9 Million Lottery Winners In The Mortgage Restructuring Plan
The 50 million American families who work hard and pay their mortgage promptly each month may view this current $275 billion mortgage-refinancing scheme as inherently unfair. Your chances of winning this lottery are greatly enhanced, if you made no down payment, you bought more house than you could afford and defaulted on your payments. If you foolishly worked hard and paid all your bills on time your chance of winning is practically zero.
In 2008 there were approximately 2.5 million foreclosures out of the 55 million mortgages outstanding, a rate of about 4.5% or 25% of the 10 millions homes that are "underwater" - i.e. the house is worth less than the outstanding mortgage. It is reasonable to assume that the ability to make monthly payments is the… Continue reading | 3 Comments