How does the new housing bill (passed today) help people who has been paying their mortgage pmt on time?

Question

My wife is pregnant with our second child and we'd like to move into a bigger place. Unfortunately, we are upside down $150k on our home. So we're stuck. Like everyone else, we've struggled to pay our mortgage, but we've been fortunate enough to be able to pay it on time every month. I'm not sure how much longer we can do this. Upon hearing of the new housing bill few weeks ago, I thought it can help us avoid possible late payments and foreclosure. However, it sounds like the bill's purpose is to help those who are already in foreclosure status. Because if that's the case, we might as well stop making our payments on time. Why should we be punished for being able to pay our mortgage on time. If I'm not interpreting the bill correctly, please shed some light. Thanks

Answer 1

oh ho ho. don't anger the bank. they'll harass you for the money if your constantly late. You're credit will be screwed. Borrowing money again won't happen. even if you need the money for the job, they won't lend.

just keep your regular payments. Don't bother thinking about a new house till you got 80-100k for a down payment. higher the better.

Answer 2

99% of Americans still pay their bills on time.   We are not being punished.

The bill has not passed yet, I would not count on anything at this point, the senate and preseident still need to sign it.

I am not sure if anyone can apply for it.    From what you are saying you think we should all have out hands out.

Answer 3

I feel the same way!  We have ALWAYS paid our bills on time, would like to refinance into a 30 year fixed but can't because like everyone else, we're upside down in our home too because of this big mess.  So while people who didn't deserve to get a loan get help, my loan will keep changing every six months.  I'll never stop making my mortgage payment because of ethics, but man do I FEEL SCREWED for being responsible!!!!!!!

Answer 4

no kidding. we bought a smaller home because we didn't want to not be able to pay for our mortgage 5 or 10 years down the line. but someone next door who makes half than what i make bought a house bigger than mine and now I have to bail him out?? WTF??