Sean asked:


Granted you’re supposed to do your own research but what happens when a mortgage company convinces you that your fears and your worries are unfounded. Many people did have reservations about refinancing and purchasing homes with these sub prime mortgages, however these lenders really made it their business to prove it was a good move. Why would you take advantage of people regarding something this serious?
Jessica: looks like you were absolutely right! lol Good call.

SANTIAGO

Bob asked:


PHOENIX – President Barack Obama’s plan to tackle the foreclosure crisis will spend $75 billion in an effort to prevent up to 9 million Americans from losing their homes.

The plan, which Obama is releasing later Wednesday, is more ambitious than initially expected — and more expensive. It aims to aid borrowers who owe more on their mortgages than their homes are currently worth, and borrowers who are on the verge of foreclosure.

The initiative is designed to help up to 5 million borrowers refinance, and provides incentive payments to mortgage lenders in an effort to help up to 4 million borrowers on the verge of foreclosure.

http://news.yahoo.com/s/ap/20090218/ap_on_go_pr_wh/obama_home_foreclosures

One of my properties appraised at $230,000 last year. A comp home sold for $175,000 due to foreclosure. My loan is greater than $175,000 and less than $230,000. Do I now qualify for mortgage assistance? If I do, should I take it?
I just want the program to be fair. If I can get a new mortgage from 6% to 4% or less, I will do it in a heart beat.

So should I stop paying my bills so I qualify?

JAKE