Well color me skeptical! This is a subject that is really near to my heart as you can tell by posts on the subject before on my blog. So now President Obama is pushing for measures to make help available to more than the original plan did. Well let me tell you the first housing plan was a failure and these "new measures" will be as well. Why? Well folks it doesn't matter what is put on paper as long as the banks who hold the notes are the ones who make the CHOICE to participate those who need help will not get it! How many people do you know that actually were approved for loan modifications or refinance under the previous guidelines? Me umm two maybe and they both lied to be approved, how that is possible I have no clue but it is fact. Me on the other hand couldn't qualify even though I had given up my entire salary to stay home (it was a wash with childcare for two) because our household income was still too high, and forget refi when you are over 125% LTV ratio. That was about two years ago lord knows how up-side-down we are now! We want nothing more than to be able to get in on low interest rates! We are not looking to be bailed out, just refinancing would make us feet better about the hole we are in. So now these new measures will allow us to do this with no cap on the loan to value ratio,and we have a Fannie Mae loan BUT, and here is the big but that has stopped everyone I know from getting help....the servicer. Yeah you know the banks that want endless paperwork then lose it, then say you never got it to them on time. So you re-submit and the same thing happens, or you get it in and never hear back or are turned down for what ever reason and that's only if you are lucky enough to have a servicer who is participating because you know they all aren't as they are not mandated to participate.

JOKE! you know what you need to extend Mr. Obama, The Mortgage Forgiveness Act of 2007. Yep that's right sir that needs to be extended. Because this housing plan is helping so few the fact of the matter is most who are underwater will still need to walk away before they can get out. I myself may have to go there. I have a husband who can be transferred to another state at any time for his employment. The simple math means that because my house is so severely underwater (not by any fault of my own) that I would have to walk away in foreclosure. I could not even rent my home for enough to cover the mortgage and I nor anyone I know can afford to maintain two homes in two different states on even a decent income. So Mr. President you want to help? Please extend the above so that when/if I am faced with the heartbreaking finality of losing my home to foreclosure after making payments every month on time for years and not because I bought too much house for my income then, I can sleep at night and try to put my life back on track without owing the IRS on "ghost income" for the difference in what I owed on my home and what it eventually sells for which would be a fraction of its purchase price by myself. If you want to help make that happen sir because ton of shit can happen in a matter of a few years that can/will cause us down and out buyers into leaving our homes and with the rate of decline and non-growth in the housing market even if that were to happen five years from now I can guarantee you we will still be underwater and what a shame to have to be committed to the IRS' debtors prison for years because we had no choice but to leave our homes and not only didn't see a dime, but lost our ass on years or payments, down payments, updates that we had to make on our homes to be livable. This sir is only scheduled to run until the end of 2012. I can tell you sir that this problem will far outlast that date.