Will I qualify under Obama Mtg Rescue?

[mesa777]

Have a 1st and 2nd mtg in AZ, I owe approx $186,000 on 1st and approx $24500 on the 2nd. Home probably only worth $170-165,000.00

Would this qualify or am I just so under water that I should just let it forclose?? Thanks

[mesa777]

I think this plan will probably confuse more people than its worth... Also if the bank is not required to even help out a home owner whats the purpose here?

[sweetpotato]

Thanks for your post mesa. Clark Howard talked about it on his radio show today and it sounds like you would be a match. One of the criteria he talked about is what percentage of your monthly income is you mortgage payment, if it is higher than about 30% of your income then you would qualify.

I think another requirement was that you had do be behind a month or two in your payments or have been behind in the recent past.

I would definetly try to qualify because this looks like a good program that we need badly. Hopefully Obama allocated enough money to this project.

Have a 1st and 2nd mtg in AZ, I owe approx $186,000 on 1st and approx $24500 on the 2nd. Home probably only worth $170-165,000.00

Would this qualify or am I just so under water that I should just let it forclose?? Thanks

[HHM]

Its more an issue with your income than the actual value, but the big "catch" is, the decision is still up to the lending institution and we won't know the rules until March 4th.

[justbroke]

I'm just going to post it one more time. To date, there has not been one program which actually helps. This program will be similar in that it's up to Banks to participate. The last program targeted the same groups and lenders (Fannie Mae, Freddie Mac, etc) and only helped 35 people out of 800,000.

Congress, and the White House, seems to just keep getting this wrong. They know they can't help everyone, but at the same time, they keep offering programs that don't help nearly enough people to actually stop the crisis.

This program doesn't help me at all.. and doesn't, won't and can't address those with piggyback loans or junior mortgages on their homes.

Okay, I'm off my soapbox. I really do hope it actually helps more people than HOPE 2008!!!

[AngelinaCatHub]

Have your EVER seen Government to get it right? Don’t hold your breath. If you get your bail out, at what price? You will be owned by Govmnt. Sorry but I see there isn't and never has been a “free lunch”. Happy hour snacks gets you to drink more, spend more and risk your life on the road, but, after all, it is ‘free’. Sorry, only my opinion and common sense. ‘Hub

[justbroke]

Wait Hub! I want my Bailout!!!

The original poster cannot benefit from the current incantation of this program because they have a second mortgage. If you read the preliminary facts about the new program -- being done through the Treasury and not a Congressional bill/law -- doesn't deal with people with junior mortgages at all because of the complexities.

We need something real and =tangible. TARP was supposed to do this same thing. I could only hope that they can get this to actually work. The lenders just want money... whether it's TARP money -- from which this comes -- or some other bailout money.

[fltoo]

Hey JB, where's my bailout?

[njguy1972]

I am in a similar situation:
Mortgage of $163k
HELOC of $105k

Value is about $230k

The plan discusses the mortgage payment being no more than 31% of income.

My salary is decent and the mortgage, Heloc payments are only 24% of my gross monthly income.

The plan does not discuss 2nd mortgages at all. All they discuss is 1st mortgages.

My issue is that I have an arm that is set to reset in July 2011 which will be about 2 years into my Ch 13.

I am going to cal the mortgage company this weekend but do not expect much. I am hoping the law allows the trustee to intervene where he can at least lock my interest rates so they cannot adjust until after the plan is completed.

[justbroke]

The plan discusses the mortgage payment being no more than 31% of income.

Read more into "The Plan". It does not address people with second (junior) mortgages.

The problem is, it's hard to get two different banks to agree, and the junior mortgage (HELOC, Equity Loan), is who would suffer the most in an upside down scenario.

I don't see "The Plan" working for you.

However, if you're in Bankruptcy and they get the modification part accomplished, that would help you... especially with ARM adjustments!

[mesa777]

I am not even going to call my first mtg holder until after March 3-4th, Provident Funding.. These people are difficult to talk too on the phone... they would not even help me when I was short in missing my first payment! May just file bk and walk away from this mess! I think that the banking industry should all be behind bars for what they have done to the American population! Yes I am the person who signed the dotted line however didnt know that the economy would fall apart and all of my overtime and such would be cut to zero!

[mesa777]

The house is so under water that I have not even heard from the 2nd mtg holder in the last month! They probably figure why bother going after the Titanic here!

[justbroke]

The house is so under water that I have not even heard from the 2nd mtg holder in the last month! They probably figure why bother going after the Titanic here!

That has generally been what lenders with junior mortgages have been doing. Absolutely nothing.

[banca rotta]

Have your EVER seen Government to get it right? Don’t hold your breath. If you get your bail out, at what price? You will be owned by Govmnt. Sorry but I see there isn't and never has been a “free lunch”. Happy hour snacks gets you to drink more, spend more and risk your life on the road, but, after all, it is ‘free’. Sorry, only my opinion and common sense. ‘Hub

Well said!

I agree in bankruptcy, debt forgiveness for the honest, but unfortunate debtor but now we are nationalizing homeowners as well as banks. Something's gotta give!

No bailouts for anyone! Get the tarp money back, let the weak banks fail, the strong banks survive and homeowners pay their mortgages or walk away from it in bankruptcy. We cannot afford this and everyone knows it!

[sweetpotato]

Thanks for your post justbroke. I agree completely, the government causes the problems so they should just do nothing and leave us alone. The government is rarely the answer. Even Clark Howard railed against Obamas plan because it took hard working taxpayers money to give it to irresponsible homeowners.

Here is a quote from Clark Howard:

'On the one hand, it's easy to feel compassion for families that are facing a home loss. But from an economic perspective, the reality is that somebody gets an unfair shake if concessions are made to non-payers at the expense of those who do pay.'

I'm just going to post it one more time. To date, there has not been one program which actually helps. This program will be similar in that it's up to Banks to participate. The last program targeted the same groups and lenders (Fannie Mae, Freddie Mac, etc) and only helped 35 people out of 800,000.

Congress, and the White House, seems to just keep getting this wrong. They know they can't help everyone, but at the same time, they keep offering programs that don't help nearly enough people to actually stop the crisis.

This program doesn't help me at all.. and doesn't, won't and can't address those with piggyback loans or junior mortgages on their homes.

Okay, I'm off my soapbox. I really do hope it actually helps more people than HOPE 2008!!!