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msnover92571 · Posted: Wed Feb 18, 2009 10:15 am Post subject: $75 Billion Mortgage Plan

I would like to hear feedback about this? How do you guys feel about this? Do you think it will work? It says the lendor cannot take more then 31% of a persons income to pay a month if there house is worth less then what they owe, Which is the problem for most people in here asking for help.

eric1 · Posted: Wed Feb 18, 2009 6:37 pm Post subject:

I typed up a summary of the bailout plan on my web site under "Mortgage Trends". Essentially, he wants to help those who legitimately tried to make their payments work but have fallen on hard times. He does NOT intend to help those who knowingly borrowed beyond their means, those who are simply irresponsible, or investors who were simply trying to profit under the real estate boom.

There are also many people who are asking for a modification simply because they owe more than their homes are worth. However, if they are still able to make the payments, then no modification will occur. They will have to keep making payments until the values climb one day.

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$75 Billion Mortgage Plan