Who Won’t Be Helped by the Housing Fix?

Struggling to keep up with payments on a home worth less than half the mortgage? Owe more than your home id worth, but can still afford the payments?

Sorry, but you likely are not among the 9 million people who may get help under President Obama’s $75 billion foreclosure prevention program.

The program does virtually nothing for the unemployed, who often don’t have enough income to make any reasonable monthly payment affordable. And, since it relies more heavily on lowering interest rates than on reducing principal, it does little for borrowers concerned their homes will never recoup their value.

A growing number of people are falling behind in their payments because they’ve lost their jobs, ensuring the tidal wave of foreclosures will continue as long as unemployment keeps rising.

Think the President’s Stimulus Package will help or hurt the housing situation? We’d LOVE to hear your comments and thoughts about it. Just click the comment link below and sound off. Don’t worry, even though your email address is needed to post a comment, your email address will not be published here. So go ahead, tell us how you REALLY feel about the housing fix (or break).