Now i know that the economy is very weak these days in America so we gotta find ways to reduce our credit card debt down to a manageable level especially if our mortgage payments are larger then the worth of our house. Thank god that president bush has passed that new bill that will help to cut down a homeowners mortgage debt if the debt is larger then the value of the house.
From my understanding it works like this: Lets say your house value is 300,000 dollars and your mortgage is 330,000 dollars meaning you have a negative value on your home. This bill is supposed to shave off that 30,000 extra and help you renegotiate your mortgage. It will be interesting to see when we give that a try ina month or 2 and hopefully i will also pick the right credit cards to get my interest rate down too
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2 comments:
This is a great concept and i hope mortgage negotiators will step in and start implimenting it without charging a fee beforehand.
Our family is starting to look around for a broker that can do this. We are trying to find one that wont charge until after the mortgage difference has been shaved off.
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