[TroutFishingInAmerica]

I know it seems like rewarding people for getting in over their heads, but do you want to live next door to a foreclosed house? Foreclosure gives looters, rapists and drug dealers a place to do business.

[sickoflibs]

My sister lives in a vacation area, a for-closure capital of the country and her next door neighbor walked away, house empty still for over a year. Their own house is worth less than they owe, they took a home equity loan on non-earned paper gains like most of those failing now.(everyone was told to do that.)

To your point, obviously letting the bad debt being written off as losses has bad consequences(this is really the consequences of what proceeded the crash). That is the justification of all these measures since Sept 2008(Bush+Obama) . What is never asked is all the negative consequences of bailing out those who made the worst decisions, to get help to the innocent but unknowledgable that bought at peak.

I appreciate you taking the contrary point, for debate

[mplsconservative]

I know it seems like rewarding people for getting in over their heads, but do you want to live next door to a foreclosed house? Foreclosure gives looters, rapists and drug dealers a place to do business.

It SEEMS like rewarding people for getting in over their heads? What do you mean by "seems like?"

[Lorianne]

Foreclosed homes can be sold to people who have saved their money waiting for a time they could afford to buy a house!

[Gondring]

Maybe it would also give responsible people an opportunity to own a home at an affordable price.

[9YearLurker]

As long as the “homeowner” being foreclosed on isn’t an absolute, unrepentant derelict, the mortgage holders could just as well take back ownership and allow the ex-homeowner to remain as a renter until an orderly sale can be arranged—even if a couple of years off. And if not them, then new renters could be brought in at whatever the going rate.

As is, this has become the most unfair of all possible solutions.