The federal government is going to debut a new plan that will help the people who are underwater on their mortgage.
There are certain requirements you must meet to be qualified to be in the plan. You must have a fixed rate mortgage. You must be current on your mortgage and have only been late on a payment once in a year.
You might be asking yourself do I have a fixed-rate mortgage? If the interest that you are paying on your mortgage stays the same throughout the life of the mortgage it is a fixed-rate. In other words interest payments and the length of the loan is fixed from beginning to end. Your monthly payments on a fixed-rate mortgage is paid every month this will guarantee the loan is paid off in full with interest at the end of its term.
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