Re: WILL 3RD MISSED PAYMENT GO TO FORCLOSURE?


Posted by Jim V on January 31, 2009 at 21:33:20:
In Reply to: Re: WILL 3RD MISSED PAYMENT GO TO FORCLOSURE?
Posted by fp on January 31, 2009 at 17:23:02:In your words:
"Please explain why you believe it would not be a "benefit the homeowner" to extend the foreclosure action for five to ten years, realizing that they get to live in the home rent free thruout that time?"

Nothing about resolving the underlying issue of making/having affordable payments. Just the promise of extending the foreclosure action. In today's environment with taxpayer bailouts of lending institutions right and left, I do have something of a problem with the promotion of "extending the foreclosure action". Homeowner is still going to lose the home, the lender will undoubtedly take a hit, but ultimately, it's Joe Taxpayer who foots the bill.

How about YOU provide an analysis of how your concept actually benefits anyone, other than the very questionable benefit of a homeowner dealing with a prolonged foreclosure action.


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