12/4/2008
Stop Foreclosures? Whom Will That Help?
Everyday we hear more and more that the government may "stop foreclosures" - and when I mean government, I don't mean Bill White and I don't mean Paul Bettencourt or the County Recorder.
I mean Fat Sam.
So, now, I own a piece of bad debt - maybe. Maybe the borrower will pay, work it out, can come to the table with something.
Then, Fat Sam steps in and says - no, we may help the homeowner get out of the mess.
So, Joe Homeowner does what?
Nothing.
Makes your debt his lowest priority, the longer he waits the more he can expect from his generous Uncle.
And maybe, it will work out well for the note holder.
And maybe, it won't.
As a homeowner, I have made my last mortgage payment. My rich uncle has added me to his bailout.
Too bad, suckers.
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