The federal government had another program to help homeowners in distress. That circus traveled to convention centers across the country and people waited for six, seven hours to see an advisor. Both my friend and friend's dad went to it in Atlantic City. They waited for an entire working day. More than a year later both went bankrupt, my friend lost his condo, and his dad did a short sale, because he had already gone bankrupt. The help they got from the federal government was nil, NOTHING, useless, a waste of time.
Anyone who believes this new "program" is going to help anyone is delusional. As long as the banks are not willing to take the haircut and cut the mortages, nothing is going to happen, short of our bankrupt federal government purchasing every underwater mortgage in the country to the tune of a few trillion dollars.. all at taxpayer expense..
i am sure a lot of you are looking forward to bailing out all the morons who purchased overpriced houses..NOT