posted on Feb, 20 2009 @ 11:28 AM
If you take the money, and sell your home, in the first few years, you have to pay it back.
It is a joke anyway. It is to help the banks not the people. The mortgage brokers are figuring a way where they actually receive the money, not
They make it part of the down payment, etc.
The did not even make it for the entire year of 2008. I was one of the people that missed out on it by 6 weeks . What other legislation like this does
not count for the entire year? I bought during the downfall, but it has not been make retroactive.
The new housing plan that just been announced, will give two options.
You can have your home appraised for current value, to lower your payments, and at 4 percent. Or you can amend your mortgage to where you do not pay
more than 31 percent of your monthly income.
The kicker? You have to be in foreclosure and freddie and fannie mae loan.
So AGAIN , no help to those who did things rite!
We did not buy during the boom. We bought what we could afford with a traditional loan. My house value has lost half in the year I have lived here.
I would have done better to buy an interest free loan during the boom,
and got to live in a nice neighborhood, compared to this crappy place,
and now would be able to refinance to current value and stay there.
It really sucks. They reward people that were greedy and did not do this correct. Im sick of it. There is a foreclosure next door selling for 42k, the
other neighbors house just sold for 50k. You can imagine what my property value is now. Now they will only let people that had bad loans refinance to
current value. I am stuck here, in an over priced small home, and hour and a half away from the city, and did things the rite way. It makes me sick to
my stomach. Why does the guy who could not afford his house to begin with get to keep his home? How as* backwards is this.