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Does anybody have any information on the new gov. program to help prevent foreclosure?It is supposed to be effective Dec 15, 2008. The hope program was not very helpful. The lenders are not obligated to guarantee the loan, so people who have credit challenges can't qualify. This is the exact reason why I am trying to improve my credit score. i want to refinance 'coz my lender is not helping me with loan modification. Now, this new program says that to be able qualify, a home-owner should have at least a 90 day deliquency on paying the mortage. It is very tempting for me. But this will mess up my credit more. What do all think?
I don't know that it would mess up your credit anymore than being late on your mortgage would be. I have not seen anything on this new program. I am sure that it will help alot of people that are on the brink of losing their home.
You may want to look on the mortgage forum, you can access it at the top of the page, they have alot of people that work in the industry there so it should be very useful to you. Goodluck, hope you find what you need.
Hi Theresa
As far as I know, the Federal Government is bringing up a program to prevent foreclosure for over 400000 households by helping them to swap their mortgage loans for affordable home loans. This will be a three year program which will help borrowers whose current price of their home is much less than the amount of debt they owe. It is one of the most important programs that is going to be adopted by the Federal government to curb the mortgage crisis.
Yes, but all the foreclosure cannot be stopped because in order to be eligible for the program you need to spend more than 31% of your income on mortgage payments. This program is also known as "hope for homeowners" and is a $ 300 Billion financial rescue package for home-owners whose homes are on the verge of foreclosure. Another criteria to be eligible for this program is that the borrowers must have a continious payment history of six months on the mortagage loans.
I kind of feel that this is sad that someone has to pretty much lose their home before they can be helped. I also think it was highway robbery the way these mortage companies made so much off the adjustable rate mortgages. Sure the person knew it was adjustable but to what extent..I am sure they didn't believe thet it would double and in some cases triple.
I also understand that if they don't put a cutoff point in there somewhere that they would have trouble financing everyone. It s about time to just get rid of adjustable rates.
DEC 15 MORTAGE HELP
ALSO WANDERING ABOUT MORTAGE HELP SET FOR DEC 15. MUST BE BACK 3 HOUSE PAYMENTS TO QUALIFY. HAD LISTING OF IT LOST???? DOES ANYONE ELSE HAVE INFORMATION ON THIS, FO5R SOME REASON CAN NOT FIND AGAIN?????
I think you may want to loook into it a little further. One poster says you have to be back three payments but Justin listed that you can not be. Try your state website and see if there are any listing on there about this. You could alos possibly enter the info into your search engine and see what comes up. Try something like: Homeowner rescue program..or..$300 billion rescue plan for homeowners..even..."hope fopr homeowners" Surely something should come up and you can look into it in detail.
Hope Now
Here is the information that I've found for the new program that began on December 15, 2008:
The HopeNow group has launched a SMP(Streamlined Modification Plan) that starts on December 15, 2008. The goal is to help borrowers get their mortgage payment below 38% of their gross monthly income. If you need help you can find out more at HopeNow.com or by calling 888-995-HOPE.
Our loan is currently in review and I'm waiting to see if Countrywide will be able to help us through this program.
Take care,
Dayna
Going through this program, The Hopenow, does it do anything to your credit? What I mean to ask is it doesn;t put a bad mark on your credit does it? I am glad to see a program like this being put into place. Now people with rates that go up and down will have a set rate right? Lets hope this is how it will workl out. Thank You for stopping in and taking the time to update this post.
Home foreclosure
I am registered with hope for homes as well as N.A. C. A. trying to get a loan modification we submitted on November 26th and the only call received was variying our budget we have been in our home 18 years at 9.5 interest and would simply like to put our arrearage to the end of the loan and reduce our pymts atleast temporarily possibly extent time we have 12 years to pay and have been trying to get this modification thru since 11-*26-08 if anybody out there can help it would be much appreciated. We only owe 32,000.00 and bought 18 yrs ago for 46,000.00. We are in our 50's so maybe we can qualify for something. Desperate in Meriam, Ks Please contact with any info helpful. ladydi4206@aol.com
Has anyone from Hope for homes contacted you? Also sometimes there are community organizations in different states that are their and can help you catch up with different bills including mortgages. If you can find a community action organization they are ones that will help. Check your states web site and the public welfare office and they could have numbers for you to call.
Do you work? Is there anyway to take on a second job and dedicate that money strictly to your house payment.
There are many federal programs out there, if you visit the HUD website, hud(dot)gov has many resources for people in your situation. They have hope for homes program on there but there is much more. Go there and do some digging, you may find something useful.
Equity Credit Loans
Hi,
I am newly join in this site.This site is very useful to others.A home equity loan (sometimes abbreviated HEL) is a type of loan in which the borrower uses the equity in their home as collateral. These loans are sometimes useful to help finance major home repairs, medical bills or college education. A home equity loan creates a lien against the borrower's house, and reduces actual home equity.
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sharoo