Upside Down Mortgage

Mortgage Relief Plan

Question: Will the relief plan for troubled homeowners work?

http://news.yahoo.com/s/ap/20081111/ap_on_bi_ge/meltdown_mortgages

It seems fatally flawed to me. I live pay check to pay check. I have no equity in my home. But I pay my mortgage on time every month. Sure, I'd love to have a smaller house payment, but I've got the one I signed up for. I've got nothing to complain about at this point. But if this relief plan goes into effect I'll be left with 2 choices-

-Continue to pay my mortgage as promised while at the same time flip for the bill on umpteen other houses I have no interest in because their owners couldn't live up to their end of the bargain.

OR

-Join the party, fall 3 months behind on my mortgage, and take advantage of tax payers everywhere simply because I can.

If this plan goes into effect how many homeowners in my exact situation will opt for the 2nd choice? Wouldn't it be an absolute disaster? It seems the options would be- get screwed or get to screwing. This is no way to rescue an economy.

Answer: Reward failure, punish success

About the MORTGAGE RELIEF plan

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