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Corning plans layoffs at Wilmington facility

Corning has confirmed it will lay off workers at its Wilmington facility next month. News Channel 3 pressed the company for specifics, but a Corning spokesperson would say only that layoffs are planned, and would not say how many jobs will be cut. She blames the layoffs on dwindling sales.

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laydoff no money thus loss of homes

Why can a law not be passed that people who are laydoff only have to pay on the principle of their morgage and the interest can be added back to their morgage at the end. This way laydoff workers can keep their homes during these poor economic time? Would help to stop the forclosure of homes.

why write a law

go to the mortgage company and negotiate. But, adding interest to the loan balance can put one in a negative equity position pretty quick.

You can do something very similar....

...but just the opposite of what you propose. A lot of lenders will let you make an interest only payment when you fall on hard times. That's the only way it can work and still be fair to them. Since your per diem interest is based upon the outstanding balance, it wouldn't be fair to post a "principle only" payment unless you then added the past due interest to the outstanding principle....and you can see that it immediately gets very "bookkeeping intensive." Paying interest only on a monthly basis usually satisfies the lender because it keeps the balance and per diem rate constant. Of course, you can't do it for years and years. Contact your lender and ask about an interest only payment.

thank God I had sense enough

thank God I had sense enough to get out the last time this happened!!!!

Amen to that.

Amen to that.