The New Auto Rescue Plan - How Will This Affect You If You Need Help With Foreclosure?

Being in favor of help for homeowners facing the possibility or in need of help with foreclosure, is very hard to pick a side or take a position regarding the new White House Auto Rescue Plan announced Friday morning by President Bush and the families who need help with foreclosure. "In the middle of a financial crisis and economic recession letting the auto industry go bankrupt is not an option," said President Bush in his speech. "Bankruptcy is unlike to work for the auto makers at this point," he added.

This Auto Rescue plan includes a 13.4 billion dollar in short term loans right now and a possible 4 billion dollars more in February.

The industry will have 3 months to turn things around, or they will have to pay the money back to the government and file for bankruptcy at the end of the three mints period. But, my question is; how exactly are they going to repay the money back if they end up go bankruptcy?

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