Read on. Under HOPE the Federal Agencies holding the paper can reduce interest rates AND principal owed.
So, a diligent and responsible person who pays their bills and bought at the top of the market owes the same amount. A person who bought a house at the top of the market (and how many of them lied on their app documents or didn’t have to qualify at all) and is failing to make the house payments can have the principal of the loan reduced.
So, in other words, once the housing market recovers, these deadbeats will be UNJUSTLY ENRICHED with more equity in their homes after they get this break compared to the guy next door who diligently paid his mortgage and did not get such a break. UNREAL
That is just horrible. That is so unfair.
Isn’t socialism grand!
So, in other words, once the housing market recovers, these deadbeats will be UNJUSTLY ENRICHED with more equity in their homes after they get this break compared to the guy next door who diligently paid his mortgage and did not get such a break
Do you have to be behind in your payments to qualify for reduction of the principal owed?
I'm asking for a friend...really.