http://thomas.loc.gov/cgi-bin/query/F?c110...J1dYs8:e473564:

It's section 257 under the HOPE For Homeowners portion of HR3221

It's about 3/4's of the way down the page. Look for "FIVE YEAR PHASE-IN..."



FIVE-YEAR PHASE-IN FOR EQUITY AS A RESULT OF SALE OR REFINANCING- For each eligible mortgage insured under this section, the Secretary and the mortgagor of such mortgage shall, upon any sale or disposition of the property to which such mortgage relates, or upon the subsequent refinancing of such mortgage, be entitled to the following with respect to any equity created as a direct result of such sale or refinancing:
`(A) If such sale or refinancing occurs during the period that begins on the date that such mortgage is insured and ends 1 year after such date of insurance, the Secretary shall be entitled to 100 percent of such equity.
`( If such sale or refinancing occurs during the period that begins 1 year after such date of insurance and ends 2 years after such date of insurance, the Secretary shall be entitled to 90 percent of such equity and the mortgagor shall be entitled to 10 percent of such equity.
`© If such sale or refinancing occurs during the period that begins 2 years after such date of insurance and ends 3 years after such date of insurance, the Secretary shall be entitled to 80 percent of such equity and the mortgagor shall be entitled to 20 percent of such equity.
`(D) If such sale or refinancing occurs during the period that begins 3 years after such date of insurance and ends 4 years after such date of insurance, the Secretary shall be entitled to 70 percent of such equity and the mortgagor shall be entitled to 30 percent of such equity.
`(E) If such sale or refinancing occurs during the period that begins 4 years after such date of insurance and ends 5 years after such date of insurance, the Secretary shall be entitled to 60 percent of such equity and the mortgagor shall be entitled to 40 percent of such equity.
`(F) If such sale or refinancing occurs during any period that begins 5 years after such date of insurance, the Secretary shall be entitled to 50 percent of such equity and the mortgagor shall be entitled to 50 percent of such equity.

So, if I read this correctly the Govenment and the Mortgage company get to split 100% of your equity if you sell the house? Does this include AFTER it's paid off as well? This seems criminal..another hidden OBAMACIDE action...sigh.

You know this is just for loans that are modified/refi'd under that program right? It's not for all loans.

No, I think you're misreading it. The person who borrows money is the mortgagor, not the mortgage company. Also, it only applies to equity created by sale or refinancing of the property, not equity created by paying off the loan.

And your link doesn't work.

Ok..still seems like land barony to me...50% of my equity is pretty freaking steep. Refi for $100K, sell house in 15 years for $350K and the crooks in Washington (who created this situation) get $125? nope..reather lose the house to the wolves now.