And another thing: My elected heroine was also talking about trying to get more loan work-outs done.
Hold on there.
Somebody please explain something to me:
If someone bought a property to flip for a profit in 2 months, and they were forced by a crashing market to hold it instead of flipping, and they are in default because they don't want the property itself, much less the loan on it . . .
How are you going to get them to do a work-out instead of a straight-up default?
Hmm? Anyone?
I didn't think so.
How about someone who got a liar loan sub-prime adjustable, who couldn't really afford the interest-only first two years' payments (nevermind the after-adjustment interest-and-principle payment) on their ballin' new house even though the mortgage broker (spit) said they would be able to? Their credit card is just about maxed out from buying groceries because their mortgage is too high. A 40% reduction on their payment would maybe allow them to start treading water (instead of sinking). How are you going to work out that loan?
Hmm? Anyone? Bueller?
I didn't think so.
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