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The Obama Camp is launching the “Making Home Affordable” program designed to help homeowners who are Upside Down on their mortgage.
The details of the program are not all available but they do lay out the required paperwork and a few guidelines.
“It’s not intended to prevent every foreclosure or to help every homeowner,” a senior Treasury Department official told reporters. “It’s really targeted at responsible homeowners.”
I guess the hidden good news is that if you have an Upside Down Mortgage and you are paying you payments on time this is the plan you have been waiting for. No more sneaking around or trying to force something down the throats of the lenders.
“I’ve just seen so many of the programs not work,” said Pava Leyrer, president of Heritage National Mortgage in Randville, Mich. “It gets borrowers hopes up. They call and call for these programs and we can’t get anybody to do them.”
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