Question by babyconcerns: Will Obama’s Foreclosure Prevention Plan benefit the homeowner who brought within their means and put down 20%?
From cnn: “the administration will also reduce borrowers’ loan balances by up to $ 1,000 a year for five years if they keep up with payments.” Does this apply to me? I brought within my means with 20% down. I make my payment on time. I am not in risk of foreclosure. My house value is greater than my mortage because I was wise enough to save while renting. However I am not wealthy. I still own a CRT TV, did not buy any additional furniture, and have a baby. Also, my cushion money is depleted and I am scared of layoff. Will Obama Foreclosure prevention plan helps me in anyway?
from “freeinternetpress.com” about Obama’s 75 billion foreclosure prevention program: Homeowners will also be eligible for incentive payments to help them slowly build equity in their homes. Those who stay current on their loans could qualify for a “monthly balance reduction payment that goes straight toward reducing the principal balance of the mortgage loan,” according to an administration official who briefed reporters. The homeowner could receive up to $ 1,000 a year for five years. So is this for everyone or only for thouse who dafaulted, got helped, then start making payment? If I keep my payment current shouldn’t I get rewarded as well?
Answer by Pojo
Are you kidding you are no where near irresponsible enough to get any assistance. Regardless of what comes out of this mouth the only ones to benefit will be those who caused this mess to begin with.
Very few people have properties that have not stayed flat or they have lost value.
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