Please help people with great economic stress to modify their mortgages and reduce the principal balance to the current market value as well as the interest rate to the going rate.
Why is this important?
During this great economic struggle when many people have signifcant loss of income due to hardships and are forced into fore-closure or short-sale, we are asking the banks to modify mortgages and reduce the principal balance to the current market value as well as the interest rate to the going rate. Though, these people will take a significant hit to their credit, the banks will not be taking over homes in much needed repair and other huge costs. --The current 'loan modifications' are not making a difference, just prolonging the inevitable. -The reduction in mortgages and principal will make a great difference in the spiraling downfall of the housing market.
