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wouldn't this be great?

Home foreclosures
Due to the vast drop in property values I believe that every single home owner should have their property reassessed, by the City/County assessor's and if that value is lower then what you actually paid for the home all mortgaages should be readjusted and written down to the lower total amount.
Why should homeowners have to be stuck again with their biggest assest being drained out from under them? The banks and mortgage compaines created this mess, let them take it on the chin like the homeowners are. Once the mortgage amounts are readjusted then the loans should be re-written at the lower interest rate.
People could stay in their homes and this would be a fair solution for everyone affected!

 
Anonymous

Asked by Anonymous at 1:07 PM on Jan. 16, 2009 in Politics & Current Events

This question is closed.
Answers (9)
  • or at least split the difference between the value at time of purchase and the current value. that way the banks wouldn't take the entire hit, but homeowners would get some relief.
    autodidact

    Answer by autodidact at 2:19 PM on Jan. 16, 2009

  • all except the bank and mortgage companies fault... home buyers got greedy, bought homes for more than they could afford and were trying to hard to keep up with the Jones'. They used their homes like ATM machines and thus if they couldn't use their heads then what makes you think they could use their heads now? and NO I am NOT saying this was every case but come on people have to start taking some onus at some point.
    mamakirs

    Answer by mamakirs at 1:27 PM on Jan. 16, 2009

  • Agreed!The home buyers gpt to greedy and the banks let them do it.And the banks dont let everyone so I feel it is a 50/50 fault thing here.I do believe that alot of people suffering from it are not to blame but that is how it works.
    Anonymous

    Answer by Anonymous at 1:37 PM on Jan. 16, 2009

  • people also need to understand that a bank/broker CANNOT tell a home buyer "No, we don't think it's a good idea so we will not place your loan." That is illegal!!! We are bound by state and federal law(s) that state we have to exhaust every effort to place the loan and CANNOT legally decline the loan unless the loan is actually denied. With that being said lenders got so greedy that is was darned near IMPOSSIBLE to decline a loan....
    mamakirs

    Answer by mamakirs at 1:41 PM on Jan. 16, 2009

  • We built/bought our home just before prices went through the roof...had a large down payment (due to the sales of our condominiums), AND secured a nice 15 year FIXED RATE loan at 5.25%! I have to laugh though, because adjacent to our subdivision is a brand spankin' new development that has the SAME size (square footage) homes as ours, but they are being sold at $100,000 to $150,000 MORE than we paid for ours 7 years ago! Good luck trying to unload a USED $500,000+ home in a few years! LOL

    Did someone FORCE those homeowners to buy such an expensive home that they'll NEVER see a profit on?! Answer...NO!!!! And these homes have been officially sold in the past couple of WEEKS, amid all of this economic craziness!!!
    Anonymous

    Answer by Anonymous at 1:52 PM on Jan. 16, 2009

  • anon 10:52 USED home?
    whatev. I'll take my craftsman over your crackerbox ANY day.

    our "used" home was NOT expensive, and we've still had a large drop in its value.
    autodidact

    Answer by autodidact at 2:22 PM on Jan. 16, 2009

  • autodidact or at least split the difference between the value at time of purchase and the current value. that way the banks wouldn't take the entire hit, but homeowners would get some relief.
    -------------------------------
    ITA
    ny.chica

    Answer by ny.chica at 2:32 PM on Jan. 16, 2009

  • thats a great idea... and i think they should try to give homeowners some sort of one time bailout to keep thier home.... like say someone missed 2 payments... thats not alot they just pay it for but thats it.. you mess up again you lose it....

    most houses right now are less then what they were purchased for.
    JuLiAnSmOmMy317

    Answer by JuLiAnSmOmMy317 at 3:01 PM on Jan. 16, 2009

  • for those that oppose helping homeowners because you think they all just made bad choices; do you prefer that they all loose their homes and the economy gets worst?
    Anonymous

    Answer by Anonymous at 4:10 PM on Jan. 16, 2009