- Posted August 21, 2012 by
This iReport is part of an assignment:
There are millions homeowners in foreclosures hoping for some kind of solution to help them get a fresh start through loan modification or refinancing programs. But banks have made the process complicated and government new rules and regulations are not helping either. More people are being denied for any kind of program even though they can afford it and willing to make the regular or even modified payment.
People are becoming more confused and frustrated since there are no real solutions for saving their dream homes (For some people it might be there only lifelong major investment). After working so hard to make mortgage payments for year after year and putting all their sweat and efforts into it and see all their equity disappear and now their home as well. Not only it is worse for the homeowners but has devastating effects on our economy by reducing the major spending power in every sector.
Only mortgage servicing institutions and law firms are generating huge profits from the current turmoil, when in-fact, homeowners and the investors are experiencing uncertainty and huge losses.
I wish to suggest a simple solution to all this mess; President Obama’s administration, congress and banks needs to consider another simple option which allows the homeowners, whom may afford the regular payments, to begin making their mortgage payment without requiring any type of additional paperwork and adding all their past due payments to the back end of the mortgage. It should be done regardless how and when the homeowner got into this mess as long as payments are being made on time from now on.
Not only it will eliminate needless additional paperwork but may help stop the endless cycle of foreclosures. It will provide fresh start for responsible home owners and will be great deal of help to boost our economy through bigger consumer spending. Also, it may help to improve the bottom line of existing businesses and create millions new jobs in almost every sector of business world.