Homeowner Affordability and Stability Plan

[screwedupbyRE]

fact sheet is here: http://www.centralvalleybusinesstime.../FactSheet.pdf

[JRScott]

I seriously doubt this will help as many as they claim. If it affects half of what they claim I'd be surprised.

[myhearts07]

Hey we could use some of that. We are filing CHapter 7, and have an FHA loan, how would that help us either with cramdown or loan mod? Wouldn't we have to file a Chapter 13 to get a mod or even considered for it? We are in arrears.

Hearts

[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.

[myhearts07]

Okay so does that mean that my $3K payment would be modified to 31% from the 52% that it currently is? This stuff is so confusing.. Wouldn't we have to be either current on our mtg payments or in a chapter 13 to qualify?

Thanks
Hearts

[NotFun]

Okay so does that mean that my $3K payment would be modified to 31% from the 52% that it currently is? This stuff is so confusing.. Wouldn't we have to be either current on our mtg payments or in a chapter 13 to qualify?

Thanks
Hearts

No supposely this is for people that are not behind on their payments, and this is to prevent that.

[newbeginning]

My question is, if one is current on payments AND filed for bk, is one still eligible?

[Flowers]

Here is my situation:

- have made no mortgage payment since January 2008 (NJ)
- in May 2008 I was elligible for Chase's loan modification program which takes 90 days
- in September 2008, Chase modified my loan but I could not come up with the $5000 down payment
- I asked them to come up with another scenario
- November 2008 filed BK-Ch-7. Mortgage went into BK protection
- March 2009 discharged from BK
- April 2009 Chase has agreed to move into this Obama HASP plan
- Conclusion: the entire banking industry is a mess, at least my debt is gone, and I would feel so much more comfortable with a modified loan and stability in payments.

[Flowers]

My question is, if one is current on payments AND filed for bk, is one still eligible?

I would call the bank and I have to think you would be elligible. If making that payment is a hardship each month, it might work out.

[NotFun]

This program is a Joke.

We called US Bank on March 11th and were told that we are eligable for the program, and that they would send us out the information. So we waited, and waited, and waited some more.

Then I started calling them every month only to be told that they were "super" busy, and that they will be in contact with us. In the meantime I have go through every penny of savings I had to meet the mortgage payment, just so we weren't late and didn't hinder our chances for the modification.

Well it is now August and we still have not heard anything. Oh and did I meantion I call every couple of weeks to either be told to wait, or the line just cuts me off.

These companies are a joke...
I guess I need to just stop paying them to start getting some attention from them.