Posts Tagged HAMP
Real estate “vultures” help troubled homeowners
Posted by Cory in Foreclosure on August 22, 2010
Anna and Charlie Reynolds of St. George, Utah, were worried about losing their home to foreclosure last year. Then they got a lucky break—from an unlikely savior.
Selene Residential Mortgage Opportunity Fund, an investment fund managed by veteran mortgage-bond trader Lewis Ranieri, acquired the loan at a deep discount and renegotiated the terms with the Reynolds. The balance due was cut to $243,182 from $421,731, and the interest rate was lowered. That reduced the monthly payment to $1,573 from $3,464, allowing the family to stay in their home despite a drop in Mr. Reynolds’ income as a real-estate agent. “It was a miracle,” says Ms. Reynolds.
Story continued here: ‘Vultures’ Save Troubled Homeowners
Related articles by Zemanta
- ‘Vultures’ Save Troubled Homeowners (online.wsj.com)
- Winning the Loan-Modification Lottery, Part I (blogs.wsj.com)
- Vulture investors buy up distressed mortgages (sfgate.com)