Public/Private Partnership: Foreclosure stop - keep people in homes repost with clarifications
People here a lot about the new ability to potentially get assistance to stay in our homes. However, we are so jaded and weary, we are afraid ...more »
People here a lot about the new ability to potentially get assistance to stay in our homes. However, we are so jaded and weary, we are afraid to even look into it. And those of us so far that have, haven't been assisted.
Direct bailout funds in accounts like with social services, for individuals to be used by mandated court mediation. There is no other way to have saving homes streamlined or tracked or effective. Many people in potential foreclosure are in the court system at present anyway. And it is clear that the large banks have spoken on what they want and will do to help struggling homeowners. It is time to take the control of home owners ability to stay in their homes, out of the hands of banks who will support the opposite. It is time to put combine the government assistance, court mandated mediation[to bring the bank and individual together prudently], then require a proportion of the bailout already received by the bank to be used on this mortgage and expedite positive results to save and support home ownership.
First, banks to do not accept unemployment or workman's comp as income to pay mortgages. Yes, I was surprised. And think Obama should have something to say about that.
Second, the government already gave billions of funds to support the foreclosure crisis. And the banks used them for bonuses, etc. If those very same funds had been given in the form I recommend, much of the foreclosure bleading would be gone at present. But once again, banks control those funds with no strings and so very few if any of the individuals that were intended to be supported already didn't, aren't and won't get that support.
Third, there has been much talk that says people are walking away from their mortgage payments, which is absolutely untrue. I gave the example below on this point to let people know how the "walk away" is happening. It is not walk away. It is banks telling people they cannot make payments because they do not have a contract in place and the banks delaying this out for long periods of time and then putting people in bankruptsy for not paying something they have been told they are not allowed to pay on any longer.
The fourth is that there is also much talk that this is people taking mortgages that cannot initially be afforded. A person who makes an income salary a year that buys a house that is what is the first time need not the high end initial struggle right from day one is not taking on debt they cannot afford. Losing a job or becoming disabled or the banks playing games for a very long time and then balooning mortgage payments while the market drops is affecting many good people. Along with the banks using the money earmarked for this to pay bonuses of their top executives are the bulk of the real issues. And apparently so many that it is having a real affect on us as an economy as a whole.
My proposal would not add funds to the issue, it would just force banks to redirect the funds already given to support this issue to where it is and stop playing games.
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