Real Estate: Banks Say You Can Stop Paying Your Home Mortgage
Property Management, Real Estate and Home Mortgage
Federal Deposit Insurance Corporation (FDIC) insures deposits in banks and thrift institutions for at least $250,000.00. Its role is to limit the damage that could happen to economy and financial system when a bank or thrift institution fails.
FDIC is asking many of the banks, thrift instituions and partners who have bought failed banks to either provide temporary respite from mortgage payments. This temporary stoppage of mortgage payments is for six months and in some cases it could be longer. It is also asking them to reduce payments in other cases temporarily.
“With more Americans suffering through unemployment or cuts in their paychecks, we believe it is crucial to offer a helping hand to avoid unnecessary and costly foreclosures. This is simply good business since foreclosure rarely benefits lenders and would cost the FDIC more money, not less,” said FDIC Chairman Sheila C. Bair. “This is a win-win for the borrower, who can remain in his or her home while looking for a new job, and the acquiring institution, which continues to receive payments on the loan. Ultimately, by reducing losses under our loss-share agreements, this approach helps reduce losses to the FDIC as well.”
This stopping of mortgage payments applies to 53 banks and thrift institutions. The 4 major mortgage lenders Wells Fargo, Bank of America, Citigroup and JP Morgan Chase have their own programs.
Check whether you can stop paying your home mortgage. Click Here
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