Just found this article that speaks to the "MORTGAGE HOLIDAY" that Bill Zielinski has predicted will happen in order to help stave off the effects of the recession. It does make sense as he goes on to make the point that a mortgage payment is most likely the largest payment that most of these families are carrying.
Therefore by putting the Mortgage on Holiday will allow some people to catch up. Grand idea except what if the house is now upside down, the loan is more than for the house is worth. Some properties will be trimmed/lost it's that simple.
Comments