Just found out that Obama's loan modification will allow only up to 106% of the worth of the house/condo/townhouse.
Basically, most people will still not be able to lower their mortgage because times are so bad, for example, my place is worth 105, 000 I owe 152, 000 which means I would need a loan modification of 146% (approx.) and we are just about average compared to most home owners.
Interesting to see just how many people this plan really saves.
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Posted by Cd on 4/2/09 7:08 PM
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