Come on lenders! Hurry up and adopt the "Hope for Homeowners" program being offered by FHA. This program will help so many home owners stay in their homes and by staying in their homes, the economy will recover!!! We MUST keep the homeowners in their home: our homes are our number ONE concern. That's why the car industry, retail industry, restaurant industry, etc... are all suffering. The consumer will not consume if they do not have a roof over their heads they can call their own.
We need programs like this new FHA program and we need others! I am still advocating my proposed "Taxpayer Plan" : see my former blog. This plan would allow for a 90% refinance of the home at the current value and any amount owed over the 90% would be a 2nd lien placed on the home, which would be due and payable upon sale of the home. If there are insufficient proceeds, a 1099 would be issued to the consumer.
The 2nd lien would be owed to the government. A portion of the "bail-out" funds would be used for this purpose. In this manner, the lenders would all be paid off. We need to keep the remaining lenders viable.
Let's keep the homeowner in their home!!!!
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