BiggerPockets

My mortgage company called me and asked if I wanted to lower my interest rate for the next 5 years. I said, what's the catch? They told me all I had to do was write a letter stating why I was having financial troubles and they would modify my loan agreement to lower my rate to 4%. After I checked everything out to make sure it was all legit, I filled out the one page financial statement they sent me and wrote them a letter saying I had two kids in college and it was hard paying all the bills. I am NOT behind on anything and have NOT been late on any of my payments, yet they have lowered my mortgage payments on my rental property by $200 per month. So....the Obama plan may not be working to stop foreclosures, but it helped me get $200 per month positive cash flow!! Somehow, I don't think I was the intended prospect for this plan, but I'm not going to turn down a lower payment.

Just another case of the blind leading the blind. Your tax $$ going to waste.

Josh, have you forgotten, the "brains" in the government have but ONLY ONE job, to get re-elected, scew everybody else.

And most people with a brain knew that the plan would fail from the beginning; it was yet another piece of legislation that was rushed through by the powers that be.