Wednesday, June 25, 2008

Foreclosure Mayhem

At the present time there are homeowners across America forced out of their homes due to foreclosures. Some homeowners are just walking away and leaving behind possessions as well as the family pet. Those with swimming pools are leaving the pools full of water with the risk of disease spreading insects multiplying. The obvious solution would be to waive the adjustable rate and give the homeowner a low fixed rate (lenders earn thousands of dollars in interest) which is what they should have received in the beginning and the homeowner can keep his home. It is a win - win situation for everyone this way. The city government will win because the homeowner will be paying property taxes on the property; the banks and mortgage companies win because the mortgage payments - interest and principal are being paid, the property is being maintained and neighborhoods are flourishing keeping property values stable. Most importantly, the homeowner benefits - he gets to keep his American Dream!

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