I think allowing people an extra three months to pay off their debt is pretty reasonable. It’s not like we have debtor’s prisons or anything.

Oh don’t worry, nomadic, we will. The Brazilification of the US is a real concern of mine. Seriously, look into the privitization of government services such as the military, prisons, and Veterans’ services. Debtors’ prison is a perfect tie-in with the draconian bankruptcy laws favored by banks that hurt consumers yet let corporations do whatever they want.

Sorry. I guess I’m sounding like an angry renter today. I’m going to go admire my Prop 13 valuation now.

Folks need to take responsibility when they sign up for 30 years of payments.

Yeah, I’d even be open to ending tax breaks if they were going to be fair/equitable in other ways too.

Is it really reamortizing as a 366 month loan, or as a 360 month loan with some interest-only periods (that the mortgage company then writes off)?

And are you seriously suggesting that you’re opposed to this plan only because it won’t benefit you personally? I would think that not having a bunch of foreclosed homes all around your rental empire would be in your interest as well.

The problems with this are that most mortgages are paid off in 7 years so the chances of somebody like me even when I was younger actually using those hiatus periods is fairly slim. But if this was mandated I would be paying for it. It would be more valuable in the more static areas of the country where people don’t move and pay off their mortgage. Or in the mfg areas where people are laid off and rehired.

It’s not a straw man, I’m explaining to you how you can manipulate the system to the same result.

Can’t come up with 3 months of mortgage payments over the course of 7 months to make yourself current? You’re over your head with respect to your mortgage and shouldn’t be there anyway.

Here’s a straw man for ya: Everyone knows that people in the bay area are so smart that they can figure out how to make mortgage payments with or without a job so this is a moot point anyway.

And when I get it, we can use it on Schiller and find out whether his idea means paying current or readjusting the loan including missed payments.

I don’t even support this proposal because i think it will add to mortgage costs. But those of you that think Schiller is a genius should at least try to understand it.

Call up mortgage company, have them suspend for 3 months. After three months, continue nonpayment. Wait for notice of default (a month?) then make good on payments 90 days later.

180 + 30 = 210.

210 days is 7 months. You want more?

No. California says that you have 3 months to make yourself current on your payments.

“California has a complicatedstatutory right of redemption after the foreclosure sale has occurred, which would allow a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs one (1) year after foreclosure sale unless the original lender made a full price bid then that period is shortened to three (3) months. A borrower does have ninety (90) days after the recordation of a notice of default to cure any default and this is commonly referenced as the redemption period although it is not a true statutory redemption. Junior lien holders cannot redeem. There is no statutory right of redemption if a deficiency judgment is waived or prohibited at the time of which effectively negates any possibility of a redemption occurring in the scenario noted above.”

WG laid out a good case. Look at how long DreamT was out of a job. Imagine if he lives in Phoenix.