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RSS FeedMortgage help on the way? |
Is help really on the way?
I have been saying for months, why do the lenders not go to the borrowers that are in trouble and see if the loans could not be restructured?
I know there are some responsible buyers out there that have just fallen victim to bad loans. Some have hit on hard times such as job loss or injury.
I also know that there are greedy individuals that bought in a hot market, sucked all the the equity out of the houses and then wanted to sell. Oops, now there home is not worth what they owe on it. They can not get the house sold and are looking at foreclosure.
But no matter which kind of borrower they are, I think the lenders need to step up, and work with everyone facing a foreclosure. Otherwise, this could become another Savings and Loan debacle with billions of taxpayers dollars going into a bailout.
It looks like it might be happening according to CNN Money and articles I just read from October 25th and Nov 5th 2007, Countrywide in conjuction with Neighborhood Assistance Corporation of America are going to help people in trouble. They may even help people that are not in trouble.
Not everyone is happy about this but, I for one applaud the efforts of Countrywide and hope that more lenders follow suit.
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