The WOW look at this thread
03-04-2009, 09:33 AM
get your home bailout here
http://money.cnn.com/2009/03/04/real...ion=2009030411
http://money.cnn.com/2009/03/04/real...ion=2009030411
03-04-2009, 09:45 AM
get your home bailout here
http://money.cnn.com/2009/03/04/real...ion=2009030411
http://money.cnn.com/2009/03/04/real...ion=2009030411
Who's not eligible? Homeowners whose property values have dipped severely, putting them underwater by more than 5% are out of luck.
03-04-2009, 10:22 AM
Registered User
iTrader: (2)
Join Date: Nov 2005
Location: POMONA,CA
Posts: 2,034
Car Info: 08 silver sti
03-04-2009, 10:23 AM
VIP Member
http://money.cnn.com/2009/03/04/news...ion=2009030411
I believe I fall under this category
Borrowers can now contact their servicers to see whether they are eligible for assistance. Federal officials will promote the program at homeownership events nationwide.
To participate in the loan modification plan, borrowers must:
* have obtained their mortgage before Jan. 1, 2009;
* have a primary mortgage of less than $729,500;
* live in the property;
* fully document their income by providing tax returns and pay stubs;
* sign a statement of financial hardship; and
* go for counseling if their total household debt - including auto loans, credit cards and alimony - totals more than 55% of their income.
The modification program will be in effect until the end of 2012, but loans can only be adjusted once.
To participate in the loan modification plan, borrowers must:
* have obtained their mortgage before Jan. 1, 2009;
* have a primary mortgage of less than $729,500;
* live in the property;
* fully document their income by providing tax returns and pay stubs;
* sign a statement of financial hardship; and
* go for counseling if their total household debt - including auto loans, credit cards and alimony - totals more than 55% of their income.
The modification program will be in effect until the end of 2012, but loans can only be adjusted once.
If all works out, I should be able to drop almost $1000 a month on my payment. I'll contact the bank tomorrow when I have all of my ish together and keep you guys posted.
BUT...
After thinking about it, all the government aid is going to existing home owners and whats scary is they have said nothing about people who are first time buyers. I have a feeling it will be nearly impossible to buy a house now unless you can come up with over 50% down now.
03-04-2009, 10:32 AM
Registered User
Join Date: Aug 2003
Location: Stuck somewhere in traffic
Posts: 6,403
Car Info: 06 wrx
well that same link said that
so regardless if your a first time buyer or not, if your considered "at risk" and "owing more than their house is worth" they will provide aid.
Federal officials clarified the definition of "at risk" as those: suffering serious hardships, declines in income or increase in expenses; facing an interest rate hike; having high mortgage debt compared to income; owing more than their house is worth, or demonstrating other reasons for being close to default.
03-04-2009, 10:36 AM
VIP Member
My sister recently applied for a home loan and no dice, the banks are very picky at approving anything at this point
03-04-2009, 10:39 AM
VIP Member
03-04-2009, 10:45 AM
Registered User
Join Date: Aug 2003
Location: Stuck somewhere in traffic
Posts: 6,403
Car Info: 06 wrx
03-04-2009, 10:47 AM
VIP Member
Well I just talked to the wife so we'll start the process on our loan modification tomorrow.
If it all works out, thanks for the Bail out guys!
If it all works out, thanks for the Bail out guys!