Reply by 101livescan on 6/4/08 8:21am
Msg #249936
I thank God every day I'm in my house and can pay my mortgage. It's a scary place we live in. I have two friends who are in pre foreclosure process in excess of $1M each, CW not so quick to foreclose, because of the huge book values. They have to reappraise and determine what the market value is. The market values are quakey. CW is doing everything they can to modify the loans to something the borrowers can live with. CW over lent, charged my friends way too much to do the loans in the first place, and now it is difficult to assess the real market value. Banks are in a lot of trouble and will be for some time to come.
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