Tonight we start the conversation on mediation, modification and settlements with the banks and servicers, keeping in mind that we are dealing with people who most likely have no financial interest in the performance of the loan and no authority to mediate, modify or settle despite all their assurances to the contrary. And watch out for those hidden balloon payments that are 20, 30 or even 40 years down the road. They will come up a lot faster when you go to sell or refinance the property!
