Banking executives are skeptical on reducing anyone's mortgage principle. They testified to lawmakers that only in limited cases would they lower principle on a mortgage. They say it is unfair to those paying on time and could have future negative consequences on consumers, investors and market conditions

A few weeks ago Bank of America was reported to start reducing principle on mortgages. However, read a little further. They reported only on a small number of loans, sub-prime loans, and they have already targeted those homeowners.

Unfortunately, many Americans still feel like some fairy godmother is going to swoop in and rescue them from this mortgage nightmare. However, you need the facts, the real facts to make a good financial decision.

If you want a REAL understanding of what is going on and if help is on it's way to you, contact me and let's discuss your situation.