We have to stop fetishing home ownership. If you can't afford your home/your mortgage -- a liability - you need to sell. I don't care why. Job loss, medical, dumb moves. It doesn't matter. If you can't afford it today, you won't be able to afford it next year either. This economy isn't going to turn around that quickly. Sell. Pay off your credit cards. Move on. The question, "How can we help them keep their home?" is not the right question. How can we get them back on their feet? That's the real question and the answer is to sell their home. Sellers need buyers and that's why we need a mortgage plan for credit-worthy people. The best possible solution would be to get back to the olden days when people might own a home and own one rental property as a nest egg. And other people rent until they can afford a home. Really afford a home.
