foreclosure/mortgage rates?

[helpful]

if someone is offered a modification to bring them current and come out of foreclosure and their new lender is willing to reduce there intrest rate -4.85% on a mortgage loan is this worth taking or will President Bushes plan help them even if their loan isn't adjustable?


Thanks

[Becca/FL]

Personally, I wouldn't bank on any Government plan right now. If you have an opportunity to modify your loan with the lender and the terms are good, I would do just that.

I called 888-995-HOPE yesterday and was told I would receive a call back w/i the next 3 business days. I also went to 995HOPE.org and followed the instructions on the site to talk live (IM) to a counselor. When I explained to the counselor that I was only interested in the 5 year rate lock that President Bush announced I was told that it was not law yet and until their office receives information on the plan I should not believe media hype. WHAT?

I watched the 1:30pm announcement yesterday and I know what I heard the President say. Could this be a lot of political speak with no content? I don't know, but the agency that is suppose to be facilitating the program was completely out of the loop yesterday.

If anyone else has had a different experience, I sure would like to hear about it.