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Record rising foreclosures: How is responsibility appropriated among the individual,
the financial institution?
This is quite a loaded question that can be debated for years. But the fact is the homeowner bought the home and buying property there holds a certain amount of risk. If the homeowner forecloses, they lose any money they ever put into the property. The lenders also risk loaning to the homeowner. That is why the typically 20% was standard as it helped the lenders feel better about loaning the money because there is already some equity in the property. Now the lenders decided to ignore this standard and allowed 100-125% financing. Now that is what I call a true risk and now they have to pay for it because they allowed it to happen. Both sides are losing in this foreclosure crisis.Join the Short Sale Wave and Take Advantage of the Down Market with the Secret to Ensuring a Serious Boost in Your Short Sale Success!http://whbsolutions.com/trial/
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Agreed. There is responsibility on both sides. However, some people acquaint to buying a home as a business decision and feel that if they default then they'll just move on to another property at a later date.
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