Posted on: 10th Dec, 2007 08:45 am
Hello there: I heard that the president has created a plan to help homeowners. I went to hopenowmortgages com and I qualify for the freeze the mortgage plan. Now, is it true that?
I am thinking in stop paying my mortgage :roll: . When it resets in march I won't be able to pay it... Should I do what they say or just go into foreclosure?
Read it in w w w dot hopeNowMortgages dot com
I am thinking in stop paying my mortgage :roll: . When it resets in march I won't be able to pay it... Should I do what they say or just go into foreclosure?
Read it in w w w dot hopeNowMortgages dot com
Basically this program is designed to help thouse that have gotten their mortgage exactly for what it was intended - home ownership - and got hit during the recent mortgage crisis.
If you got a home that you can afford at the rate/payment you can afford and the current market does not allow you to refinance before your adjustment then you have an option to freeze your rate at the current affordable rate for 5 years. This should give time for the housing market to stabilise and return the values back where they were.
So if the home is affordable for you right now it would definately make sence to take advatage of this program.
The home ownership was never intended to be a "make money sceme".
If you got a home that you can afford at the rate/payment you can afford and the current market does not allow you to refinance before your adjustment then you have an option to freeze your rate at the current affordable rate for 5 years. This should give time for the housing market to stabilise and return the values back where they were.
So if the home is affordable for you right now it would definately make sence to take advatage of this program.
The home ownership was never intended to be a "make money sceme".
Hi,
Welcome to Mortgagefit discussion board.
Yes Eugene, Bush administration has deigned the plan to freeze interest rates of subprime mortgages to fight the raising number of foreclosure.
Only through out October this year there were 1.8 million foreclosures filling through out the nation. So to relief the borrowers from this subprime crunch Bush administration has planed to pass this agreement.
Thanks
Blue
Welcome to Mortgagefit discussion board.
Yes Eugene, Bush administration has deigned the plan to freeze interest rates of subprime mortgages to fight the raising number of foreclosure.
Only through out October this year there were 1.8 million foreclosures filling through out the nation. So to relief the borrowers from this subprime crunch Bush administration has planed to pass this agreement.
Thanks
Blue