Making Home Affordable Program
Here is a horror story of one families attempt to get help with the Home Affordable Modification Program (HAMP). I am sure there are many others that can tell similar stories and I am sure it will just continue.
The only thing I can say is that we all need to learn from what is going on right now. We need to be more responsible, do a better job of saving money, etc. You cannot control what the banks, Wall Street, and the government do but we can control our decisions. Believe me, I am guilty myself. I am human and I have made mistakes of my own but I will tell you right now I will not them repeat.
If you are buying a house, make sure to have 12 months or more in reserves for your mortgage payment. This is just one of many things we can do. Go see a Financial Planner to figure out what you need to do to better prepare for your future.