In reviewing contents of the new stimulus package I dont see much for the homeowner who is upside down and paying on time. Want to save the housing market and stimulate the economy?? Allow all homeowners to contact the current lender and get a 4.5% rate rollback. Results are simple, they stay in the home ( even though the equity is lost) they save on monthly payments ( giving them extra money to spend) It does not force the homeowner to simply walk away, leaving the home only to devalue the local area, tie up loss mitigation departments with more shortsales and tie up courts with foreclosures.
Come on , keep it simple...What those of us in the St Petersburg Real Estate community need is 4.5% to anyone, new or refi. Forgive debt and eliminate 1099s for those that lost homes and probably jobs , 401s and pensions.
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