North County Jim, I just read an article in the last few days about this, and I was surprised. I can’t remember now where I read it, but the story was about lenders working on programs to avoid foreclosure. My guess is they would allow a skipped payment (adding the missed payment on to principal), refinance to another product if borrower qualifies, etc. They won’t give away money, but they would like to avoid foreclosures if at all possible. I really doubt these program will help too much. After all, what can you do for someone whose intro teaser rate expires, and whose mortgage payment went up by 50%? They’re basically screwed. Their best option probably is giving the house back to the bank.
