Homeowners in Trouble Look at New Plan
The challenge, of course, is that while the package is designed to help the home owners, it isn’t the home owners that can elect to take part; it’s going to be up to the banks that made the mortgages. While the goal is to support those home owners who are paying more than a third of their income on their mortgage who owe more on their homes than the homes are worth, the banks are going to be the ones that need to determine whether or not they will participate (and it’s important to note that their participation means taking a loss on the initial loan).
The big players in the mortgage industry have all said that they’re bringing on additional staff and that they’ll be on board, however only time will tell whether or not home owners actually benefit - and, if they do, how many will.
