Ultimately, The Making Home Affordable Plan is supposed to help over 9 million homeowners avoid foreclosure and keep their homes. We, the taxpayers, are paying for this by giving mortgage lenders incentives to use new government guidelines for home refinancing mortgages.
Even with the incentives, many banks are holding on to their money, and being very stingy about making home refinancing loans.
The new guidelines for home refinancing loans are that the final mortgage payment will not be allowed to exceed 38% of the homeowners gross monthly income. This is difficult because many homeowners, especially those that have lost their jobs, are fighting to make their monthly mortgage payment.
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