Exclusive: Sweetheart Mortgage Deals for Billionaires that will Make Your Blood Boil

So, if I’m OneWest, why would I want to waste my time negotiating through a Short Sale, when I can make the same amount of money (if not more) by just letting it go to foreclosure? Exclusive: Sweetheart Mortgage Deals for Billionaires that will Make Your Blood Boil by Bob Hertzog It all started with a phone call I received in early May/2009. The caller sounded troubled, as so many are these days. He told me he had spent several days researching his options. He owed $478,000 on his first mortgage with OneWest Bank, and $30,000 on his second mortgage with Bank of America. He and his wife were separating, and headed for divorce. He had not been able to find employment for over a year, and he had depleted all of his savings and retirement funds in order to continue making the mortgage payment over the past year. His soon-to-be ex-wife had recently had her hours cut by 50 percent, and they were having a hard time putting food on the table, much less making a $2,600 per month mortgage payment. For all intents and purposes, he was at the end of his rope….. I spent the next two to three days poring over articles and blogs on the Internet regarding OneWest Bank. Finally, I stumbled across a Wall Street Journal article that described a new program that the FDIC had put in place in order to “sweeten the pot” for the investors that were purchasing the banks they had shuttered. This new phenomenon, called a “shared-loss agreement,” literally made my jaw drop….. Bob Hertzog is the founder of Summit Land Consultants, and co-founder of Summit Home Consultants in Phoenix, Arizona. His website is www.foreclosureuturn.com.