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Thread: Obama Housing Rescue helps Negative Equity Homeowners

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    where de crix Oneshot's Avatar Oneshot is offline
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  2. #2
    where de crix Oneshot's Avatar Oneshot is offline
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    key points:

    • borrowers who become unemployed would be eligible for three to six months of reduced mortgage payments that total no more than 31 percent of their monthly unemployment benefits while they search for a new job.
    • it will require servicers to consider writing down an underwater borrowers' mortgage balance when they decide how best to restructure the loan. The government will offer cash incentives tied to the total value of loan principal reduced.

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