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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Anything is possible. Posted by JK (the other JK) on June 30, 2010 at 6:20 PM In Reply to: 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). I've heard of a few situations where it has occurred. Usually the result of litigation and a settlement with a cash payoff attached. Follow Ups: Post a Followup: Name : E-Mail : Subject : 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). : I've heard of a few situations where it has occurred. Usually the result of litigation and a settlement with a cash payoff attached. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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