
Originally Posted by
cawpin
The issue with that is almost everybody who isn't somewhat wealthy and owns their home, and is paying a mortgage, may qualify. My "net worth" is negative because of my mortgage, as is most people's. Cash on hand may be a better measure. It is a problem that doesn't have an ready answer unfortunately.
I agree. But changing the law to consider net worth would stop a lottery winner from collecting entitlements. Mortgage holders face daunting times and in some cases should qualify for assistance. The recent drop in housing values has put many homeowners "under." They purchased with low downpayments based on unrealistic offers from lenders and now owe more than the property is worth. In a knee-jerk reaction, lenders are reluctant to refinance or lend to new purchases. This is America's new class of poor and they need help.
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