Originally Posted by Diane Kennedy
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One provision that came to the council when I was there was to require that mortgage companies give a 6 month extension if there is a "life circumtance" (lose your job, etc) and you've made 18 months of on time payments. I think that's smart. Wells Fargo is backing the bill.
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Wow, what a concept.
I'm not a big fan of social welfare, but this one thing could really make a difference for some people.
Of course, it would suffer abuses as well.
But 6 months-- perhaps the unpaid mortgage payments could simply be added on to the balance. This would make it "better" for the lenders, in that they wouldn't lose as much.
Interesting idea.
-Russ H.
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