OK, here is one for the ages. Client has a four-plex with a loan of $599,181 and a monthly payment of $5,186. They are receiving $4,788 per month in rents so they have a negative of $398 which isn't bad, except with these tough times every dollar is tight.
We just negotiated a principle reduction of $119,422 and a new payment of $2,050. So with the monthly rent they receive of $4,788 per month, they are now making $2,738 by keeping their property. This is an investment property with no late payments. Almost to good to believe, huh? Well, believe it!
When members of the police department visit us to help them with their modifications and members of the real estate industry do the same and send us their clients, that HAS to say something.
I love my job! Not always, because sometimes it can be tough, but at the end of the day I LOVE my job!
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