re: #216 cronus

Exactly. I live in one of the more affordable markets in the county and $50,000 wouldn’t cover a home worth owning even in the worst neighborhoods in my market.

As I see it, that 50 grand is going to be used to pay the back mortgage payments owed, then, on top of the ‘regular’ mortgage payment the homeowner would have a payment on the 50 thou. Unless of course the mortgage company then lowered the payments in the amount of the new payment, but why would the bank do that? They have their back money, and now a precedent that they will just wait and get more, from the taxpayers.