Hopefully that will not be the case. However this is my biggest fear. It is not just the option ARMs that are up for grabs. It is HELOCs and other seconds, (cash outs) that can be “adjusted” by our government.
Once more I hope this does not happen yet… in the next year or two we may see some of the most incredible bailouts ever conceived on a home by home basis.
Hopefully I am wrong. If the government makes it worthwhile not to walk away it will be quite interesting.
