The strategies proposed to prevent foreclosure is just not going to provide any relief to the new troubled homeowners who are defaulting on their payments because they have lost their jobs. There is an urgent need though to consider some relief for them for otherwise it could just pave the way for a further sinking into the financial meltdown.
Their financial position keeps them from paying their mortgages on their present terms. As the situation stands at present no program offered by banks or by the state is going to be of any assistance to them. Loan modification policies has set sight on borrowers who are hit by resetting of interest rates and other mortgage conditions that have made their monthly payments go well beyond the point of affordability.
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In many cases this has been tackled by adjustments of interest rates or the term of the loan thus enabling bringing down the installment to a reasonable level some 31% to 38% of the gross income of the borrower.
Again this proposal is no relief in any way for those who earn almost nothing in reality. Lender's Representatives and loan servicing firms state that those who are jobless need to be assessed by taking up one case at a time and they cannot be made part of mainstream modifications that are currently being done. Here it makes this to be a rather challenging problem which is completely different from normal issues facing the financial markets.
There have been many programs that have been offered to aid the unemployed defaulters, but if the individual has been through a long patch of unemployment it could be difficult to pin-point an affordable range for him or her.
The new trend of seeing empty homes is not going to be of any help either. This will give rise of further fall in prices which will weaken the economy even further. This has now formed a cycle and everyone who is part of it is in some stage of suffering which will end only when the cycle breaks.
The foreclosures issue cause because of unemployment showing a tilt towards the worst. Company layoffs have hit an all-time high and this does not augur well for the employees commitments on payments. This problem is come to stay a while and it is learnt that up to two million families could be affected in a couple of years.
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