Oh! Wise Guy
They were two wisest people we knew. One was a king that showed his wisdom by ordering a baby cut into two pieces. The other was our Mother who showed her wisdom by having one of us cut the dessert into two pieces and the other would pick their half.
Solutions to most complicated problems require a matrix of fixes. Like pieces of a puzzle the various portions will fit. Is there an approach here to address the suffering of people on the Sandpoint foreclosures list?
Joe the Rep has revived an idea that might just make sense to Joe the Plumber living in a home that is now on the Sandpoint foreclosures list.
Split the mortgage of qualified homeowners into two pieces. First piece is a 30-year, fixed-rate FHA-insured loan. The balance of this loan would equal 97.5% of the home’s current appraised value.
Second piece is a non-amortizing, no-interest loan from the Treasury. This amount would equal the difference between the original loan and the new FHA loan.
Rep Joe Sestak says his bill (HR 1356) will address the proven shortcomings of current foreclosure relief plans. Some people think it could help them stay off the list of Sandpoint foreclosures.
“I wish it had been approved last March when it might have helped me keep my house”, said Tim when he talked about it with a friend on the bike path yesterday.
His home is a 3 bed, 2 bath, 2640 sqft, 2-car garage, property with a covered porch out front and a covered patio in the fenced backyard where he has a workshop that backs up to the alley.
Except now it’s the banks home and they are taking a minimum bid of $205,000 which is 75k less than what Tim paid in 2004.
Sandpoint foreclosures can be a mystery.
Tags: 75k less, pieces of the puzzle
