Homeowner relief plan
President Obama’s $75 billion Homeowner Affordability and Stability Plan is intended help struggling homeowners by providing incentives to lenders, servicers, mortgage holders and borrowers to help modify mortgage loans.
More on the plan:
Wall Street Journal Blog: FAQ: Who Qualifies for Housing Bailout?
Washington Post: How the Program Would Work
CNN Money: Mortgage help: Do you qualify?
Bloomberg: Mortgage Plan Effect May Be Limited, Analysts Say
US News: The Obama Housing Fix: 5 Things to Know
ABC News: Obama’s Housing Rescue Plan Will Slow Home Value Slide as Early as March
CBS News: Who’s Eligible For Obama’s Mortgage Plan?
US Today: Millions could get help, but is foreclosure plan fair?
I’m torn about this truly. I’m a real estate professional and I can’t wrap my brain around it. I can see this spiraling out of control. Where does the giving end? The lenders screwed up. The banks screwed up. But the borrowers also screwed up. I truly do feel bad about the people who have lost their homes due to job loss, illness, etc…but what I don’t understand are the people who borrowed money they knew they couldn’t pay back. Taking on a payment they knew they couldn’t afford. Because there’s people like me who didn’t do that, and as a result, I live more modestly. I don’t have anyone that’s going to give me a stimulus to buy a bigger home. Get into a nicer house. I was responsible with my housing choices. My husband DID lose his job six months ago, but we have planned, saved, and budgeted for emergencies such as this.
I could go on, but that’s my two cents.
I personally think many many of the people who are in “too deep” had no idea what was really happening. I almost, i say almost, signed papers for our refi, with a supposed “been around forever, neighborhood type” lender in Bellevue. But, when i reviewed the papers, the interest rate was different on every page, and in some places, BLANK!! This guy had my head spinning, had me running to Kinkos late at night to photo copy stuff, really kept me running, and I mean off balance running. I accidentally emailed the whole package to another lender I had been asking questions of. I received a BIG warning in my next email. It said FREEZE. do not continue, I do not know you but I am looking over your papers with my entire office and we are blown away by what is being done to you. Do you realize that this is illegal? I am so thankful that this happened or I don’t know what we would be doing now. First I had knee surgery last Aug. and still cannot walk well, then I was laid off. We can barely make it on one income and we are worried. I am not stupid, I was taken advantage of and made to feel like I HAD to do things which in hindsight seem so insane. Good people get screwed too.