Possible Principle Relief for Home Owners Keeping Up with Payments?


This article talks about negotiations with the banks to settle the fines they could potentially receive for the recent "robo signing" violations during this year's foreclosure proceedings.  The EXCITING thing here that they are negotiating to include PRINCIPAL reductions with the refi's for lower rates.  This is what I think could truly help  your circumstance.  The principal reduction is the concept I was trying to wheeze out during our run!  

The great news is that this is really the first time that I have heard of the legislature acknowledging the need for this type of program in California - or anywhere else.  I know we certainly haven't heard it from the Federal level or the from the President.  My hope is that this will build momentum and truly help the California homeowners who want to pay their mortgage, but not feel like they are making a bad decision for doing so.  I know lots of homeowners who feel they are being taken advantage of by the banks, while millions of others are walking away from their home with little to no consequence.  

http://goo.gl/ZAw7P

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