Here’s Mike on the Go Gaddis Real Estate Radio podcast.
Notable quote from the interview:
If you want bank assistance when you fall behind on your, on your payment responsibilities, they offer retention options. And that can be in the form of a loan modification, where you modify the terms of the note, which are not typically attractive in an environment like this. A lot of these people are sitting on two-three percent mortgages, right? So this option is better than foreclosure but not outstanding. It’s called a partial claim mortgage as long as you’re able to resume your normal payments in about 60 days, they’ll take the arrearage and tack it on to the back of the loan.”
For more, check out the full interview