I have no real, what you would call formal education. I finished high school and went straight to work. Most things in life I figure out pretty easy. I have great deduction skills. So for today's lesson I am going to explain to you people the current foreclosure / mortgage "mess".
First off no one gets thrown out of "their" home when it is foreclosed on. The home is the banks. They paid for it. The title is in their name, its theirs. When the occupant finishes paying their debt to the mortgage company then the house is theirs. I get a kick out of these puke talking heads on TV saying how the big bad banks are going to throw families out of "their" home. They would not be in "their' home if the big bad bank never lent them the money. If they did not lend them the money the family would be still renting. Which if they can't afford a house they should be renting anyway.
What happened was all these people saw everyone else buying homes and figured their mortgage payment would be the same as their rent. So why not buy a house. Then they got the Tax bill, the heat bill the furnace went, the driveway needed to be plowed, the roof leaked and they were screwed. No landlord to call. Then the APR came due and its all over.
I don't let the banks skip out either. Those bloodsuckers did not do their homework. Example. I bought something a couple of years ago and got a mortgage from a bank. I talked to the guy over the phone sent him my info and had a mortgage in a month. Never met him and wouldn't know him if I saw him on the street. You think your father did that when he bought his house 40 years ago?
I say let them foreclose. The people in the house go back to renting and the banks take the hit for not doing their home work. That's not the touchy feely thing people want to hear but its a fact.
Don't waste time giving the people 2 month stays on the foreclosure it just drags things out.
And whatever you do don't ask the taxpayers to help out. We have our own bills to pay. You don't have to go to college to figure this out.