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ottopottomouse - that is an excellent question, in fact it was the first one i asked as well. Truth is I do not expect anyone to do anything. Its just an option for those home owner who choose to fight back.
150K is how the bet is hedged in the home owners favor, a 150K mortgage will be more than double the 500$ monthly fee, during which time the mortgage is not expected to be paid.
Here are some fun facts - out of 10 applications, only 1 will be approved for loan modification, about 90% are NOT approved. Sadly a vast majority of major loans from large banking institutes show predatory lending traits, which are not legal. A lawyer can find these illegal banker flaws and fix this in a loan, which is not a modification, but rather a permanent solution to a bad situation.
If a solution is found in 30 days its a 1 time payment, if the case takes 6 months, well then its more, etc.
Many people will not want to fight and they will loose their home without a question (usually within 12 months, faster in some US states - even with court backlogs), however, some (not all) of those people that choose to fight back will retain their home, and they will likely not do it without legal counsel.
Most people could never afford the typical 5K retainer, and 500per hour rates of a single attorney, so when you think about a 500$ flat month legal "plan", it makes sense.
Regardless, Im not looking to release this on GFY, or in adult traffic, but was hopeful that the genius traffic guys in adult might also have a few mainstream connections, that help me avoid the ad networks.
So if you got that, Im listening.
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