Is the federal governments plan to help those behind with their mortgages working? Loan modification is fairly new but some of the details where not disclosed:
http://www.bloomberg.com/apps/news?pid=20601206&sid=a6kuLOY.MRMc
Does this mean that it is bad? No, it is better than facing foreclosure or attempting a "short sale." Yet the pitch was made that this plan would allow for homeowners to have a fresh start. Therefore, how does this really help one with all the other items that a based on FICO scores? Insurance is the one that comes to mind, lowering your house payment but raising your insurance rates seems to be a wash.
Friday, July 17, 2009
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