If a new report from Deutsch Bank is correct there could be trauma and financial problems ahead for Saxon Mortgage Servicers. The report claims almost half of all home mortgages will be underwater by 2011. See more at Mortgage Blues.
Some initiatives to help homeowners are indeed successful, while others claim they help very few. However, some people realize that the mortgage is not the only bill that is past due.
Muncie real estate agent Cindy Welch-Landis was skeptical of the likelihood for success for a new plan proposed for Indiana.
“When they’re at that point, it might be too little, too late,” Welch-Landis said. “Because it’s not just the home payment. They’re in trouble on credit cards and other bills. If the bank is ready to foreclose, there’s not a lot the homeowner can do, unless the banks are ready to make a killer deal, and I don’t see them doing that.”