This assessment of the foreclosure crisis by a Georgia attorney should make every taxpayer and citizen of conscience in America march on Washington:
Its too bad that the Mortgage Modification bill never passed. Under this bill, bankruptcy judges would have been given the power to modify mortgages and lower future mortgage payments based the real value of the house. Passage of this bill would have prevented the foreclosure crisis because debtors would have been able to stay in their homes with lower mortgage payments. The best part would have been that this program would not have cost the American taxpayer any money.
Instead, “685,574 homeowners are being assisted by foreclosure prevention programs funded with $1.2 billion in TARP Money” (Consumer Bankruptcy News, page 4). The bad news is that the vast majority of people who applied for federal help never received it.
The good news is that Chapter 13 can stop foreclosures. Past due mortgage payments can be put into a plan and spread out over five years.
However, it is important to note that Chapter 13 does not lower your future mortgage payments. As a result, if you are in a situation where your mortgage payments is too high, Chapter 13 may not be the answer. [Kelly Can Help]
bydesign001
July 28, 2011
Excellent post SH.
The best part would have been that this program would not have cost the American taxpayer any money.
And therein lies the problem. Have you noticed how our politicians and fat cats are uninterested in anything that will not cost taxpayers a dime?
All of it is just shameful.
roblorinov
July 28, 2011
Excellent thought SH. And very true!
bydesign…when it comes to DC it’s all about milking the taxpayer no matter what. Nothing to be gained from the taxpayer and suddenly our elected criminals…oh I mean “representatives”… want nothing to do with such a plan. Shameful? Absolutely!!
samhenry
July 28, 2011
Elected criminals, Lorinov – perfect. D I share your despair at how it really is. Lorinov has been well-schooled in how underhanded government can be.
roblorinov
July 28, 2011
Oh yes very well and perhaps too well SH. The Marxists in our midst don’t fool me at all. I can spot them the minute they open their mouths because they all spout the same garbage!
samhenry
July 29, 2011
Actually it is a death wish complicated by an intense desire to do anything and be anything to be liked globally. I think it is a hold over from high school days when everyone wanted to be prom king and queen. We are a nation of sheep and now the wolf is at the door. Hello, wolf. What can I get you to eat? Cup of tea? What, ME! BAAAAAAAAAAA!
DarcsFalcon
July 28, 2011
Don’t forget, banks wouldn’t want this either, and probably lobbied hard against it. By forcing them to lower the loans based on actual house values, the banking industry would lose billions. Even in foreclosures, they can still find people to buy the properties, so banks can re-coup most of their losses.