I hear you, but I would still rather have a less expensive paid for house right now than an expensive home that the government may or may not artificially reduce the interest payments on.
But only if the banks say you qualify. I know someone going through the process (last 5 months they've tried) and it isn't fun, or beneficial at this point.
Don't buy the hype. It has really stressed them, and despite needing that help (value has fallen below their purchase value, that's why they're underwater) they expect to be refused because of how they've been treated.
From what I understand of it, the program is for folks who've gone upside down in their mortgage because of inflation and falling real estate value—not bad/underwater loans.
Comments
I hear you, but I would still rather have a less expensive paid for house right now than an expensive home that the government may or may not artificially reduce the interest payments on.
"Reduce the interest"? No, they're going to reduce the principal on underwater home loans!
But only if the banks say you qualify. I know someone going through the process (last 5 months they've tried) and it isn't fun, or beneficial at this point.
Don't buy the hype. It has really stressed them, and despite needing that help (value has fallen below their purchase value, that's why they're underwater) they expect to be refused because of how they've been treated.
Bummer, I didn't know that. That is just plain wrong.
From what I understand of it, the program is for folks who've gone upside down in their mortgage because of inflation and falling real estate value—not bad/underwater loans.