stop foreclosure refinance
How much is 100 Billion (amt for foreclosures in TARP) divided by 6.4 Million (3.2 Ml filed in 08 x 2)?
I want to know the math so I can write a letter on this subject: So if the government has 100 Billion to stop foreclosures how much money is that per foreclosure? ( my friend needs 17k to make up for the upsidedowness of their house, that they can’t refinance to a fix rate from the ARM they got 5 years ago. The government needs to stop the foreclosures. They need to get this money to the people directly not through the banks or wall Street. Banks have money to lend but the houses will not meet the lending criteria.
If you stop the foreclosures it will all fall into place. The housing market will go back up and the underlying bad assets will gain back their value. You cant just give money to the middle man, you have to fix the root cause of the problem!! Get a clue.
How much money per forclosure?
So could the 17 k be given to the note holder to off set any loss, and avoid a foreclouser on the books?
Your friend needs 17k? And what happens when that is gone? Stop the foreclosures and then what. The banks should eat all the loses? The way to stop this is to make sure that the people buying a house can actually afford to buy it! People who can’t afford to pay for the house have no business owning one. Why do you think all these foreclosures happened in the first place? Secondly your friend should have read the contract before he signed it. The fact that it is an ARM is right in the contract.
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Stop Foreclosure Now (Paperback) $13.43 Designed to aid homeowners by explaining the foreclosure process and providing practical strategies to avoid foreclosure proceedings, including information on negotiating with lenders, refinancing, and utilizing the courts. |
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