National City:
1. Negotiated a 2nd mortgage from $148,000 to $35,000
2. Wrote off a $200,000 2nd mortgage when homeowner proved that there was -0- equity
Wachovia:
Reduced the principal balance $40,000 and lowered the interest rate by 1.5%. The homeowner is self-employed and unable to prove any income.
JMO:
We are starting to see progress with the banks in their motivation to work with homeowners on modifications and short sales. If you are trying but, not having success please contact me....robin@proequitymanagement.com
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