Absolute Home Mortgage
Will relief plan for troubled homeowners work?
http://news.yahoo.com/s/ap/20081111/ap_on_bi_ge/meltdown_mortgages It seems fatally flawed to me. I live paycheck to paycheck. I have no equity in my home. But I pay my mortgage on time each month. Sure, I'd love to have a smaller house payment, but I've got the one I signed up. I have nothing to complain about at this point. But if this relief plan goes into effect, I'll be left with 2 choices – Continue pay off my loan as promised, while at the same time flip the bill on umpteen other houses I have no interest in because their owners could not live up to their part of the agreement. OR-join the party falls 3 months behind on my mortgage, and take advantage of taxpayers everywhere simply because I can. If this plan goes into effect, how many homeowners in the exact situation, choose second choice? Would not it be an absolute disaster? It seems the options would be-get screwed or get to the screw. This is in no way to save an economy.
Rewarding failure, punish success