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90 Day Moratorium on Foreclosures in California -- Is it a good idea?

Well, I look at this new twist on keeping people in their homes and the non realtor/regular person thinks maybe it could be a humane way of dealing with the nastiness that we've experienced here in California.

However, the realtor/business person in me wonders what will really change in 90 days? Will the borrower be in a better financial position to be able to afford a home that shouldn't have been purchased in the first place? Will the lenders really try to "cut their income" and work with the borrowers on loan modification?

What do you think? Good idea or bad idea?

Posted by Evelyn Panning on 06/15/2009 10:32 AM

Comments (2)

California Foreclosures in the ActiveRain Channel

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2 Comments on 90 Day Moratorium on Foreclosures in California -- Is it a good idea?

JUN

It is dragging out the problem. This is publicity for the politicians and nothing more. California is in it so deep all they need to do is discourage more lending and destroy more business. There is such a back log all they have to do is start with the worst case ones and anyone with a chance will have more than 3 months.

I agree. It is delaying the inevitable. The majority of those in distress will NOT qualify for a loan modification. Many of these homeowners have already left their homes if not physically, mentally and emotionally.

Instead of foreclosure perhaps they should have worked harder on the short sale side and prior to putting these on the markets already assessed the market with their own appraisers and put the home on as an APPROVED short sale at the price they list showing it can close in 30-45 days. This would give more stability to the neighborhoods.

Also would help not having people off the street who are uneducated doing the negotiations on the lenders side. I have worked with some fabulous no non sense negotiators but recently have run into a few that I just shake my head........Listen to how they speak, their drama, their lying.

As everything goes Politics come into play and there are those who are looking to be the hero so to speak. Sorry guys and gals........there are no heros in this mess.

Had the system been working properly and the powers to be NOT turned their heads we would not be in this mess. The writing was on the walls for years.

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