The Obama administration released more details Wednesday on its $275 billion foreclosure prevention plan. The administration hopes 9 million homeowners will have the opportunity to refinance or modify their mortgages, helping to dam the flood of foreclosures currently drowning real estate markets
But there are 112 million households in the U.S. What about the other 103 million? Well, unless you can prove that your mortgage payment is more than 31% of all your pretax monthly income you get NOTHING. To put it another way, if you over extended yourself and you’re a deadbeat and don’t pay your monthly mortgage you will rewarded with lower interest rate, and if you do pay your mortgage on time you get NOTHING.
So here’s the Hope Hotline for those who don’t pay their mortgages 888-995-4673 and if you do qualify aside from lower monthly payments, you lucky few, will also can get reductions of as much as $1,000 each year for five years in your principal balance (total of $5,000.00). Those who paid their mortgage payments on time you get NOTHING.
Time for me to get a cup of hot Soup. NO SOUP FOR YOU!