Not eligible for Obama plan until after 4-years???

[newbeginning]

was just told by my lender that we are not eligible for the Obama plan until after 4-years after discharge! i've been speaking to these people for months and was never told this. what the... did i miss something here or is this the lender's policy?

now looking into modification due to hardship... may be the better route after all, but this seems to be a non-option for those who file bk (at least for 4-years)...

[HHM]

Nothin in the Obama says that.

[eddiep]

just wondering, were you trying to do the fannie mae/freddie mac refinance?

[newbeginning]

yes, my loan is a fannie/freddie.

this is the first time that i've heard of this 4-years thing. i'm going to call back and ask where this is within the obama plan...

[Flamingo]

was just told by my lender that we are not eligible for the Obama plan until after 4-years after discharge! i've been speaking to these people for months and was never told this. what the... did i miss something here or is this the lender's policy?

now looking into modification due to hardship... may be the better route after all, but this seems to be a non-option for those who file bk (at least for 4-years)...

Sounds like the bank is giving you an excuse because you probably do not qualify for the modification. You have eto meet certain qualifications (i.e. income, steady job, etc.) to be eligible for any modification. There is nothing in the Obama plan and being eligible for a modification 4 years after a BK discharge.

[falken]

You have eto meet certain qualifications (i.e. income, steady job, etc.) to be eligible for any modification.

Steady job just about disqualifies everyone in america right now.

Edit: well, I was thinking secure job... but still.

[AngelinaCatHub]

Steady job just about disqualifies everyone in america right now.

Edit: well, I was thinking secure job... but still.

You're right, neither a steady or secure job exists. The best career in today's world is a bk lawyer.

Bamanomics will inflate fixed income people into bk as well. It takes about a year for inflation to hit as everyone still has confidence in what is printed upon a piece of paper. The same piece of paper that says $100 can also say $1. It's worthless dirty paper. What is stands for is labor and goods. When too much paper is printed, and too few goods are being manufactured (as in our Country) and China stops taking the dollar, you will see Wallyworld raising the prices on their junk.

The cost of fuel has gone up due to Government, EPA, and use of ethanol a very inefficient fuel. Alcohol puts out far less energy than gasoline and the E85 mix you can buy here and there, can damage your engine. 'Hub

Edit: P.S. if you turn corn into pressed corn oil, you get about 90% efficiency in a diesel engine.

If you distill it in a mash pot, you get about 10% energy, the rest is waste. Yet, we are stuck on spark plug engines when there are alternatives today, right now. My '04 Jetta four cylinder diesel gets 42 MPH, and yes, I have burned used french fry oil (corn oil) in it without a problem. (also no road tax on french fry oil, YET.)

[OhioFiler]

Steady job just about disqualifies everyone in america right now.

Edit: well, I was thinking secure job... but still.

Federal government jobs seem to be secure.

[2Bshinyandnew]

was just told by my lender that we are not eligible for the Obama plan until after 4-years after discharge! i've been speaking to these people for months and was never told this. what the... did i miss something here or is this the lender's policy?

now looking into modification due to hardship... may be the better route after all, but this seems to be a non-option for those who file bk (at least for 4-years)...

The Obama Administrations Financial Stability Plan's MAKING HOME AFFORDABLE includes incentives for lenders to refinance and modify eligible mortgages.

If you recently filed a bankruptcy and were told you were not eligible for a refi under Making Home Affordable, that may very well be the lenders policy. I believe Fannie/Freddie loans have a 2 year (not exactly sure on the amount of time) post BK wait for refi. If you are not a Fannie/Freddie, then the wait may be different. BTW, for a refi, I think you can shop lenders.

You may still be eligible for a modification under the same Making Home Affordable Plan if you have a hardship. There are no bankruptcy restrictions for a modification under Making Home Affordable that I am aware of. Someone in active bankruptcy may have more hoops to jump through to get a modification which is difficult, time consuming and frustrating enough without an active bankruptcy. Even so, bankruptcy should not stop someone from pursuing a modification, they just may have to work harder.

http://makinghomeaffordable.gov/

[newbeginning]

i have a steady job and income. due to my wife's stage iv cancer, we are unable to bring in more income, so hardship is present.

i am looking into modification, but am starting to consider whether shopping around for refinance may be a better option. i think we can cover any fees involved if it means a lower interest rate and single mortgage (currently with a second).

[2Bshinyandnew]

i have a steady job and income. due to my wife's stage iv cancer, we are unable to bring in more income, so hardship is present.

i am looking into modification, but am starting to consider whether shopping around for refinance may be a better option. i think we can cover any fees involved if it means a lower interest rate and single mortgage (currently with a second).

Because of the how new Making Home Affordable is and the possibility the people handling the mod applications know probably less than you do about the eligibility criteria for MHA, it can take months to get an an answer from your lender. Even if you pursue a refi, I would also actively and aggressively pursue a modification under MHA. Doesn't have to be one or the other, you can look into and fill out the paperwork for both.

If you are successful in modifying your mortgage under MHA, those mods are permanent after a 3 month trial period. If your monthly mortgage payment is greater than 31% of your families gross, you may be eligible. Good luck!

[tatt2monster]

Federal government jobs seem to be secure.

That is all the "stimulus" did was secure government jobs, IMO.

[OhioFiler]

That is all the "stimulus" did was secure government jobs, IMO.

Bingo!

[JustOverBroke]

The best career in today's world is a bk lawyer.

I hear collections is pretty "HOT" as well.