Mortgage assistance for the unemployed?

Posted in Banking, loans, mortgages, Real Estate, Taxes by Allison Sousa on March 30, 2010

Ought to be interesting to see if this program proves any more effective (or realistic) than the loan modification or HARP programs. As a mortgage originator who has seen first-hand the effects of the current economy on hard-working, honest people, there are certainly people hurting through no fault of their own. So, I’m all for creative programs to help borrowers in the interim.

However, as a tax-payer, I do stress over how the program will be funded and when “the bill” will come full circle and hit our pocketbooks. I also can’t help wondering if the people who design these programs have ever worked for a bank (since banks are being required to write-off at least 10% of the debt in order for their customers to meet eligibility requirements) or if they’ve ever originated a loan? I can’t help but think that there must be a “happy medium” solution.

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Tagged with: conventional, credit, debt, FHA, home buyer, income taxes, loans, mortgages, tax, tax credit, taxpayers

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