Loan Modifications for the Upper Classes - Who Would Have Thunk!
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"Who would have thunk?" The F-Word in the luxury real estate market. A recent office visit from a new potential client suggests to me that even the "upper classes" now believe in loan modifications & counsel sessions to discuss their homeownership woes and troubles. It is quite common that I receive a call from an upper middle class or a family that some might characterize as the "wealthy" side of the tracks. These homeowners are also suffering defaults in their mortgage payments and have huge losses in this economy.
Is it a "planned default" before the hammer hits or has their market value really fallen to new lows? The fact that these families are now seeking consultations in our law firm says that the decision to allow a significant loss of a credit or FICO score has crossed previously and well defined social, political & economic barriers. Despite the known fact that such defaults may be reported in their credit scores for 7 years, these new clients must increasingly face the anguished issues formerly known only by a far different segment in our neighborhoods.
Not only do these defaults lower their mortgage ratings, but their credit card rates & some employers may also consider the mortgage default. These are no longer academic debates. Homeownership defaults have crossed all lines and reach even into the heart of Manhattan condos overlooking Central Park and Park Avenue.
Consider talking to an attorney, it may allow and permit the consequences of mortgage default in your family to avoid bankruptcy filing and offer valued discussion in these often troubled areas of homeownership.
