The Goverment is not going to Bail you out

if you are behind on payments the government is not going to bail you out

If there has been a notice of default the government is not going to bail you out

If you are in foreclosure the government is not going to bail you out

I will have more on this later

but basically the housing plan is going to have 75 billion for modifications and subsidizing mortgage payments for homeowners struggling to make payments by effectively lowering payments to 31% of adjusted gross income (AGI) while subsidizing that payments so loan servicers receive 38% of AGI.

200 billion would be set a side to back up freddy and Fannie for new loans for those current with good credit to refinance up to 105% LTV to keep their rates low and offer the servicers the same guarantees they usually get at 80% LTV and keeping at risk mortgages the simple opportunity to refinance at the current rates for the next five years until the economy, housing market, and personal incomes recover.

If you have any questions or interested in getting a loan modification feel free to contact me at 949-456-3029 or go my website www.scarletk.com and contact me through the contact info page.