What do you think about the city bank proposal to lower the mortgage amount due?
This morning 1-19-2009, I heard about City Bank's plan to lower the principal amount on existing mortgages to bring those inline with actual present home values.This in order to reduce foreclosures.There argument is that lowering interest rates on those houses is not working.The home owners still walk away.
What do you think .Will this work and stop the bleeding.
Everard, I think it will help keep some families in their homes. Currently, if a homeowner is "under water" in their home to the tune of $100,000 in some cases, what is the incentive to stay in the home? Especially when a new homeowner can buy the same home as yours on your street for the current market value of $100,000 less. If they adjust the mortgage balance and freeze or adjust the interest rate, I think this will at least slow the bleeding some.
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