Anyone called their lender about the housing program?

[laurannm]

Just curious if anyone out there has contacted their lender about the Obama mortgage plan that as released. I have a call scheduled with Citimortgage this week to check out our options, if any. We didn't reaffirm our mortgage with them so we may be out of luck

[relief13035]

I called CitiMortgage also and have an appointment call for (tomorrow) Monday @ 10am. Like you, I'm not sure if anything can be done, but I thought it was at least worth a try.

Our 1st and HELOC are both with CitiMortgage. Our problem though is that we owe more on the HELOC than we do the 1st. I know....stupid stupid stupid.

If we didn't have the HELOC we would have tons of equity. Our 1st is on a 15 year loan with a 4.875% interest rate and the principal is going down $1000 each month, while the "lovely" HELOC just sits there.

[laurannm]

If you think of it do you mind posting back what you find out? I don't think our call is scheduled until Wed night

Did you reaffirm your mortgage with them?

[relief13035]

Did you reaffirm your mortgage with them?

No we didn't reaffirm, but we are keeping the house. Even with the stupid HELOC, we are only upside down by approx. $10k.

I will definately post back tomorrow after our call.

[laurannm]

Thanks relief...how did you make out?

[relief13035]

Well that was a big waste of time.

CitiMortgage told me that they could have helped us before we filed BK, but since we have filed they can't help.

That makes no sense! Oh well.............

[laurannm]

Thanks for posting...yah, that is what I was afraid of. I'm guessing I will be receiving the same response. Plus I found out today that our loan is not owned by Freddie Mac or Fannie Mae, which I think automatically disqualifies us

[Minnymouth]

Heard some info on the tv this morning. Some companies (lenders) are starting to advertise "Get $8,000 cash when you buy a home" thanks to the govt stimulas package. They stated it was for new home buyers and 1st time home buyers. The lender mentioned NOTHING about help with foreclosures or lowering mortgage rate. Called it a 'BUYERS MARKET WITH HOUSING COST WAY DOWN'.

More than likely the stimulas package may help people in foreclosure but not in foreclosure if in bankruptcy.

If you haven't FILED YET, I would look into it, take advantage of it if I wanted to keep my house, see if your lender will work with you at a lower interest rate, THEN AFTERWARDS file bankruptcy to clean up the rest of the debts. Hopefully this route might help save your home and even put you in a position where you don't have to file BK. But don't mention the word bankruptcy to anyone while your doing it.

I'm hoping this stimulus package "HELPS SAVE HOMES" and just not put new buyers in the market getting great deals..............

Let me know what you all find out when you talk to your lenders....

[illinois2009]

eligible for a Home Affordable Refinance?

[QUOTE=relief13035;253830]Well that was a big waste of time.

CitiMortgage told me that they could have helped us before we filed BK, but since we have filed they can't help.

That makes no sense! Oh well.............[/QUOTE

My attorney is going to fill this week or next for BK7, I have mortgage with bank of America, I called BoA and they would contact me back in two weeks. They do not have enough staff to start the process yet. I am glad I read your post so maybe I should wait and try to reduce my payment before filling. Did it matter which chapter for CITI in order to say yes or No?

thank you