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It basically amounts to extortion and bribery to require a seller make a contribution or accept a promisary note at the last moment after going through the process and trying to do a short-sale on non-recourse loans. If BofA determines that the seller has continued payments to everyone else they...
"Things that were unthinkable are now becoming thinkable," city would demolish houses in 139-square-mile city could go from urban to semi-rural. Detroit was awarded $40.8 million in tax payers money to start the work. http://news.yahoo.com/s/ap/20100308/ap_on_bi_ge/us_downsizing_detroit
Taking effect on April 5, the program could encourage hundreds of thousands of delinquent borrowers who have not been rescued by the loan modification program to shed their houses through a process known as a short sale, in which property is sold for less than the balance of the mortgage. Lenders...