The squeaky wheel gets the grease: Barack Obama attempts to prevent foreclosures

The Obama administration appears poised to “help” the housing market, while taking us deeper into the downward spiral known as socialism. The plan to help borrowers includes four components:

1. Offer lender incentives to reduce the borrower’s mortgage balance.

2. Double the incentives given to lenders to modify second mortgages, such as piggyback loans.

3. Offer incentives to lenders who allow owners to sell their home through a short-sale, rather than foreclosing.

4. Have the FHA help underwater borrowers by taking up to 10% of their mortgage balance.

At this point, you might be in shock. When you purchased your home, you might have actually preferred another property but didn’t buy it because the payments would have been a stretch. You saved for a down payment, have a good credit history, and wanted to make sure you could handle your mortgage. You’re responsible, and you tried your best to do things the right way. » read more