Decomp,
George Ostendorf, president of American Mortgage Capital Group, said the purchases of non-performing mortgages would be combined with counseling services to help borrowers budget for both their mortgage and non-mortgage debt.
Counselors would, among other things, offer help for spreading out charges in a way that they can be covered. The goal, Ostendorf said, is to help borrowers who have become over-leveraged because of a loss of income, credit-card debt or due to some unexpected costs.
IMO, this is another shell game!
If a "homeowner" is unable to make mortgage payments because of loss of job(s) reducing the amount owed won't change the fact they can't afford it.
If the homeowner is currently working & can payback deliquent payments over a longer period of time, then that's another story.
In 1980 when I was going through a divorce, my ex wasn't paying what the court ordered. I wasn't working yet, and owed 6 months before landing a good job. I spoke with the bank & paid 1 1/2 payments a month until I cleared up the deliquent payments. The bank was more than willing to work with me at the time. I had NO other debt, no cc debt, but I was a woman, mother of three. They took a chance & it/I paid off. ;)) clo
DO SOMETHING!
| 
