Refinance Your Mortgage
Why am able to possibly refinance your mortgage because of the new housing plan a bad thing?
One aspect of the new housing plan is to allow people whose property values have fallen (ie being upside down) to refinance their Mortgages. Falling property values may not always be directly bound to buy a house you could not afford. There are many people who pay their mortgage on time with good credit who can not sell their homes. So why being able to refinance a bad thing? Thoughts? Foreclosures are bad for everyone. Slowing them down or stop them helps everyone. Again, not everyone who wants to refinance or sell are not behind on their mortgages. Why should anyone be forced to take a loss on their home because of lower property values due to massive foreclosures? quagmire: Lots of people are too. Tell you what … try to sell your home and tell me that you will take the loss. Stops foreclosures helps everyone.
It is not, and if home values stabilize, it helps everyone. For too long both banks and property companies with county property appraisers conspiracy to keep the home and land prices are rising. This led to increased profits and taxes, but was unsustainable. You can not build an economy on a commodity market may go down in price. Russia is suffering because it has built the economy on expensive oil, America is suffering because it built the economy on expensive homes. A foreclosed house in your neighborhood can lower home values near 25%! That fact alone should motivate people to help others.