I didn't think so!
If you had cancer,
would you allow
the same friend
to operate on you?
Uh, probably not. People need friends to listen to them in times of peril. They need guidance but not necessarily advice.
I became a little disgruntled about some advise that we need to sue the filthy banks for all the evil they do yesterday here.
I am not a lawyer,
nor do I play one on AR!
Do you understand what the consequences of words and advice can mean, no matter how well intentioned it is? Many people listened to their friends' advice in my dear city and ended up losing their homes when they had not intended to lose their homes in the first place. They just wanted to play the "default game" like their friend did to get a lower rate or better deal. They didn't consult with a lawyer until they had defaulted, for several months in many instances.
Your friend leaves out
several key points.
Like maybe you have to requalify (income this time perhaps) to get your loan modification. You no longer qualify for your home. You may end up in mediation and are forced to short sell or do a deed-in-lieu of foreclosure. It's sad, unfortunate and happening all around me.
Contact a professional first...
You are best advised with all the legal turmoil in regards to notes and financial instruments to contact a professional first before you do anything rash like default. When I say "professional", I am not talking about contacting a Realtor or a blog post either, I am saying you should consult with an attorney. That is the best way to get the right advise for YOUR current situation.
I am a Realtor, I am a resource to the resource, not a legal advisor.
It is a Realtor's job to market and sell homes. We are salespeople, not lawyers. If you need any help with a referral to an attorney who specializes in distressed homes, I can help point you to some attorneys. This ensures you will be given all of your options, the consequences of those options and so that you can make the best decision for your current situation.