Force the banks to lower mortgage principle to the same amount they would accept on a short sale for the same property.
Why is this important?
Banks will agree to a short pay or short sale transaction on a home and accept, in some cases, $300,000 less than the current mortgage value. Why not make this same offer to the homeowner by reducing the principle and allow them to stay in their homes? This would put an immediate halt to the 1,000's of foreclosures in our nation and give our economy a chance to heal.
