Mortgage press bank modifying loans?

My co worker Mike owes 300k on his home that is worth 230k. His interest rate is 11%. Three years ago Mike seemed to own everything big screen TV's vacations 3 times a year and have cash. He ended up next to lots of credit card debt so he refinanced into a 300k loan. Mike then came into work relating us that the back is agreeing to Modify his home loan to 230k eating 70k. They are also giving him a 5% intrest rate good him 1700 a month. I want to know if he is full of it, dose not seem right.
47 minutes ago - 3 days left to answer.
"> He probably have to sign over a portion of the proceeds of the house when he sells it. I bet they got more than partly the house value in the event of a mart.

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