The things people do............

tmare_IHB

tmare_IHB

New member
So I have a neighbor who told us he stopped paying his mortgage well over one year ago. He gave us some story about the bank reducing the principal which, of course, turned out to be a load of crap. Anyway, I knew it had been over a year since they had paid and suddenly they re-landscape the entire front yard about 2 months ago. Of course, I'm thinking, what the hell? So I PM one of our "knows and can find out anything"people at the IHB and ask him what the scoop is. He tells me that I should expect a visit to my neighbor by the Sheriff within 2 weeks, the house became bank-owned in June. This was almost exactly two weeks ago and I come home today and they have completely ripped out all landscaping and loaded all of the plants in plastic buckets onto a truck. So strange.
 
[quote author="tmare" date=1249978434]So I have a neighbor who told us he stopped paying his mortgage well over one year ago. He gave us some story about the bank reducing the principal which, of course, turned out to be a load of crap.</blockquote>


Do banks even do this? I hear so many commercials for "the feldman law center" but if you look up the guy on the California Bar Association website hes has his license suspended twice.
 
[quote author="GraceOMalley" date=1249979357][quote author="tmare" date=1249978434]So I have a neighbor who told us he stopped paying his mortgage well over one year ago. He gave us some story about the bank reducing the principal which, of course, turned out to be a load of crap.</blockquote>


Do banks even do this? I hear so many commercials for "the feldman law center" but if you look up the guy on the California Bar Association website hes has his license suspended twice.</blockquote>




I honestly don't know, I've heard the ads recently with people touting how some law firm got their principal reduced. I even saw a car in Irvine with ads on it saying that you should get your principal reduced, not a modification. <a href="http://latimesblogs.latimes.com/money_co/2009/08/the-idea-of-forgiving-some-of-the-debt-of-homeowners-whose-houses-are-worth-less-than-their-mortgages-has-become-perhaps-th.html">Here's</a> the latest news I've found on the topic.
 
[quote author="no_vaseline" date=1249992889]I've been asking to see proof of a principal reduction for months.



Haven't seen one yet.</blockquote>


If you pay me $6k, I can get your principle reduced by at least $4500.75.
 
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