This is not necessarily the case. I have a friend who bought a house with his son. They were both employed and making great money. Within months of buying the house, they both lost their jobs. In spite of this, they have never missed a payment. In fact, my friend has a credit score over 800 points. But finally, with the job market being what it is, their reserves ran out. They went to their bank to discuss loan modification and were informed that they had to be 60 days in arrears before the bank would discuss modifying the loan. So they deliberately missed the December payment, and were stunned to receive a foreclosure warning before the payment was even a month past due.
These banks are sinking, and they are using whatever tactics they can to survive, even if they take good customers down with them. If the government does not step in and enforce fair credit practices and support the consumers, a whole lot of people are going to lose homes who did nothing wrong. On Thu, Feb 19, 2009 at 8:44 PM, Scott Stroz <[email protected]> wrote: > > I am sorry, but it feels to me like those in need of help from the > president's plan are getting rewarded for their own stupidity for buying > more of a house than they could afford. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:289218 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
