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Foreclosure crisis phase 2: The negative equity dilemma

 
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news



Joined: 14 Jul 2007
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Location: Greater Boston
PostPosted: Mon Jul 12, 2010 2:13 pm GMT    Post subject: Foreclosure crisis phase 2: The negative equity dilemma Reply with quote
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Description: Foreclosure crisis phase 2: The negative equity dilemma
URL: http://www.csmonitor.com/Money/2010/0712/Foreclosure-crisis-phase-2-The-negative ...truncated...
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=3084

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balor123



Joined: 08 Mar 2008
Posts: 1204
PostPosted: Mon Jul 12, 2010 7:50 pm GMT    Post subject: Reply with quote
Quote:
But the current program isn't working either, critics say. And the debt write-down happens anyway, whether a homeowner goes through foreclosure or the house is relinquished in a short sale. So isn't it better, they ask, for the bank to take its losses early and keep the owner in his home?


Why is that better? If the bank forecloses, then the owner is evicted and the buyer willing and able to pay the most for the home gets to live in it. Another way of stating the question which was asked: So isn't it better, they ask, to keep the owner in his home instead of whoever is willing and able to pay the most for it? That's not to say that we shouldn't help the foreclosed owner find a place to live.
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