Okay. Here it is. Joe is behind in his mortgage payments. He needs help. But the “help” he’s hoping for stipulates that he can’t be behind in his mortgage payments.
I’ve said it before. The press will announce Obama has solved the foreclosure problem and never say the word “foreclosure” again.
I’ve said it before. The press will announce Obama has solved the foreclosure problem and never say the word “foreclosure” again.
Few in Bay Area qualify in housing rescue plan
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Out of 117 metropolitan areas reviewed by Zillow, the Bay Area regions ranked at the bottom in terms of what percentage of mortgages would qualify - behind such pricey areas as Honolulu and New York, and also behind such foreclosure capitals as Stockton, Las Vegas and Florida.
"Around here, most of the market just doesn't qualify; it's going to bypass us," said James Wilcox, a professor of finance at the Haas School of Business at UC Berkeley.
The program is designed for people who are still current on their mortgage payments but have seen their home values sink, which makes it more difficult to get a regular refinance because they don't have enough equity. The administration said the plan would help 4 million to 5 million families to potentially save thousands of dollars a year on mortgage payments.
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