[Dan40]

Great programs,

Just read an article in the local paper about how confusing the mortgage adjustment programs are. Most simply have no clue. But the liberal press seemed to be happy that one person in Pt. St. Lucie got her troubled mortgage redone without a problem.

She has been in her house for 11 years, her monthly payment was $2000.00.
No idea how far in arrears she is/was. But the Government program saved her bacon. Her payment has been reduced to $1000.00 per month and her 15 year mortgage has been extended to 30 years.

Original= $2000X12X15=$360000.-11 years=bal. $96000.
New = $1000X12X19=$228000.+ 11 tears paid,$264000.=total$492000.

Present market value of the house? Probably under $250000.
No mention of the interest rates on either mortgage, great reporting!
We are from the Government and we are here to help you.