Obama Foreclosure Fix is available now

[Jaax]

http://money.cnn.com/2009/03/04/news/economy/guidelines/index.htm?postversion=2009030409&eref=rss_topstories

Federal officials release details of $75 billion loan modification and refinancing programs. Borrowers can start contacting loan servicers.

I don't think I qualify for this fix, below is my current scenario:

Monthly Gross Income: $7666 ($92k a year)
Monthly Mortgage: $1965 ($283K loan @ 6.5%)

My mortgage to income % is 3.9%

[justbroke]

Unfortunately, there are other "rules" too. First, it must be a Fannie Mae/Freddie Mac underwritten loan. Second, you must be current. Third, you can't be more than 5% underwater. So many rules.

The second program, you may be able to fit. It basically (just) encourages mortgage lenders to modify loans so that they are affordable.

[imaloser]

just broke - "you must be current" ? don't think so. in fact, if you are current, you must be able to prove that a "default is immenent". and yes, if you are out of the fannie/freddie investor pool you will be referred to the hope for homeowner deal. it clearly stated, under the eligibility section, that you "will not be excluded if you are in bankruptcy".

i did not read the above link, but i printed out the pdf file earlier this morning from the government website and it clearly states that if you are in foreclosure (and you are a freddie/fannie backed loan) you qualify. in fact, they are "triaging" the files - the worst get "modified" first.

it also states that all private investor loans are disqualified.

i have been working on my financial packet and getting my ducks in a row to send to the 13 department at the bank to get started. i'm a freddie backed loan.

[justbroke]

Exactly why I don't think this program won't work. They are saying different things on TV then they are putting in other documents. This has been the problem with all the plans so far, in that they are inconsistent in how they are administered.

Anyhow, there are, indeed, two plans.

The first plan is for those who do pay on time.

RefinancingModification: Many homeowners are struggling to make their monthly mortgage payments either because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford.

To find out if YOU qualify, you really need to go to http://www.financialstability.gov/makinghomeaffordable/ and follow this link... http://www.financialstability.gov/ma...igibility.html

Again, to get a refinance under a Fannie Mae/Freddie Mac loan, you must be current. Here are the questions they ask...

Do I qualify for a Making Home Affordable refinance? Answer these questions:

1. Is your home your primary residence?
2. Do you have a Fannie Mae or Freddie Mac loan?
3. Are you current on your mortgage payments?
4. Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?



(You must answer YES to all of those, to get the first plan.)

[imaloser]

sorry - you are reading something outdated - i'm talking about the press release and attachment from the office of the treasury dated 03-04-09 - in fact - i am watchinig geithner go through the paces in front of a congressional hearing outlining line for line what it does right now !

[justbroke]

sorry - you are reading something outdated - i'm talking about the press release and attachment from the office of the treasury dated 03-04-09 - in fact - i am watchinig geithner go through the paces in front of a congressional hearing outlining line for line what it does right now !

I don't understand. What's at FinancialStability.GOV is the President's (Obama's) Plan.

This is exactly the problem. They are saying one thing on TV, then having another thing on the website.

[imaloser]

here ya go - he's basically reading verbatim off this:

http://budurl.com/Governmod

[justbroke]

here ya go - he's basically reading verbatim off this:

http://budurl.com/Governmod

Interesting... while the White House says go to FinancialStability.GOV for details, the Sec. of the Treasury is reading a different -- but more detailed -- sheet. Nice.

In any event, we were writing about the same thing. I was saying that Program 1 was only for people current. Program 2, is the home modification program, which is the one that Geitner is blabbing about.

[myhearts07]

My loan is backed by Ginnie Mae, is that any relation to Fannie/Freddie family?

[justbroke]

My loan is backed by Ginnie Mae, is that any relation to Fannie/Freddie family?

Doesn't matter. Just go to the FinancialStability.GOV site and see if you qualify.

By the way... after all that blabbing from Geitner, the Mortgage (Home) Modification program has you call your lender anyhow... and beg for a modification.

[imaloser]

Don't quote me - but I believe Ginnie is VA/FHA loan (already backed by the government). Now, Fannie and Freddie, at inception, were government, then took over by the private sector, but now they're back in the government's receivorship ! But supposedly going to be private once they stabilize ? Or until Fannie and Freddie are stabilized ?

Go figure.

[justbroke]

Don't quote me - but I believe Ginnie is VA/FHA loan (already backed by the government). Now, Fannie and Freddie, at inception, were government, then took over by the private sector, but now they're back in the government's receivorship ! But supposedly going to be private once they stabilize ? Or until Fannie and Freddie are stabilized ?

Go figure.

Your tax dollars at work.

[imaloser]

Oh - and back two years ago, i had applied for a modification, and, in fact, had the paperwork in my hand the day i saw a bankruptcy attorney - all nervous because the way they want you to sign these things overnight and fed x them back so quickly. it was a two page deal that totally stunk to high heaven - waiving all of my consumer rights. i said no-way-jose ! best thing i ever did.

i do not want one more red cent "capitalized" into my mortgage. not one red cent. all i basically need and/or want is an interest rate reduction - the outline said the floor is 2% for five years ! and the cap after five years will be a small percentage over prime at the time of the modification origination. my bet is that they will deliberately keep the "floor" at 31% front end dti and go absolutely no lower.

[beachymama]

What is the easiest way to find out who my investor is for my home loan? I have been begging Indymac for a modification, but they don't respond. I call them, they say fill out the paperwork online for their mod programs. I have never asked them about who the investor is?!?!?!

[imaloser]

check your loan papers - at least in my loan papers it's clearly stated - and it's on my credit report as well. isn't indymac in receivorship through the fdic ? i'd shoot sheila bair an e-mail ! she's the head of the fdic. unfortunately, i do know that indymac was one of those "slicer and dicers" - meaning your mortgage was sliced up in little itty-bitty pieces and then sold off - deutsch bank was a huge investor of indymac loans and it's now in the tank as well.

you can also check the secinfo website or google "servicing and pooling agreements indymac (and then the year your loan was originated).