that was very new and that "XYX" mortgage company did not do any type of permanent changes to loans, so there would be nothing that could be done. "Sorry"
So I say very loudly that the property is lost and my client doesn't want to hear from them again.
Now the representative changed in 1 second and goes. Listen, I know you own your own company and times get tight but if things got better for you soon could you get things worked out, you've owned the place for a while now... Right?
So that was a little bend but get this.
The guy says "Hey you know that if you had a sale even a short sale that would hold things off for a while. He goes on to tell us that their short sale department is absolutely swamped now and a contract submitted to them would sit there for a couple months before they even decided anything. He finished it off with "You know, if you just need some time to work something out, then you just need to "Work Things"..... You know?"
Here is my point.
This guy is 5 months late and close to $30,000 behind in payments. Now his mortgage company is so "Bend-Able" that they are even telling him how to hang on for a little longer...
These are some cRaZy TiMeS!!!!
;)
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