My wife and I went to one of the mortgage relief seminars. Now, we can afford our bills, but a crisis would kill us as we have very little savings.
We made the mistake of signing a contract of 7.25 percent for a first mortgage and 9.8 percent for a second mortgage.
Everyone was very nice at the seminar, then we met our mortgage representative. Once there (after much paperwork and effort) she proceeded to give us the least help possible. As soon as we sat down, her answer was to try the new federal programs -- Freddie Mac and FHA.
Well, we looked into Freddie Mac and FHA, and found out that they only offer loans up to 97 percent of the home's value. Now, if my home has lost 30 percent to 50 percent of its value since 2006, then just how in the heck are these programs going to help?
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Maybe my wife and I should do what everyone else is doing and become mortgage walkers. We can be in a bigger, better, cheaper home next month!