Homeowners in trouble, here’s a plan from Washington where ‘trouble’ has taken on a broader meaning.
We found out today that President Obama’s Homeowner Affordability and Stability Plan is not only a plan for those in danger of foreclosure, but for millions of homeowners who did things right—paid a down payment and are on time with their mortgages—but have no access to refinance at these historically low rates because their equity went ‘poof’ with the housing decline.
One thing we have found out with this recession is that, when it comes to money, nothing is necessarily fair. But depending on how lenders implement this plan, it may be one move by the Obama administration that will cover more folks in trouble. The ball is now in the lenders’ court. Game on.