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And they are quite unclear on this program.
"If the home is sold within three years, the mortgage assistance must be repaid from the sale proceeds. After three years, it is forgivable."
and
Steve Adamske, a spokesman for House Financial Services Chairman Barney Frank, said the assistance must be in the form of loans secured by the home. "It might be a very low-interest loan with a long repayment period," he said.
So is it free money or will there be payments??
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/07/29/BUP21EL5T4.DTL
The government is giving away money to home owners to pay their mortgage now.
#housing