JP Morgan Chase has a deal for some homeowners behind on their payments: If they’ll accept a quick sale of their home, the bank will give them $10,000 to $20,000 and forgive what it loses on the mortgage.
Now the mind numbing thing about this is none of the banks have figured out a way to work with homeowners and keep them in their homes, but most homeowners realize that “owning” a home with a mortgage on it really just does not make much sense. As more and more homeowners accept this reality, getting out from under the massive debt load of the mortgage offers real relief.
It’s time to stop blaming our courts for causing this mess that was dumped into our laps. It’s time for the banks to take real hits, absorb their losses and get on with it….