More homeowners are falling behind
Posted: Sat Feb 11, 2012 1:36 amMore homeowners are falling behind
« Thread Started on Nov 20, 2008, 2:46pm »
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More homeowners are falling behind
Posted: 05:56 AM ET
NEW YORK (CNNMoney.com) — All the foreclosure prevention plans announced to date will do little to help the next wave of delinquent homeowners, who can’t make their monthly payments because they’ve lost their jobs.
But something needs to be done for them, experts said, or the country will sink deeper into an economic recession.
“Because of the financial crisis, they can’t afford their mortgages on any terms,” said Kathleen Engel, associate professor at Cleveland-Marshall College of Law. “None of the federal or bank programs will provide them any relief at all.”
« Thread Started on Nov 20, 2008, 2:46pm »
--------------------------------------------------------------------------------
More homeowners are falling behind
Posted: 05:56 AM ET
NEW YORK (CNNMoney.com) — All the foreclosure prevention plans announced to date will do little to help the next wave of delinquent homeowners, who can’t make their monthly payments because they’ve lost their jobs.
But something needs to be done for them, experts said, or the country will sink deeper into an economic recession.
“Because of the financial crisis, they can’t afford their mortgages on any terms,” said Kathleen Engel, associate professor at Cleveland-Marshall College of Law. “None of the federal or bank programs will provide them any relief at all.”