How do I tap into OBAMAS mortgage bailout?

[Shakin]

We are done with our ch.7 and life goes on as does the struggle.
I see that our wonderful pres. Obabma has decided to borrow heavily against our childrens future once again to bailout us overloaded americans.
My mortgage which was discharged along with everthing else has a principal of $320K we struggle to make our payments. My wife did not file with me so I believe she is still on the hook.

I need some direction to get on board with Obamas handout because I could really use the break. With 4 kids and NO construction work I need all the help we can get.

Now on to my question.......Where should I start?

Thank you in advance............

[justbroke]

It's called HAMP and it really is a waste of time for most people. There are still not enough permanent modifications in the program and it's really designed (or at least the lenders are using it) to milk more money out of people who are going to default and be foreclosed upon anyhow.

So, you can call you lender and ask about HAMP or go to the HAMP website. (makinghomeaffordable.gov)

[Shakin]

It's called HAMP and it really is a waste of time for most people. There are still not enough permanent modifications in the program and it's really designed (or at least the lenders are using it) to milk more money out of people who are going to default and be foreclosed upon anyhow.

So, you can call you lender and ask about HAMP or go to the HAMP website. (makinghomeaffordable.gov)

I believe this is the old program you are reffering to.
What is the new program signed last week? The 14 billion dollars going out????

[Meatstick]

The Obama plan is pure junk. Why take your loan and possibly extend it to 40 years ? Are you not working ? If you have no means to make the "modified" payment you will be rejected. Do you have any equity in the house ??

Just my opinion but the Obama Plan is a colossal failure and only is prolonging the inevitable. If you have good terms now I would try to keep it that way if you really want the house. If you have a crappy mortgage then I would take a serious look at letting it go and starting from scratch.

[Shakin]

Please save your political views for another time. I need honest and accurate facts. I can easily dismiss what you say on many fronts.

Does anyone have clear facts? I have a freddie mac mortgage.

Please do not respond if you simply upset with the present administration. I need to get on board with something as gas prices are poised to hit $7 a gallon and massive inflation is coming.

Thank you

[justbroke]

I believe this is the old program you are reffering to.
What is the new program signed last week? The 14 billion dollars going out????

$14B wouldn't even help the people in Central Florida. Seriously. This is still HAMP, and is still part of TARP. While it's called HAFA (Home Affordable Foreclosure Alternatives), it's nothing more than more sugar coating for the banks.

I think all that HAFA is going to do, is make real estate brokers richer. It will only help with short sales, but not foreclosures. This is more about keeping the unavoidable and building "shadow inventory" from destroying the economy in about 2 years.

Again, that's not a political view, that's what HAFA is all about... short sales.

[Shakin]

Justbroke please go to a political rant forum or something. I need help. I can tell right off the bat you are part of the very popilar movement againt Obama. I share you feelings but I believe you cannot see beyond it.

I need solid advice.

[Meatstick]

Ok I will bite.

What is your balance and what is the house worth ? What kind of mortgage do you have ? Have you borrowed against it at anytime ?

You have already been given sound advice. Had you been able to dismiss any of what has been posted by others I don't think you would be in here asking about the program.

I still call it a failure, dismiss at your will.

[Shakin]

Ok I will bite.

What is your balance and what is the house worth ? What kind of mortgage do you have ? Have you borrowed against it at anytime ?

You have already been given sound advice. Had you been able to dismiss any of what has been posted by others I don't think you would be in here asking about the program.

I still call it a failure, dismiss at your will.

Please forgive me. I will look elsewhere for information. I dont have time to argue politics.I need secific details.

Thank you anyway.

[justbroke]

Justbroke please go to a political rant forum or something. I need help. I can tell right off the bat you are part of the very popilar movement againt Obama. I share you feelings but I believe you cannot see beyond it.

You are 1000% wrong with that. That was not political. That was that HAMP is not a valuable program that is guaranteed to produce the results that you want. Ask the 70% of folks that have not received anything out of HAMP.

You specifically asked what the name of the amended HAMP program. I informed you that it's HAFA. I instructed you that it's a program for short sales.

I included the website for HAMP so you could learn more yourself on how HAMP works and how to get your bank to do a HAMP modification.

I then told you to look specifically at Bank of America's (BofA) National Homeownership Retention Program (NHRP) which is their program. I also instructed you to check out the fact that BofA, just last Thursday/Friday, announced principal reductions in their NHRP program.

If that's not solid advice... then you are on the wrong Forum.

So, for one last time... go check out NHRP which is BofA's program. You wanted solid advice and HAMP/HAFA is not what you want if you want a guarantee. This has absolutely nothing to do with politics. It has to do with likelihood of a particular program helping you.

