Posted on 02/19/2009 7:21:44 AM PST by Lockbox
The new loans can apply to homeowners who are current in their payments. You do not have to have missed payments to get the bank’s attention. As long as the borrower stays current on their new loan they can also get an incentive of $1,000 per year for five years, applied to pay down their mortgage principal.
(Excerpt) Read more at businessweek.com ...
There was a mortgage guy on the radio this morning, and the host asked him this question.
He didn’t know, and said no one would know for months about who would qualify or how to even ask for it.
Hope and Change.
My payments are 25% of gross income. My mortgage is serviced by Citi, not sure who owns it, but I don't think it is F or F.
Beware of geeks bearing grifts..................
Wouldn’t it be cheaper and more effective overall if the banks just dropped everyones mortgage rate to the new low of 4.5%. The Fed kicks $500-$1000 per mortgage to the banks for the cost of modifying all the mortgages.
So this ‘bailout’ is not a payoff.....it entitles you to lower interest amount.....which is ok by me..not that I qualify. Am I missing something else? The banks end up taking the hit.
I want a white pony, too.
And hay to feed her with.
Oh, and a stable. kthxbai
I want it to rain candy.
Apparently the position is that, since the home-owner is able to make payments at the current rate, and we make better money with that rate, why bother working with customers for the lower rate? Not sure if that's truly what is going on, but that seems to be the concern of a caller or two. This would be the Albuquerque area.
As always, keep in mind that in California at least your first mortgage is a “non-recourse” mortgage, i.e., you can just walk away from it and you’re not stuck with the bill for the rest of your life.
Refinancing turns it into a “recourse” mortgage, which is probably the banker’s real goal here for many mortgage holders.
My payments are 43% of my income. I want some money!!
So I learned just last night via FHA.
Folks, many of you are going to receive a ‘form letter’ from your local FHA ‘approved letter’. At the very top of the page you will see:
NOTICE TO:
(Brown) County Residents
(I live in Brown County Ohio)
Dear (Freeper or lurker)
Effective immediately, the Federal Housing Administration has made recent mortgage guideline and program changes. Reocrds obtained from (your county) Auditors office suggest your property located at (where you live) may benefit from these changes. Resident of (your county) could receive an immediate and significant mortgage payment reduction.
The letter continues with contact information. I’m doing well financially as a small business owner. I’m lucky, very very lucky, to be on the receiving end of a six figure salary, my wife is employed by my company and compenstated well too.
I called literally ‘on a lark’ last night, got the notification yesterday via snail mail.
If you get this form letter, CALL!
I have a mortgage refinanced to 5.7% in 2005. No second mortgage. I’m about to get a 5.5% rate, locked in forever. Because of the ‘Streamline program’ via FHA and for me, the VHA, if the rate drops, my rate drops accordingly without having to do anything. It will NEVER go above 5.5% however.
Thats not the really interesting part of this. For the first, and likely ONLY TIME, FHA/VHA/HUD is authorized to take on a ‘debt consolidation’ IE credit card debt, as part of the MORTGAGE REFINANCING.
So the credit card debt, which with us is significant, gets locked in at 5.5 percent. Forever.
It allows you, if you are diciplined about it, to make the same ‘monthly payment’ rate either lower on your overall bills by a huge percentage, but ALSO you can continue to pay the same total amount you already ARE paying, and in my case pay off my 30 year mortgage in 15 years.
However you choose to do it, I strongly recommend to anyon that gets this unique one time offer via the above form letter TO CALL THEM.
You’ll be shocked, and very very pleased.
The economic short term implications are staggering, when you think this through, btw.
Anyway, there’s what I’m thinking on this right now, today, and what I’m doing, right now TODAY.
LOL! Wanna bet investors who own a second home/condo in Florida will declare Florida as their Primary Residence?
sw
Is it taxable income?
I do not qualify as I was to stupid and paid mine off.
I want a 2 million dollar house paid for with the borrowed money from China. So how do I go about that with this piece of crap?
I can only guess they are still writing the eligibility requirements. Sounds like the ‘mortgage’ companies are going to be the ones who decided which mortgages they need bailed out.
Like Rush said yesterday call your bank and demand they lower their mortgage rates because President Obama just said on television that predatory lending practices caused this melt down.
I have the plans for a nice chicken coops, with a fenced in garden area on each side, and a compost heap in the southern facing front.
I want a covered and protected walkway from the kitchen door to the chicken coop (we live in the snowbelt, and I am too old to shovel), and underground electric, so I can keep their water thawed in the winter, and a little heat for the chickies.
Where do I send in my request for funds and reliable labor to construct my dream house?
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