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|User Info||And So It Begins - The NEXT Implosion; entered at 2008-08-06 11:46:48|
Registered: 2007-06-26 Pa.
I know 2 people making minimum payments on Option ARMs taken out in 2005 and 2006.|
They're both planning on walking away when the recast happens. Or when the lender forces them to walk away after the recast.
Both areas where these houses are located have seen SIGNIFICANT declines on the order of 1/2 to 2/3 of the value of the mortgage.
Neither has seen their 'mandatory' recast happen.