Thursday, November 6, 2008
Foreclosures are Terminated
Schwarzenegger proposes 90-day freeze on pending home foreclosures
"The single most powerful action our state can take to shore up its economy is to help Californians stay in their homes," Schwarzenegger said. "Curtailing foreclosures will stop the downward spiral of home prices, free up needed cash for homeowners, help save jobs and make an immediate positive impact on our economy." - should have stuck to acting Arnie..
Posted by mountain goat @ 04:23 PM (754 views)
6 thoughts on “Foreclosures are Terminated”
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theboltonfury says:
the banks will laugh and say no. In 90 days their ‘assets’ will be worth another 4% less and that’s money off their bottom line
Can you stop a private company repossessing a good that they own legally?
Fjcruiser says:
“IndyMac recently sent out 35,000 letters to homeowners offering new loan terms, but more than half the recipients did not respond.”
If this is true, how on earth were these people able to understand what they were letting themselves into when they took those mortgages out ? I think most who did not respond were in fact unable to read probably.
Sad story of carelessness.
mark says:
just delays the inevitable……..
whostolemyendowment says:
So the banks/lenders are supposed to sit back for 3 further months with no further mortgage payments coming in…this on top of whatever the shortfall is already? Surely by the time they get to the point of foreclosure things have already reached the point if no return – and they want the asset back.
Bet there isn’t going to be the same leeway for tenants facing eviction?
jack c says:
California – the worlds 8th largest economy reduced to proposing a 90-day freeze in pending home foreclosures to give financially pinched homeowners more time to get new or more affordable loans. Arnie the man now re-arranging the deck chairs on the Titanic !
paul says:
“I’ll be back”
Oh no you won’t.