50-year mortgages to end foreclosures
Foreclosure is not the solution.
Banks are not in the real estate business or want to be. Foreclosing on people's homes does not get the banks the money loaned on mortgages.
An innovation could be to structure 50-year mortgages through refinancing.
A monthly payment could be as low as $500 a month.
Attached with a balloon payment that is realistic in five to 10 years out.
Times change in five to 10 years. Just look back. The time has come for new ideas.
Louis Clarizio Jr.
Schaumburg
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.