Hey Hobokenites. If your Hoboken Condo is underwater and you have been stuck without a refi play, the new Obama plan MAY be for you. My mortgage sources are taking a wait and see approach. As with any government program that is not a tax break or rebate, a muddle man has to get involved. Do you think Bank Of America wants to lower your rate on the Hoboken condo for free? Hmmm. That’s less money in payments for them and more work. All coming from the bank that wants to charge you for HAVING a debit card. Mr. Buffet would rather pay more taxes than let people keep a little of HIS money.
So don’t hold your breath.