Well I was thinking,

Re: Well I was thinking,

PostBy: 009to090 On: Sun Feb 22, 2009 7:46 pm

billw wrote:There are many ways to solve this problem without rewarding banks for making stupid loans or people living beyond their means. What I'd like to see the government do instead of just giving banks tons of money and hoping they 'do the right thing' is set up a program similar to what is currently in place for student loans. If you lose a job or take a pay cut you can put your loan in forbearance. This postpones payment for a year without harming your credit. It doesn't forgive the loans or absolve you of your interest obligations, it just gives people some breathing room until they can get on their feet again. After a year the student loan company can modify your loan repayment schedule, stretching out the amount of payback time so the monthly payment is affordable. How many people that just lost a job would jump on that chance.

Forbearance for mortgages, I like it, and would accept it if available.

Chris F.
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Re: Well I was thinking,

PostBy: billlindley On: Mon Feb 23, 2009 3:25 pm

Here's the issue with the 92% paying on time and 8% messing up the whole world. The total US mortgage market was about $15 trillion as of the end of Q2 2008. If you go by the constant 92 – 8 breakdown that would mean $1.184 trillion are in foreclosure proceedings. You can’t look at is this way though since the 92% paying their mortgages generally have a fixed 15 or 30 year reasonable mortgage on an adequately priced property. The 8% that are in foreclosure represent crazy loans that were generally much larger, some estimate 3-4 times the average 30 year fixed principal balance.

If you are conservative and figure that the average mortgage in foreclosure is twice that of those being paid the total loan value jumps to $2.368 trillion in bad loans, at 3 times it is $3.552 trillion.
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Re: Well I was thinking,

PostBy: New Hope Engineer On: Wed Feb 25, 2009 7:07 am

DVC500_at_last wrote:
beemerboy wrote:Chris, I hope things work out for the best for you.

Thanks guys, something will come along. Probably lator than sooner. We don't have a McMansion or "Toys". Got two old Subarus which are paid for. so no monthly payments other than the mortgage. I'm happy to be spending so much time with our 2 kids, able to watch them grow up, instead of being stuck in a office building. I love that part! :D

Chris F.

Spending time with the kids is always a good thing. :D
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Re: Well I was thinking,

PostBy: JB Sparks On: Wed Feb 25, 2009 8:59 am

Devil505 wrote:Watch THIS hand....Don't look at my other hand which has been picking your pocket for years!!

That's about it in a nut shell Devil, well said
JB Sparks
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