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SO help me out here, please:

1) Someone just recently finished buying a $240,000 home in time to qualify for the $8000 obama homebuyers credit.

2) With 20% down, the loan amount is $200K. It is NOT a Fannie/Freddie loan so doesn’t get paid off by the feds.

What happens to this new homebuyer under these circumstances?

What happens to home values in general?

Would the feds have to pay off everybody equally or just Fred/Fan mortgages?

My home is 70% underwater, yet the posted home value estimates are a good $60,000 OVER what the homes are actually selling for. So if they were to come to me, (even though I'm not with FNMA) and tell me they'd bump my principle down to the current estimated value, I'd tell them to stick it. Start off with a new mortgage - owed to the Obama Government - at $60,000 in the hole right off the bat? Forget it. This actually happened to one of my neighbors a few months ago. GNMAC was his lender, came to him and offered to reduce his principal even though he was current. He accepted. Home value has already dropped another $46,000 since he accepted. Stupid.

Now if they were to say, "We'll forgive your principal to current value plus $10,000" or something like, "We'll forgive your principal to current value, but we get a percentage of any future equity..." I'd consider it.

I don't trust any of these f***tards. There's probably some slave agreement/ reparations language in microprint on any document you'd sign.

* Home must be owner occupied
* Property can be 1 to 4 units for a primary residence
* Current mortgage loan must be owned Fannie Mae or Freddie Mac
* Mortgage must be paid current and up-to-date
* Loan-to-value (LTV) can be no more than 125%

HARP

http://government-mortgages.com/fannie-mae-mortgage-programs/harp-mortgage-program.html?ctt_id=7266768&ctt_adnw=Google&ctt_kw=harp&ctt_ch=ps&ctt_entity=tc&ctt_adid=4449041858&ctt_nwtype=search&ctt_cli=2x8767x34971x1305923&gclid=COCC943EoqMCFRafnAodWmZ-5A

This is only appealing to the sub primers in which it was reported failed to turn in their paperwork/ follow directions last time.(Atleast this is what the banks that are sitting on potloads of money said in vague news reports)

It is a desperate last ditch effort to buy some democratic votes.

The people applying will see some HOPE- until after- the election and they will be told they don’t qualify (or failed to send in all the required documents)

Obama will make it look like ‘everybody’ can get your money for nothin and your chicks for free but it is just the same old useless, already failed, modification program.