Why can't the governor or Congress propose a bill that forces lending institutions to offer a relief period for, let's say, five years to homeowners and adjust their payments to a level that makes both parties comfortable so that we don't have all these foreclosed properties sitting around and property taxes can get paid?
Even car lenders will let you put off payments to the end of your loan and pay only interest if you're having financial problems. Shouldn't these lenders look at it like some money is better than no money? Lenders say they will work with you, but they do not. I have tried to help many friends whose loans were adjusted and they can't refinance or meet the new payment. We have tried repeatedly to prove on paper, like the bank requests, that they can't afford the new payment, only for the banks to jerk them around and their home goes into foreclosure anyway.