No sense in extending the loan payments -- people aren't going to live there forever.
If ten years from now you're still upside down on your extended mortgage (paying gadzooks amount of interest in the meanwhile), and your company moves...you're still between a rock and hard place of income v. taking the loss.
IIRC, it took Massachusetts housing prices in the suburbs of Boston about 10 years to fully recover after their bubble burst in the 80s.
I *do* wonder if there's an equity swap to work out though for the people in distress -- if the bank reduces the principal by say 10%, thus the loan payments. However, when the people sell the house in the future after prices have recovered for more then the reduced mortgage balance, the bank gets to be paid up to 10% more then what the original balance was when the wrote it down.
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Today's Featured Article - Tractor Profile: Case VA Series - by Staff. V, VC, VI and VO). Althouh the Case VA looked much like the V, it shared no major components with its predecessor. Except for military units, the production of the Case VA was interrupted in July of 1942 due to World War II. It resumed again in 1944 and continued until 1953. It started up briefly later on in 1953 and continued on a very limited basis until 1956. The VA Series included the following models: VA: Fixed front wheel tread VAC:
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