Mixed feelings on this. If you are current then yeah give them a break, but if you are behind, get a damn job.
Well, the precedent for home loanshas been ignore the ones paying their bills and bail out the deadbeats. I'm a dirty capitalist, but there is something whack about the way we do consumer debt. I had to call my credit card company last year and tell them that while I paid my bill every month it was hurting me pretty bad and with my good credit score and history was there something they could do to help me? No, got stonewalled a bunch, I figured that with all the switch your card 0% offers they'd pay to keep a live one. It took about 4 people to get them to finally allow that they had a program that would cut my interest in half but close my card to future purchases. Yay for me, jumped on it. Now if I had just stopped paying I could have just waited for it to go to collection and probably paid less in the long run. Doesn't seem right.
Home loan re-finance, went to re-finance our home note. By today's logic, a couple that has paid a 3,000 monthly mortgage, never late for 5 years is not qualified to get a loan whose payments would be $2400, a bad risk by somebody's math, this with both people's credit scores in mid to upper 700s. Makes sense? But hey, bail out the ones that are in foreclosure!