When Homeowners Facing Foreclosure Want to Pay to Stay
Editor’s note: Paul has been reporting recently on the foreclosure crisis in Florida, and particularly on homeowners walking away from their underwater mortgages. In some cases, soon-to-be-foreclosed-on homeowners who want to stay in their homes are prepared to offer the bank more money than their house will get on the open market. But they are very often turned down.
Many curious NewsHour viewers wrote in: Why won’t the bank negotiate with homeowners who can pay more than the house is worth? To find out, Paul spoke to realtors, homeowners, and bankers in southern Florida.