Comments on: Dotzour’s Four-Part Solution in Mending the Foreclosure Crisis http://www.bankforeclosuresinformation.com/foreclosure-crisis/dotzours-four-part-solution-in-mending-the-foreclosure-crisis Information, Articles and News About Bank Foreclosures Sat, 07 Feb 2009 13:46:19 -0800 hourly 1 By: tom loftus http://www.bankforeclosuresinformation.com/foreclosure-crisis/dotzours-four-part-solution-in-mending-the-foreclosure-crisis/comment-page-1#comment-377 tom loftus Mon, 05 Jan 2009 19:58:52 +0000 http://www.bankforeclosuresinformation.com/?p=64#comment-377 Taking exception to Dotzour's four part solution to the mortgage, items to supposedly be considered will not resolve the mortgage crises any more than what is already known about supply and demand. My suggestions are: 1. Create a rent to own covenant for homeowners who cannot afford higher rates or because of employment are not able to meet the payment requirements. At all costs, attempt to keep the house occupied reducing the potential for damage losses and the high cost of forced placed insurance. For those properties already foreclosed, rent or lease the property with an option to buy or simply lease the property. 2. Allow homeowners who are not able to meet higher payments to avail themselves of 50% of their 401k plans without the 10% penalty tax, and allow the regular tax to be paid over three to five years. Severe penalties can be assessed to anyone who voids the agreement. Tom Loftus Taking exception to Dotzour’s four part solution to the mortgage, items to supposedly be considered will not resolve the mortgage crises any more than what is already known about supply and demand.
My suggestions are:
1. Create a rent to own covenant for homeowners who cannot afford higher rates or because of employment are not able to meet the payment requirements. At all costs, attempt to keep the house occupied reducing the potential for damage losses and the high cost of forced placed insurance.
For those properties already foreclosed, rent or lease the property with an option to buy or simply lease the property.
2. Allow homeowners who are not able to meet higher payments to avail themselves of 50% of their 401k plans without the 10% penalty tax, and allow the regular tax to be paid over three to five years. Severe penalties can be assessed to anyone who voids the agreement.

Tom Loftus

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