I just read that Chase is lowering interest rates on mortgages (click on the link to read the full article). It appears that they are doing this for candidates that have good credit and have fallen behind in their payments. While I applaud Chase for being generous and willing to work with their customers to keep them in their homes, it somewhat irks me that the rest of us who pay our mortgages each month - finding the money any way we can - get no reward at all. In fact, if you read through the comments on the story you will see where many people with great credit and NO missed payments have been declined for mortgage re-modification by Chase and other banks.
Pros - people stay in their homes, which is good for ALL of our property values. It is nice to see a bank being willing to actually work with the customer for a positive outcome.
Cons - people are rewarded for possibly making bad financial decisions while those who have paid their debts while sacrificing in other aspects of their lives are not rewarded. Life isn't always fair.
(In the spirit of full disclosure, you can read about my own dislike of Chase bank.)
What are your thoughts on this?
Mixed Feelings
3 comments:
Yeah I wasn't sure how I felt about this either. It kind of makes me mad that those who pay their payments on time are not rewarded, but those who don't are.
I feel the same way you do. It irks me to no end. Here's the irony to our great country. Work hard and you will reap the benefits of your hard work - that is our mantra. In actuality, if my husband were to make LESS money we could get rent assistance, free/discounted cell phones, a break on our electric bill, practically free health/dental insurance for our kids, free/reduced lunch for our kids, discounted internet and who knows what else. So why is he working so hard if the standard of living will be the same if not better. I am so confused. I am all for helping those who truly need help but I see our system abused way too often and to some extent I have become a bit jaded. I am glad for those who get to stay in their homes but I dont' think 100% of them are blameless. There should be some accountability along the way.
I agree! It is very irritating that you have to fall behind to get a modification. I wonder if those modifications come at a cost though... although the benefit likely GREATLY outweighs the costs...
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