May 15, 2010, 6:37 am
Case: Borrow more than your House is worth: don't make a payment for 90 days ,and a Loan servicing Agency paid by the Feds will lower your payments so you can stay in the House.If you bought a Mercedes on a Home equity loan ,and that is what caused you to go under(upside down)on the loan .You can keep the car,and any assets you have .The loan will be re-worked with new lower payments adjusted as low as 33% of your Gross income. So if you have two jobs you can quit one ,or your wife can quit hers ,and The Feds will base the New payment qualifying you on the one household income ..Keep your expensive car and (Toys) assets.After wards the borrower can get a higher income, and still have the New Low payment. How Sweet! Only in America. That's the New Federal Program that is rewarding all the borrowers that have no equity in their homes due to irresponsible behavior. Well as for the poor working Slob that has 10% or more equity in their Home.If they lose their job due to this Quote financial Crisis,fall behind,well out in the street They Go!ONLY IN AMERICA! Don't get me wrong I don't think anyone should get Special Treatment. Why does the Government make out Like they are helping a Responsible Home Owner,When this is all to keep the House Listed as an asset for the Banks that are Guilty of Irresponsible Lending Practices?
WHAT ARE THE ODDS EITHER ONE WILL CHANGE THEIR BEHAVIOR?
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