Obama's New Housing Plan

[Stilltheone]

has anyone heard of non-reaffirmed mortgages? I am with CW and I do not think they reaffirm.... their choice not mine.

We have our second mortgage through Countrywide and they didn't reaffirm...they don't reaffirm is what we were told.

[NotFun]

Here's a question I'm trying to understand with this plan.

They say they will modify your payment to 31% Debt to Income (on plan B), the question is it going to be PITI? or just the principle and interest??

My issue is my taxes and insurance are $400 a month alone.

[Martha13]

NotFun, I am so glad you posted that question, I've been wondering exactly the same thing. It wasn't just the house payment that was so difficult, it was the hefty montly tax portion as well...Anyone know the answer to this?

[eddiep]

stilltheone
I am going to file for bk 7 in April. In your post you stated that you did not reaffirm your mortgage. Does that disqualify you for any workout or modification options?

[NotFun]

Here's a question I'm trying to understand with this plan.

They say they will modify your payment to 31% Debt to Income (on plan B), the question is it going to be PITI? or just the principle and interest??

My issue is my taxes and insurance are $400 a month alone.

And another question I have is what happens after the 5 year reduction in rate.

[JRScott]

And another question I have is what happens after the 5 year reduction in rate.

The rate adjusts just like an ARM, that's why its a terrible plan......

[NotFun]

DOES ANYONE KNOW THIS PART OF IT?
AND IS THERE AN LTV LIMIT?

Here's a question I'm trying to understand with this plan.

They say they will modify your payment to 31% Debt to Income (on plan B), the question is it going to be PITI? or just the principle and interest??

My issue is my taxes and insurance are $400 a month alone.

[eddiep]

The details are going to be announced on March 4th. I don't think anyone can answer that question yet, as far as I know that information has not yet been published.

[NotFun]

http://www.cnbc.com/id/29508073

The best part: —The monthly payment includes principal, interest, taxes, insurance, flood insurance, homeowner's association and/or condominium fees.www.FinancialStability.gov.

"It is imperative that we continue to move with speed to help make housing more affordable and help arrest the damaging spiral in our housing markets," Treasury Secretary Timothy Geithner said in a statement.

[car67]

GOOD I just checked my mortgage firm Option One and Ahmsi they said only 10% of the loans they service are qualified to enroll Here we go again

[NotFun]

GOOD I just checked my mortgage firm Option One and Ahmsi they said only 10% of the loans they service are qualified to enroll Here we go again

Well I can tell you this, if my loan servicer doesn't want to help me to get in that program... then they will soon become realtors.

[brokeNconfused]

So how does this all affect someone like me who is only 8 months into a chapter 13?
#1 I dont have the standard 20percent equity
#2 current on payments , but in chap 13
#3 2 years before my adjustable rate kicks in?

there is no way i can come up with any money down, no equity but having hard time with the chapter 13? Would i qualify with this kind of credit problem?

[car67]

Here is bottom line.....

Your loan must be owned by Freddie or Fannie
If not The Obama plan does not cover you.....

Once again its voluntary for other finance houses to comply
not mandatory. The only mandatory fix is the 2 companies I mentioned.

I think your fixing to see the country spiral down as this fix is not working
and more and more people are sinking and its too late to save everyone
without some nationwide reforms from top to bottom......

[myhearts07]

Hello All,

My lender says that we don't qualify because our loan is FHA and they can't offer us anything. IS this true? I am confused about this whole plan and who it really applies to because you hear one thing on the news, one thing on CNN and one thing in the papers and at first i had hope now I dont so much/

Hearts

[car67]

From my original loan broker who wrote me the arm
I asked him to put me in the new Obama plan
His reply

I read through the new guidelines. There is nothing there that I can see helps you in your situation. Your only option is to continue to try and work with your current servicer. If something new comes out I will shoot you an email.

Sorry,

Scott

Scott Holden
Branch Sales Manager
Golf Savings Bank