patrick.net

  I have an interesting story.

My wife has a co-worker that has defaulted on her (the co-workers) mortgage.  She lives in San Jose, and makes good money.

So, she instead of going through foreclosure, the bank has agreed to
do a short sale.

The woman stopped making payments a long time ago.

Her interest only loan, is due to reset in may.

The rate will go DOWN.

She is STILL defaulting.  Even with a lower rate.

Now how is THAT going to affect the local BA fortress markets?

LarryPatrickMaloney

#housing