For some reason, you're angry at everyone and you're taking it out on people actually trying to put you in the right direction. We speak from experience of trying to get HAMP, principal reductions and all those other wonderful things like HOPE and other programs. Unfortunately, I do not endorse programs that have not worked. I'm here to show people how things work and to reduce speculation and use facts.

If you want to go the HAMP/HOPE/HAFA route, then, again, the website for more information is makinghomeaffordable.gov. The HAMP website also has tools that let you check to see if your loan is held by Freddie or Fannie. It also has the HAMP "package", and describes HAMP in great detail.

[momofthree]

I have a permanent HAMP modification that was finalized in Nov '09. It extended our loan for an additional 2 years (now we have 13 years left rather than 11), and lowered our interest rate to 2% for 5 years and then stepping up 1% each year until it caps at 5% for the remainder of the loan. We are saving $600 a month!

That said, we are one of the few. When we were finalized, only 1% of borrowers had gotten modifications. I had to fight tooth and nail and pester the heck out of GMAC to finally get my mod.

Start by calling your lender (who holds your mortgage?) and asking to apply for HAMP. Many lenders have the whole package on their website, so you can print it out, fill it out, and fax it in without even having to call to enquire about it. It is a long road though, and you have to be willing to fight, and you may be bald from pulling your hair out by the time it's all done.

Good luck!

[Shakin]

I have a permanent HAMP modification that was finalized in Nov '09. It extended our loan for an additional 2 years (now we have 13 years left rather than 11), and lowered our interest rate to 2% for 5 years and then stepping up 1% each year until it caps at 5% for the remainder of the loan. We are saving $600 a month!

That said, we are one of the few. When we were finalized, only 1% of borrowers had gotten modifications. I had to fight tooth and nail and pester the heck out of GMAC to finally get my mod.

Start by calling your lender (who holds your mortgage?) and asking to apply for HAMP. Many lenders have the whole package on their website, so you can print it out, fill it out, and fax it in without even having to call to enquire about it. It is a long road though, and you have to be willing to fight, and you may be bald from pulling your hair out by the time it's all done.

Good luck!

Thank you! I will fight the good fight as I always do. I have to wonder if the new money just added if it will make the process easier?
I am happy you were able to get it done. I am sure it was stressful. Please take some time to reflect and let me or us know what other pitfalls we can avoid.

[MarieT]

Shakin...if you want to communicate with folks who are trying to get a loan mod, go to www.loansafe.org There is way too much info to try to put it on this site that is about BK. You can go to the loansafe site and research all the info that is particular to your lender and your situation as they all have their individual nuances. I found out about this site from someone on the loansafe site. Unfortunately, a lot of folks who are trying to get loan mods are also looking at BK and vice versa.

There are very few loan mod success stories. Mine is one of them...I got my permanent modification last month after a year of trying. I applied four different times all together. The loan mod reduces our interest to 2.1% for 5 years then goes up 1% a year and caps at 5.1%.

I wish the very best of luck to you.

[liboton21]

Agree with justbroke...HAMP does not work at all. It was a pure band-aid to homeowners but the bank did not really comply with the ONE. I went to NACA STD one of the counselor even disagree with the HAMP program as still consider a predatory lending practice obligating the homeowners for 40-year mortgage.

[MarieT]

Agree with justbroke...HAMP does not work at all. It was a pure band-aid to homeowners but the bank did not really comply with the ONE. I went to NACA STD one of the counselor even disagree with the HAMP program as still consider a predatory lending practice obligating the homeowners for 40-year mortgage.

Not all homeowners are put on a 40 year mortgage with a loan mod. Mine is 27 years which is still crummy because we have owned the house for more than 10 years and already paid a huge amount of interest but we could agree to that or walk away from our home. The 40 year loans are done when they cannot get the payment affordable by just reducing the interest to 2%.

I believe one of the big issues with some people getting denied after being on the trial was that the banks were accepting the mod apps and putting homeowners on trials before all the verifying of income and documenting was done. Once it was verified and the income was not there, a lot of people ended up getting denied. I have heard that most banks are now not putting homeowners on trials until everything has been verified.

A lot of people are under the misconception that just being underwater is a hardship that qualifies them for a modification and it is not. In my case, I lost my job, had surgery and was in and out of the hospital with complications for most of 2009, my husbands hours were cut, and we had structural damage with the house that we had to repair and deplete our savings. There is a specific list of hardships that qualify and it seems for most people it is job loss but it has to be something that affects your income so you can show that you can no longer make the payment but they also need to see that you have the ability to pay a decreased payment.