November 6, 2011

Who really pays for Non Profit Mortgage Counseling?

By Timothy Stull (

Since the epic mortgage & credit crisis began in 2007, the government has launched many programs with the hopes of solving problems.  The USA became a land of bailouts and handouts….everyone wants to know “where is my piece”.  Non for profit groups were formed to mitigate the foreclosure problems at hand.  Four years later….same problems….no real long term solutions….nearly 100 billion dollars spent.  Mortgage companies never hired the talented & seasoned workers that could solve problems….ditto for the non profit groups.  Foreclosure prevention / loss mitigation is not a game for the weak.  It is a tough, aggressive & emotional game.  Since big money is involved….it has always been every man for himself.  Simply put, you can’t send Pewee Herman in to fight a gladiators battle.  With little results yielded in a 4 year span from the non profits at an incredible cost ~ the question now surfaces ~ who pays the bill?  You do, I do & your neighbor pays the bill….essentially everyone will be paying this bill for the next 10 years.  Every tax payer will pay an average $12,000 towards the solving your neighbors foreclosure problem.  The numbers don’t lie & they certainly aren’t pretty.  I don’t know about you but I have no desire to pay for my neighbors mortgage problems… you?  Add in the issue surrounding no results yielded and this a huge mess.  I would much rather spend my tax dollars on job creation….so people could pay their mortgage payments!!  A novel idea, huh?  People’s mortgage problems have always been private sector problems in the past….it is due time to go back to those days.

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