--- In AsburyPark@yahoogroups.com, "Jennifer" <[EMAIL PROTECTED]>
wrote:
>
>
>
> Less money is lost by the lender in a loan modification/short
refinance
Exactly.
1. Eliminate the foreclosures eliminate the lawyer.
2. They are going to "donate" or sell for low cost. Most likely
vacant homes doesn't pay for them to hang on to and pay taxes and
care. Clean the books and move on while the gov's paying.
3. No sense in taking back homes that are so far out of the money.
Then they have to show the foreclosures on the books making the bad
decisons even worse. Let someone stay in the home and take care of it
for as long as they can - the bank gets some money every month vs
nothing nor anything of value. Keeps the books clean and looks goo to
the media.
4. It keeps the laywers from suing the banks for "misleading" someone
into thinking they can afford the home the person signed for swearing
they can pay for it even after they go out and buy two new cars and
throw a swimming pool in.
5. Does nothing for non owner occuppied homes. Second homes etc. The
best thing to do is get a divorce if you're married and each bury
yourself in a home ...
It's something to help those that can and will try to pay.
------------------------------------
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