In the recent article that i read on Obamas help for the homeowners help up to 9 million borrowers stay in their homes, through refinanced mortgages or loans that are modified to lower monthly payments. The Obama administration's program has two parts: one to work with lenders to modify the loan terms for up to 4 million homeowners; the second, to refinance up to 5 million homeowners into more affordable fixed-rate loans. Mortgages for single-family properties that are worth more than $729,750 are excluded. So -- if you have negative equity you are underwater. But, if you are living in your home and making the mortgage payments -- what do you have. I think the artcle presumes that everyone will abandon their homes and/or default on their mortgages.
How about we hold the people who signed the mortgage accountable? After all if you are aware that you cant afford 800 a month in rent and then you get a mortgage for 1400 a month is it not your fault?
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