Looks like it is more of the same rules....MUST be homesteaded and make enough $$ to support the payment. It outrages me that the Federal government can spend almost $800B "bailing out" the banks, but the banks have NO INCENTIVE to help homeowners save their homes! Currently, MOST BANKS are offering reduced interest rates, but when they add 15 years to the mortgage (to make it 40 years when only 25 were left), homeowners are actually on the hook for MORE $$! Not to mention that the interest rate is ADJUSTABLE in 3-5 years AND that now homeowners are FORCED to stay in their homes for another 10-20 years in order to pay off the current principal balance (inflated from 2005-2007), or be required to Short Sale at that time. How is this helping homeowners exactly? Isn't it merely prolonging the problem thereby dragging out our "recession"?
Check out Melbourne/ Palm Bay, FL listings at www.SearchMelbourneMLS.com
Or LEARN how to become debt free in 1/3 to 1/2 the time at www.MyEquityMaximizer.com
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