Many Homeowners Are Becoming Disappointed with Obama’s Stimulus
It is becoming fairly common for homeowners to say that they are not satisfied with the Obama Mortgage Stimulus Program. Citizens are expressing their dissatisfaction with the president’s mortgage program. A lot of homeowners were hopeful for some kind of miracle mortgage help program, now they are a lot of lost hopes being expressed. The plan is not working out exactly as expected. 
I will be the 1st to say that no mortgage program can single handedly fix our mortgage crisis. Fixing the mortgage problems is something that will not happen overnight. It took us many years to get into the problems we are in. Likewise, it will take years to get back out even though it‘s been years already. Fixing the mortgage issues that has plagued our society since the ladder part of 2006 will correct itself over time with homes prices continuing to fall back to an affordable price again. It can’t be easily fixed.
Homeowners will have to continue to be patient and watch prices fall some more, once we have hit bottom or an equilibrium price then prices will slowly appreciate again. The government plan aims to provide some support to homeowners, but not everyone will benefit. I hope homeowners are that naive to think that the government can fix this problem by meddling and issuing mortgage bills to fix this, because that will never happen. Government can only try to alleviate some of the pressure off a percentage of distress homeowners, but not everyone will fit the bill for a loan modification to be approved and granted. There are borrowers that think just because they are indigent it mean that they will be approved, and that is certainly not the case. There are bench marks and checks and balances that must be met; and there is no way around some of these things. For example, in the government program, the property that a borrower is trying to modify can not be a rental property or a 2nd home or vacation home, and there is are no ways around that. In a situation like that a homeowner might be better off trying to do a loan modification designed by their lender if their lender has one, over a government modification that is so rigid. Many lenders are doing loan modification designed by them that is a run off of the government modification, but is often more lenient. Each lender is different so check with yours for help.
