In the process of the bailout, these assets will come under government control. It then becomes a requirement for the federal officials to try and develop a plan that will maximize assistance for troubled homeowners. The government can then use their authority to try and minimize foreclosures. Whether this happens, in all actuality, remains to be seen.
With this financial crisis, federal officials have been encouraging lenders to find ways to modify the terms of loans that are in trouble whenever possible. Your bank or lender does not want your house. The whole process of foreclosure is expensive for them. Many lenders are only willing to make “modest" changes to payment plans in order to avoid the cost of foreclosure. Their willingness to make these modifications is strongly impacted by your ability to make the new modified payment. If they determine your present income cannot make the new payment, their losses would still be too great. Remember, employee time is costly too. Time invested and then lost was salaries paid with no results.
According to the Los Angeles Times, nearly 2 million mortgages are delinquent by 60 days or more, putting them at risk for foreclosure. And, there have been more than 900,000 foreclosures since 2007.
So will the bailout bail you out? There are different opinions, “yours" and “theirs" whoever “they" are. “They" being the government, mortgage lenders, large investors, banks, and your neighbors. According to Steven Adamske, spokeman for the House Financial Services Committee, “the government is here to help. We want to rebuild neighborhoods from the ground up. "
Building neighborhoods is not usually the focus of a larger investor or lender, but keeping you from financial failure is because you have formed a partnership. And as for your opinion, it might just depend on your ability to work with your lender and adjust faithfully to a modified payment plan. Your ultimate goal is to not be in the category of the 2 million people facing foreclosure.
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