I hate this program. My taxes are continuing to help people who cannot afford housing to “buy” houses and meanwhile I couldn’t get a refinance loan if my life depended on it.
I’m in somewhat the same boat.....
I can’t qualify to get a better loan but they expect me to continue to pay on the one I have.
“I hate this program. My taxes are continuing to help people who cannot afford housing to “buy” houses and meanwhile I couldn’t get a refinance loan if my life depended on it.”
I’ve lost count of the number of times I’ve heard people saying the exact same thing.
And as long as the government intervenes in this manner in the housing market, prices will never find their appropriate level, and the recession will continue. But the administration will just keep dragging this out as long as they can so they can pick effectively pick winners and losers.
The program was NEVER designed to help people. It is there to protect the banks and the insider Wall Street DEFAULT SWAP investors.
We would have had better results of giving every mortgage holder a cash bailout voucher (ala digital converters)