Re: WILL 3RD MISSED PAYMENT GO TO FORCLOSURE?

Posted by Fp on February 01, 2009 at 09:52:45:

In Reply to: Re: WILL 3RD MISSED PAYMENT GO TO FORCLOSURE? posted by Jim V on January 31, 2009 at 21:33:20:

Hey Jim,

I was hoping that Steel would respond to the questions since they were gleened from his post. Thank you however for the questions and alowing me the oppurtunity to answer and diologue pursuiant to your comments.

As you indicate, making payments more affordable and of course current would be the best thing to do. This is presumming that the mortgage does not get fees and charges add ons to the over encumbured amounts owed.

Keep in mind that foreclosure actions with proper timing, can be extended by knowledgeable people 5-10 years and maybe more as recently occured in Illinios.

Now, if a $2,000.00 monthly mortgage payment is not paid for 60 m0nths, that is a savings to the distressed family of $120,000.00.

The distressed homeowner now needs to decide what benefits his family more, a modificastion or a protraction of the foreclosure. Each individual will have different opinions depending on their family emotional and economic desires and needs.

Banks will also benfit since they wont need to take back more houses, in their allready bulging portfolios.

Finally, as you say, "I do have something of a problem with the promotion of "extending the foreclosure action". Homeowner is still going to lose the home,".

It may be true that the home maybe lost, but its a simple matter of economics and neccessity for the family in distress. Remember in the above example the family saved $120,000.00. That could almost buy a house latter or provide a substantial downpayment.

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