Do People Actually Believe In This?

The feds are trying to move forward another plan, that will hold off foreclosure for an extra 30 days.

Now, I have never - thankfully, lost a home to foreclosure. Although, I have purchased a foreclosed home (my home and investments).

It has been my experience that foreclosure or the act of foreclosure is a long and drawn out process. It doesn't just happen. There are laws and steps that the mortgage holder must follow. The borrower is generally, not only one month behind but several months behind.

To me, this is just slowing down the reaction time for the bank and lenders that are already losing money. There isn't going to be any magic fairy that jumps in and cleans up the borrower in 30 days. If so, where was the fairy during the 1-3 months of missed payments. Or during the Lis-Pendens process. Or how about the slow legal processing time which involved months and continuations?

The whole plan is a joke in my eyes. Lets stop playing games. Get these folks out of these homes they can't afford and let them start over. The banks and mortgage holders can do what ever it takes to salvage any of their cash. Time to pay the piper for bad loans.

Then, we can move forward and hopefully, build some prosperity. Call it lesson learned. Stop trying to create false hope in these dire straights. Lies will not fix the problem.