According to a Reuters article:

Under one idea being discussed, delinquent homeowners would surrender ownership of their homes but would continue to live in the property for several years, the sources told Reuters. Officials are also considering whether the government should make mortgage payments on behalf of borrowers who cannot keep up with their home loans, tapping an unused portion of a $50 billion housing aid kitty. As part of this plan, jobless borrowers might receive a housing stipend along with regular unemployment benefits, the sources said.

Are You Willing to Sign Over your Mortgage to the Gov’t?

If you really sit back and consider what this new unemployment foreclosure plan means to people in trouble, it makes some sort of sense! For whatever reason you may be in danger of foreclosure, whether it was a job loss, not enough income, highly inflated housing prices, or any other number of reasons… many borrowers are in trouble and in real danger of losing the homes they have worked hard to keep!

This new proposed plan takes care of those notes by converting the homeowners back into renters, without having to upend their families! The biggest question we will have to ask ourselves, is if we are willing to sign over our homes to the administration!

Obama rental plan…

How do you Feel about This?

Post from: Obama's ForeClosure Plan Website

Obama Considering Rent to Own Mortgages for Unemployed