Solving The Home Foreclosure Crisis - amazonia.fiocruz.br

Solving The Home Foreclosure Crisis Video

During the housing crash ofmany felt homeowners should be forced to pay their mortgages despite the economic hardships they were experiencing. There was no empathy for the challenges those households were facing. He famously said:. This time is different.

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There was an immediate understanding that homeowners were faced with a challenge not of their own making. The government quickly jumped in with a mortgage forbearance program that relieved the financial burden placed on many households. The program allowed many borrowers to suspend their monthly mortgage payments until their economic condition improved. It was the right thing to do.

Some analysts are concerned many homeowners will not be able to make up the back payments once their forbearance plans expire. The banks and the government learned from the challenges the country experienced during the housing crash. That equity will enable them to sell their houses and walk away with cash instead of going through foreclosure.

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