A plan is being discussed to provide federal guarantees to entice lenders to ease up the terms of troubled mortgages. Already rules are in effect in many areas to stall foreclosures to allow homeowners time to pull things together and work with lenders. Unfortunately, even though foreclosures are being stalled, lenders have been reluctant to work with homeowners to renegotiate loan terms. I have had a number of homeowners calling with frustration that they cannot even get their lenders to return their calls! Yesterday it was announced that US regulators are working on a federal program to guarantee up to $600 billion of home mortgages. The idea is to induce lenders to lower mortgage payments for approximately 5 years for troubled homeowners. The concern of course is will the lenders actually do it or will they not act to help these individuals, just as they are hoarding the $700 billion bailout funds they just received! What is going to keep other homeowners who really can make their payments from going to into default because everyone else was bailed out? Yes, I am frustrated with the current situation with these lenders as there are homeowners out there who just need minor loan adjustments to keep afloat and they are being ignored by their lenders. Instead, the local communities are suffering with the following record number of foreclosures from Jan-Sept 2008: Examples: Rochester: 78! , Dover 41, Farmington 24, Somersworth 22. I encourage your comments on this issue as it effects everyone as tax payers, homeowners, renters and buyers.
Photo: Isinglass River, Barrington NH good cold water fishing
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