Thanks to Yahoo News
Eleven percent of American homes are being, or are on the verge of being, foreclosed. OUCH!
Lucky for us, USDemocrazy’s headquarters does not fit into this category (living in a van down by the river does have its perks).
For those who are facing foreclosure is there any salvation in sight?
Not to fear, the Making Homes Affordable Plan is here. This plan will help people owing less than $729,750 on a mortgage purchased before January 1 to refinance for lower rates.
Refinancing lowers the interest rate on the mortgage. For the homeowner this means savings (not only of greenbacks but also the roof over their heads). For the bank, this means a little less money (due to homeowners paying less interest) but at least the people will pay back the loan. Lending institutions think less money beats no money at all… just ask our friends at Lehman Brothers.
Not every troubled homeowner is jumping for joy. This program will help many, but not all. Areas such as Florida that have been hit worst by the housing bust are in such bad shape that the program will not help much at all.
Whoever you are (assuming you own a property and a pulse), you or your family may be eligible for the Obama Bucks.
Just visit this fun (well, almost) and informative website brought to you by the friendly feds.
That FED website was not fun in the least. I don’t own a home, but I plan to someday. I just don’t know when. Perhaps I shall move to Canada and enjoy the fresh Canadian air in my future Canadian house. Ah yes, that will be the life.
Also, on the upside, now is an excellent time to buy houses that have been repossessed by the banks.