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    #1

    surrendered house ?

    Has anyone surrendered an upsidedown house? How do you feel now ? Was it nice to get a fresh start or are you having trouble finding a place you like? We will know in 10 days if our modification request moves foward or is denied.Also if they do put us into modification I was told that it will take 2-3 months even up to 8 months. Anyway I was just curious about what others may have experienced. Thanks for any feedback
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    #2
    i would love to get rid of our home, just a quick overview of our "mod" nightmare. Filled out paperwor 5/09, called every month for the next 3months with their reply "it is being reviewed" at the 90 day mark, had to re-submitt paperwork (and then I faxed the entire file of paperwork every 2 weeks with updated paystubs and hardship letter for the next 4 months) Finally in Sept of 09 they gave us our trial period payments, which was 400 dollars less than original mortagage payment. They said during our trial payment period, our credit would take a hit because our mortgage would be considered "not paid in full" until the trial period was completed and mod was finished. Well, our trial period ended up lasting 5 months and when we received our paperwork, the mod was 75.00 more than our original payment. When I called to inquire (which is being nice), they said that the mod was to bring our mortgage up to date (because of the 400.00 we didn't pay each month during our "trial" period) I asked about the home affordibility mod, and they said we did not qualifiy for it (becuase our mortgage wasn't more the 31% of our monthly income). so needless to say, we now are paying more than we did before without any recourse....so don't waist your time with this program if your mortgage isn't at least 31% of your monthly income.

    Here is the link for the program

    Housing
    http://makinghomeaffordable.gov/modification_eligibility.html
    This page provides general background and information on the housing programs established by Treasury under TARP. The MHA program expired on December 31, 2016, however, help may still be available through your mortgage company or through the Homeowner Assistance Fund.Consumer Fraud AlertIn the beginning of 2009, the U.S. economy was facing the fallout from a housing bubble that by some measures had doubled home prices in a period of six years. By the time the Obama Administration took office in January 2009, home prices had fallen for 30 straight months. Home values had fallen by nearly one-third. Fannie Mae and Freddie Mac had been in conservatorship for four months, and American families were struggling to buy and keep their homes.In February 2009, President Obama announced a number of steps to strengthen the housing market and help struggling homeowners avoid foreclosure. As part of this broad response to the housing crisis, Treasury, under TARP, established two central programs, Making Home Affordable® (MHA) and the Hardest Hit Fund® (HHF).In December 2016, the Making Home Affordable (MHA) program expired. Although this resource is no longer available to homeowners, help is still available. Mortgage companies will continue to offer assistance. Contact your mortgage company or lender directly to inquire about available solutions.Key FactsTreasury, under TARP, launched Making Home Affordable® (MHA), to provide mortgage relief to homeowners and prevent avoidable foreclosures.The cornerstone of MHA was the Home Affordable Modification Program (HAMP®), which permanently reduced mortgage payments to affordable levels for qualifying borrowers. MHA expanded to include a number of other specialized programs.Treasury also introduced the Hardest Hit Fund® (HHF), which helps those states hardest hit by home price declines and high unemployment to develop locally-tailored foreclosure prevention solutions.Treasury's programs are part of a wider government response designed to help homeowners, preserve communities, and keep mortgage rates affordable for families.Programs at a GlanceMaking Home Affordable® (MHA)The Making Home Affordable Program® (MHA) provided mortgage relief to homeowners to prevent avoidable foreclosures. This included the Home Affordable Modification Program (HAMP), which permanently reduced mortgage payments to affordable levels for qualifying borrowers. MHA expanded to include a number of other specialized programs. MHA helped over 1.8 million families obtain mortgage relief and avoid foreclosure. MHA expired in December 2016.Hardest Hit Fund (HHF)The Hardest Hit Fund® was created to provide targeted aid to families in states hit hard by the economic and housing market downturn. The participating states were chosen either because they are struggling with unemployment rates at or above the national average or steep home price declines greater than 20 percent since the housing market downturn.

    Comment

      #3
      It feels great. It especially feels great after about 3-4 months and you realize you're not making that payment anymore!
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog

      Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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