Refinancing shortfall.

[badmomma]

According to something that I read recently there hasn't been alot of people who have used President Obama's refinance plan. They said that many eligable people haven't applied.

This may be due in part to the fact that many people just don't believe that they can get the help.

There are others however that I believe have tried and have been refused. The banks are looking at incomes and everything like they normally would.

In an economy that has so many out of work with little or no income how does one get refinanced. I have a friend who did manage to get her loan payment lowered but it only went down $200 which really hasn't helped alot.

They are unemployed and having a hard time meeting even the lowered house payment. Sad to say but this program can't help when there is little to no money available.

[flip_it_fast]

I agree with you on this one b ut on the other hand, if they make more money available, who pays for that? We do and to be honest I can't afford it. If even one bill of mine (including taxes) were to go up by 10 bucks I'd be in trouble. Thats how tight my budget is. It's like a no win situation.