I was at a party last night and a guy told me his daughter just got a loan mod from Countrywide and they REDUCED the balance owed and reduced her interest rate to a market-rate fixed loan.

My cashflow standards are also significantly reduced due to the fact that it could be my personal residence, so as long as we arent losing money monthly, Im happy.

Please be careful when you're buying properties on line or from seminars.

I personally would not do a deal like that, as my return is reduced dramatically and my cushion is absent.The income vs. value approach you mentioned is not only valid, but the exact reason for the dramatic bubble burst here in CA.

I have had my credit line reduced by $100k and as a result I wind up passing on deals that I might have considered before.

Maybe look for a discount agent who will place it on line and handle disclosures but not be required to do any showings or negoitiating.

The debit will reduce the amount of money you get.You are selling it for more than you owe, right?

Maybe draw them out from 30yr to 40 year to reduce the payment amount?

If your husband is the sole person benefiting from the reduce tax liability I would think that it would be best for his company to incur the costs for the repairs.

In the next couple of years when all the adjustable rate mortgages start to come on line we are going to be facing this hole problem all over again.