http://www.georgetuvell.com/phony-mortage-plan/ Technology from All Angles Thu, 29 Jul 2010 23:34:53 +0000 http://wordpress.org/?v=2.9.1 hourly 1 http://www.georgetuvell.com/phony-mortage-plan/comment-page-1/#comment-989 RealDeal Fri, 13 Mar 2009 19:27:10 +0000 http://www.georgetuvell.com/?p=288#comment-989 I am not going to hold my breath, but Obama signed 2 Mortgage relief plans last month. The first for those like you said are greedy and purchased a home over there head, have an adjustable rate and now can't afford it. The second plan has not been ironed out at the banks. It is supposed to help folks like us who pay on time, have a fixed rate, have a steady income, but owe more than the value of their home. I have heard a rumor that the bank may lower your interest rate to reduce your monthly payment, but it would go back up to the prime rate current at that time down the road. I am not sure if I like that idea. What if you get a lower rate now than you had, and then in 5 years or so, it goes back up to the current rate, and it is higher than were you originally started. Another rumor is if your mortgage is more than a third of you monthly income, the plan would help you. So many rumors. I am going to be patient and wait to see what becomes of the second plan. I already contacted my bank, and they said they will contact me once the plan has gone through, and if I do or don't qualify. I am not going to hold my breath, but Obama signed 2 Mortgage relief plans last month. The first for those like you said are greedy and purchased a home over there head, have an adjustable rate and now can’t afford it. The second plan has not been ironed out at the banks. It is supposed to help folks like us who pay on time, have a fixed rate, have a steady income, but owe more than the value of their home. I have heard a rumor that the bank may lower your interest rate to reduce your monthly payment, but it would go back up to the prime rate current at that time down the road. I am not sure if I like that idea. What if you get a lower rate now than you had, and then in 5 years or so, it goes back up to the current rate, and it is higher than were you originally started. Another rumor is if your mortgage is more than a third of you monthly income, the plan would help you. So many rumors. I am going to be patient and wait to see what becomes of the second plan. I already contacted my bank, and they said they will contact me once the plan has gone through, and if I do or don’t qualify.

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