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Posted by: jiants1986 11 months, 1 week ago
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jiants198611 months, 1 week ago
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The forclosure problem will never be fixed until new jobs are created. Lowering loan rates and adjusting terms for those nearing forclosure due to job losses will only delay the inevitable if they can't find work. Those nearing foreclsure simply due to adjustable loans resetting I have no sympathy for. Most of them knew what they were getting into and chose to ignore the loan details and bought houses they really couldn't afford to begin with. They expected rates to stay low(even though they were at 45 yr lows) and home prices to continue their unsustainable rise. They made an investment decision and were wrong. It happens every day in markets all over the world. I do not want my tax $ going to those folks.
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Concentrate the effort on the unemployed workers in danger. They deserve it. Stay the forclosure for a certain period and once they are working again help them to reestablish their credit rating by lessening the impact of past due payments caused by unemployment on their credit scores.
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