They are -just a little naive. The lender or "Seller" should I say cannot , will not, wont , never ever will , buy back the loan discount it to you and then replace it...not in this market.
They will foreclose and establish a bottom line price with 20% kicker built in - or left over for them . Wow. . . what a crime!
They then will wait for the trustee to repurchase the property back and "flip" it using the insurance proceeds from the invesmtent trust. We've made offers at damn near the entire loan balance for borrowers wanting to be fair and wanting out. No wayyyyy!
Write your congressman or get me on the phone with the servicer. . .there you go! Pick a Realtor (below) or from here of your choice and I will make the call. Tell them your experince..
When this breaks news on CNN and the like remeber where you heard it!