Why can’t the US Government help home owners reset their mortgage to the current value of their home?
I am more curious than anything as to why?
So for example. You buy a home at $450,000 but your home isn’t worth that due to the economy. Lets say its only worth $200,000 in actual value. Why can’t home mortgages be reset to the current value that way monthy payments are reduced in half to keep home owners in their homes, help or stop foreclosures.
I would like to see that happen than tax credits. And then the government can give all these tax cuts to the mortgage company’s to make up for the amount they are loosing from the mortgage cut.
Did I explain that right?
Anyways I am just courious if this has come up, Why it couldn’t being down, what damage would it cause, if any, if this would happen and so on.
Okay..so please leave your thoughts regarding the topci!
You are all just angry people and are not explaining anything fully. Lets vent else where..we are just talking here
Thank you!
You know you are my favorite right? So I am not going to tell you the flaws in your idea BUT maybe offer a suggestion that would work in a similar way.
With the homes that are in foreclosure why not offer 60 year fixed rate mortgages? Then the home owner can choose to pay around 1/2 of the payment they originally had. The bank still is getting their principal back (just much slower) and they will get a HECK of a lot more interest over the longer period of time too.
Then IF the market goes back up the home owner can choose to sell and get out of their 60 year mortgage!
I like your thinking it just is a little off on this one!
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