Basic Math on Fixing Your Mortgage

CNNMoney.com has an excellent primer on the basics of fixing a mortgage that's in deep trouble. Included in the story are two things we always point out to people when they ask why can't all the mortgage problems just be fixed. First, as reporter Les Christie writes, "what's best for a borrower isn't always best for the lenders". That's absolutely true, and that's the struggle. On the other hand, there's something in the favor of the home owner - and that's the second point: A foreclosure costs a bank about $50,000 per home. Thus, why you care about that number is whether your mortgage can be fixed under that bar? Maybe so, maybe not. Still, this article is a great first step in understanding the process.