Bailout Plan Modifications

[genrlj1596]

[One Half Full]

Looks like the "Nat'l Housing Act" is just a very watered down VA loan remedy.

This is something that would happen anyway without the bill passing. I was just sent a letter of the options I have through VA, (without the bail out bill passing) They were:

Bring my loan current before foreclosure
Set up an installment payment plan
Payment assistance from organizations
Loan modification (Interest rates-- they assume you have a high one)
----
VA also gets:

Refunding
Sell (short sale)
Deed In Lieu of Foreclosure (get rid of it).

They are probably just inserting VA "rights" to be used by Conventional home owners, thus giving them VA benefits.