Drastic Reduction in Principal?

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Drastic Reduction in Principal?
Posted by LazyMan on June 30, 2010 at 5:33 PM
I was recently informed of a situation where a homeowner who owed $3.6 million on a home in Newport Coast and had been in default for about 3 years just received a principal reduction via BofA to the current market value of the property -- $1.9 million. Has anyone else heard about this going on (the Listing Broker told me this when I inquired why the property was taken off the market, also it was cancelled on FR).

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Anything is possible. JK (the other JK) 6:20 PM, 06/30/10 (0)

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Comments: : I was recently informed of a situation where a homeowner who owed $3.6 million on a home in Newport Coast and had been in default for about 3 years just received a principal reduction via BofA to the current market value of the property -- $1.9 million. Has anyone else heard about this going on (the Listing Broker told me this when I inquired why the property was taken off the market, also it was cancelled on FR).

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