Via San Diego real estate blog San Diego real estate agent:
Actual clause in the government rescue package:
Sec. 109. Foreclosure Mitigation Efforts CONSENT TO REASONABLE LOAN MODIFICATION REQUESTS - Upon any request arising under existing investment contracts, the Secretary shall consent, where appropriate, and considering net present value to the tax-payer, to reasonable requests for loss mitigation measures including term extensions, rate reductions, principal write downs, increases in proportion of loans within a trust or other structure allowed to be modified, or removal of other limitation on modifications.
You live in a San Diego new housing development where all homes were sold out in 2004.*To view the full post, please visit the San Diego real estate blog
