…if you qualify for the bailout in the first place that is.
Then you’d have to be able to afford your house, (maintenance/repairs, taxes, insurance, HOA, mello roos, and of course payment) AND you’re keep your job through the 5 year period, when it ends, you still have to be able to pay for the payment that will inevitably rise. By this time you house may have depreciated by another, 25-50% maybe?
Of course you can’t sell and cover the value of your loan during this further prolonged period of price declines, so you’re now stuck, 10 years? 15 years? Until you can sell and at least break even.
That’s is of course assuming your job will not be negatively affected by the hit on the economy from this correction.
But I’m sure ol’ Helicopter Boy will keep flushing the toilet on the dollar to get through this.