Quote:
Originally Posted by desertgrandma
I would ask where the heck you live except I already know.
Yes, interest payments are falling somewhat, but the banks here seem to be "reluctant" to 'refinance' what they know are bad loans in the first place, even tho they did the loaning AND supposedly there are billions out there they have received! (takes deep breath)
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A lot of banks are too stupid for words. They won't refinance and are not willing to help. So what happens? The property gets foreclosed, the bank gets nothing at all from the previous owners and the bank does have to pay the state taxes on the property since they now own it. and given that there's a good chance the property will sit there unoccupied for some good length of time, the bank will just lose out instead of helping a family and getting their loan payed back. Because even if they sell the property, they will probably not make back the full amount of the loan.
This is stupid beyond belief. And one thing I think Obama is doing very wrong is he's making his homeowner bailout optional for those banks that did not receive bailout money. So if you have a loan with one of those banks and the people in charge are uncaring, unfeeling b*stards, you might be well and truly screwed.