- Thu Mar 20, 2008 3:04 pm
I believe this is an excellent idea. It definitely has merit and should be considered. The interest rates many of us have to pay are outrageous. The banks are overflowing with cash reserves from the accumulated interest paid on loans. It's time to give back. In addition to this, I further believe that taxes on all winnings of any type should be forgiven or actually not even imposed. Winnings, like lottery winnings should be considered the same as gift. If you win 1 million dollars, then 1 million dollars should be yours, why does the government have to take 1/3 of that money for taxes? They don't!! Anything won, should be 100% duty-free! Now that being said, let's talk about mortgages. The mortgage companies and banks that finance mortgages should not be allowed by law to foreclose on a mortgage until every avenue to protect their asset has been exhausted. This includes talking to the homeowner and refinancing the property if possible to currently make the agreement easier to live with. Why should a person lose his home pursuant to some unforeseen event in his life that caused a significant decrease in income to such a degree that the mortgage payment suffered . Why can't banks and mortgage companies work with people to correct the problem, by either refinancing or placing the missed payments at the rear of the loan and extending the time to pay back . It doesn't make sense to take the person's home, sell it for whatever you can get out of it and take a significant loss anyway, when you could have worked out the minor problem with the original owner. This would save everyone a lot of time and heartache over what I consider to be just plain old greed.