Mortgage rescue/refi? (foreclosures, refinance, credit)

[sickofnyc99]

My friend is having his adjustable rate mortgage re-negotiated by the bank. He called a lawyer and it seems the gov't is forcing the banks to negotiate a more affordable rate for him. Now I didn't get the house of my dreams I stayed within my budget and made many compromises with my house. However nobody's looking to renegotiate with me. No tax credits for doing the right thing. Anyone's thought's??

[Kbinspections]

Yep, Just wait, much more of helping the people who did not live within their means coming in the next year.

[KFC.ONE]

I too am outraged at the whole rescue thing.

People that have played by the rules and getting screwed while those that got in way over their head are being given interest rates lower than someone like myself who has done everything by the book is able to get or would be able to refinance for.

Completely unbelievable.

[Transpl]

I'm going to wait and see. I am not too concerned about flipping sub-primes to fixed mortgages at current rates. It will help lender, borower, and protect property values by reducing foreclosures.

My concerns are around principle reductions. If mortgage principals are going to be adjusted down to current values, many HELOC junkies are going to get all of their "stuff" paid for by taxpayers. I assume any principal reductions will be deferals not neccesarily forgiveness. In other words the amounts of principal reduced would need to be paid back from equity when the house is sold, plus interest I hope.

I'll keep my torch and pitchfork at home until I get the details

[arangoa79]

Even though I don't agree with the new policy, it is better then the alternative.