The HAMP Program is flawed. They reduce you mortgage by about 20 %. However, it is change to a second mortgage. Yes it is 0 % due in 30 years, and no payments. Which means you can not sell your home for 30 years. Otherwise you must pay this second at the time of sell. Locking you in to this house or bankruptcy. So if you lose your job, or your job move's you you are stuck. You can not move or you owe the entire balance. This is wrong. This only helps the Banks it really does not help you.
What we need is for FHA, and Fannie Mae, Freddie Mac to forgive the difference from what we owe, and what our house is worth thanks to Wall Street. We also need an immediate adjustment to todays lowest rate so that people can put money back in to the economy.
For those of you worrying about the banks. The loan modification has cost them 0%, nothing because it was covered by your FHA PMI Insurance. The only one it hasn't benefited is YOU. The banks as always along with Congress protected the BANKS, not you.
This is what needs to be addressed by President O'Bama. Please write the President. petition the President. This WILL put Americans to work, and it really cost nothing.
