The jackpot of a lifetime arrived last month inside a letter from GMAC Mortgage: an offer to make more than $200,000 in debt instantly disappear.
The lender, the letter said, would slash what the homeowner owed to ribbons, including shrinking her $204,000 mortgage principal to about a third its size.
Far be it from a hoax, the letter was one of thousands sent to homeowners across the country. The offers, free and unsolicited, proved nearly impossible to resist.
“When they first came across, I thought they were certainly a scam,” said St. Petersburg foreclosure attorney Matt Weidner. “The next thing I thought was, where’s mine?”
ST PETE TIMES
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We’re beginning to see a lot of these “D.O.J. Modifications” at mediation. I didn’t believe it either at first, now it’s common. I saw 3 last week, and 2 so far this week. The litigation is abated until the review is complete and a decision has been made. Principal reduction is the first step of the “waterfall”. It’s a pretty amazing modification.
http://www.PinellasMediation.com
http://www.Facebook.com/mediatorken
Very nice article. You should write post like this more often. Regards.
As always superb writting!