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Obama Housing Plan - What You Need to Know

 
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melonrightcoast



Joined: 22 Feb 2009
Posts: 236
Location: metrowest

PostPosted: Wed Mar 11, 2009 11:18 pm GMT    Post subject: Obama Housing Plan - What You Need to Know Reply with quote

OMG, Am I reading this right?

"Q. What happens if I have a second mortgage?

A. All borrowers with modified mortgages who make timely payments for three months will have the opportunity to have any second mortgages forgiven. As part of the plan, the Treasury will make a cash offer to the owner of the second mortgage to forgive the debt (the amount of those cash payments has not yet been determined). The lender can refuse the offer. But the lender is likely to collect more money than if the home was lost to foreclosure, when it would receive nothing."

How is this going to fix housing??!! All it is doing is making people that didn't over stretch to buy their houses or do cash-out refinancings BANG THEIR HEAD AGAINST THE WALL because we could have gotten a huge handout!! With no repercussions! Not even a bad credit score! Or a huge tax bill for the loan amount the government writes off!!!! Is this bill signed and ready to go?? I'm going to start writing letters to congress again.



http://www.nytimes.com/2009/03/05/your-money/mortgages/05housingprimer.html?pagewanted=1&%2339&sq=Obama&st=cse&%2359;s%20Housing%20Plan&scp=1
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