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Loan Modification

: Mortgage Lender Implode-o-Meter

Commercial Property Owners Choose to Default

By Implode-Explode Heavy Industries

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``Companies such as Macerich Co., Vornado Realty Trust and Simon Property Group Inc. have recently stopped making mortgage payments to put pressure on lenders to restructure debts. In many cases they have walked away, sending keys to properties whose values had fallen far below the mortgage amounts, a process known as "jingle mail." These companies all have piles of cash to make the payments. They are simply opting to default because they believe it makes good business sense.''

Full post as published by Mortgage Lender Implode-o-Meter on August 28, 2010 (boomark / email).

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