Editorial: Lending hand
Here’s some advice for people falling behind on their mortgages: Don’t give up. One upside of the troubling national econcomic picture is bankers’ increasing readiness to work with clients and avoid foreclosure. Lenders are more willing now than just a few months ago to agree to changes in monthly payments, an official of the Mortgage Bankers Association recently told USA Today. “There’s really no reluctance anymore,” David Kittle of the MBA said. “Lenders lose $40,000 to $50,000 on every loan that goes into foreclosure.” That’s a glimmer of hope.
At this juncture, I wouldn’t want to bet even a subprime mortgage on this presidential election. As perhaps never before,... read more