New Foreclosure Plan To Save Homeowners

The Foreclosure Plan created by the new administration aims to save up to 9 million homeowners. The plan will help those with mortgages modify certain parts of their loan in order to decrease the payments while making it easier for homeowners to refinance in order to jumpstart the housing market as the economy as a whole.

The plan also aims to prevent predatory lending by limiting mortgage payments to 31% of a homeowners income max. This will be a significant step towards preventing another mass foreclosure situation.

Although I do think this will help things along, I do not think it is completely fair. What if you were smart, read the mortgage terms, and didn't live over your means, paying off your mortgage recently. Why do the people who lived over their means get rewarded while those who lived under them have to pay to finance their stupidity. I'm not saying everyone who is being foreclosed on are stupid, just that some of them didn't make the best choices.