There is light at the end of the tunnell.
Reports on the internet news:
They have come up with a great idea for all of us homeowners, they want to freeze our loans at the original rate to 2 - 5 years but the kicker is all the deferred interest will be taked onto your original balance,then you can refinance. How? You will owe so much money! Come on we all want deferred interest added to our loan balance each month till we can get out of this mess, maybe they hope in 5 years. This would take a billion years and they can just keep taking it on. No Way!
I found this on one of the news listing on internet
Reference ZandiMark Zandi, chief economist for Moody's Economy.com, believes that borrowers are more informed than in the past, but he doesn't see that knowledge translating into better results.
There is a light at the end of the tunnel, however. "We may be approaching a tipping point after which we'll have more success with saving borrowers' homes," said Zandi.
He thinks servicers may move toward giving ARM borrowers an extra three to five years of payments at initial low "teaser rates," giving them a little breathing room until home prices rebound. Unpaid interest could then be folded back into principals and loans refinanced.
Refinance after this: Impossible