Mortgage interest should be lifted for a period of three years on properties purchased between 2006 -2008 to provide substantial saving to the borrower . It would replace a number of options incentives and administrative expense.Â
Institution would be spared dealing with abandoned properties and the expense of maintaining them.Â
Property owners would have a real chance to maintain their dignities and keep their properties at the same time. With most mortgages amortized for 30 years costing the borrower more than double of original purchase price if held till paid off.Â
Banks have really little to loose but to gain from the respect of those that are given hope to hold on to their property. The savings in interest payments over a three year period does not require institution to forgive loans, roll prices back. It does provide a faire adjustment and substantial savings to all parties if action was quickly administered like immediately.Â - Tue Jun 1 2010, 06:09
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By Ron & Debbie Albert,Â Mon Jul 5 2010, 05:33
I think you have a wonderful idea! Is there a way to get it to the gov't?
How about sending it to your representatives in Washington?