There is an interesting article in todays Washington Post by Renae Merle regarding Foreclosure Prevention, and some new initiatives with the Hope For Homeowners program.
One of the distinctions is that, according to the article, is that “when borrowers sell their home or refinance, they may have to share a portion of the profits with HUD.”
This would seem to give new meaning to the word “vague.” They MAY have to SHARE a Portion of the profits?
Beyond that, it certainly raises some interesting questions for the future. I am all for keeping people in their homes and preventing foreclosures, but is this disinction a potential market killer? What happens to the family that goes into this program, then the breadwinner gets transferred. They need to sell, but they also need some cash to buy a new house in the new town? What happens when the stork visits and a family needs to move up to a home with more space? How do they do that with no equity?
It seems to me that we have a lot of plans, may of which seem to include ready-fire-aim.
