04-17-2009, 04:46 PM
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Super Spicey
ETJ Expert
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Join Date: May 2006
Posts: 14,563
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Re: American Squatters on the Rise
Quote:
Originally Posted by Jamaica Miss
You keep paying your mortgage payments so that you will someday own the home or be able to sell it at a good profit and get something for all the hard earned money going into your real estate.
The person who loses their home can stay in the home according to what I know for quite some time. I hear it's anywhere from 6 months to a year. But they have ruined their credit unless of course they do the bankruptcy, which has so many rules I'm not going to go there.
I do not want to make any judgements on them because each case is different. All I know is they have lost a lot when they lose their home. And they have to be uprooted. Trying to find a place to rent that is less than their morgage payments can sometimes be impossible.
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I may be in a dreamland at the moment and this probably doesn't make sense.... but I would love to see a freeze put in place on all homeowners payments for a limited time frame (possibly 3 -6 months). This would apply to a certain amount, whether it's a max monthly payment amount or max overall mortgage amount.
This may juss give the chance that peeps need to recover and get back on their feet.
As for the banks.... they dug their hole to begin with... I don't have much sympathy for them at this time. Besides...gov't is giving them money anyways.
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