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 eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1172
175.80 Dollars($)
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.05 Dollars($)
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 Posted: Thu Feb 19, 2009 4:54 am Post subject: |
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Hi Eric,
Thank you for sharing such an important news with the community members.
I personally feel that this bailout program offered by the new President will definitely have a positive effect on the mortgage market. As the news states, a lot of people will be benefited from this program. But people will not be able to realize the positive effects of this plan immediately.
But what I liked most in this program was that it would even help those people who are upside down on their mortgage. Though Obama has said that the plan would not save every home, it will definitely cheer up a large number of people who are facing tough time paying their mortgage dues.
Take Care |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 814
Location: OHIO
195.95 Dollars($)
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| Posted: Wed Feb 25, 2009 6:26 am Post subject: |
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Thanks Eric for sharing this news in the community forums. Well, the Obama Bailout Plan does look promising and it may help revive the economy to some extent at least.
As the plan proposes, homeowners likely to be in foreclosure can get a reduction in mortgage payments (monthly payments shouldn't exceed 31% of their monthly income). But the problem is, there have been several job cuts in recent times. So, how does this rule apply to those guys. I mean will someone earning unemployment benefit and doing a part time job benefit from this rule?
The success of the Bailout Plan depends more on the initiative taken up by lenders in modifying loans and reducing mortgage payments. However, I appreciate the President's move regarding compensation to lenders who'll participate in the Bailout Plan.
Regards,
Jessica
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http://jessica.mortgagefit.com/ |
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