For Hector Ibarra, who lives in the ground zero for foreclosures, Las Vegas, the news is a devastating. Ibarra owes $137,000 on his townhouse, which is now worth less than $40,000 in today's market, but because his mortgage is owned by Freddie Mac he doesn't qualify for a principal reduction or modi
That was disappointing for homeowners like Hector Ibarra, who lives in ground zero for foreclosures, Las Vegas. His townhouse is worth probably less than $40,000 but he owes $137,000, but he always pays his Freddie Mac-backed on time.