As you might know many houses (including our condo) worth half, or even less than the total amount of the loan. Specially in places like CA (where I live), AZ, NV, FL, etc. We need a new law to force the banks and mortgage companies to re-write the loan docs. for these properties so that the new loans are adjusted according to the today's housing market values. Ex: a condo with $250k market value and a high loan of $420k needs to readjusted to today's fair market price.
The housing market will not turn around for another 5 to 10 years and many homeowners are struggling to stay in their homes.
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