No Hope Now for these homeowners JacMac December 6th, 2007 at 7:56 pm - “But for now, many homeowners will have to fight the battle with their lenders or servicers one call, one fax, one headache at a time and many, will succumb to the pressure and just give up out of frustration or run out of time and face the inevitable, foreclosure.”
MOE, I think this is true. I think there are two many requirements, less than 3% equity is a joke and no neg. amor. loans is a horrible decision. I don’t like the less than 660 FICO score, and the requirement that the loan be current or less than 30 days.
All of this says to me they’ve boxed out many people who NEED the help but will, under this criteria NOT receive it.
How about the many homeowners, like myself, who were defrauded?
Amanda December 6th, 2007 at 9:19 pm - Hmm… ok so what you are telling me is that I should default on my current mortgage then so i can qualify??? Sounds good to me… Gosh, how horrible is it that this has come down to me and my husband taking every dime we make to try to keep paying on our mortgage that we adjusted a fwe months ago and we have done it. And just because our credit score is too high we can’t qualify. FRUSTRATING!!! Also, we are the ones who actually want to make our payment just not like 4200 a month like we’ve been….. really really sucky.. thanks Georgie.
AACPA - Just got off the phone with
1-888-995-HOPE and this is what I learned. Too bad they are making this program so hard to qualify for that most will not benefit.
1. Loans cannot have already reset
2. You must have
less than 3% equity in your home (what the hell with this one?????)
3. You can not have ANY late payments 60 days or more for the past 12 months
4. You have to PROVE that you will not be able to make the payments once the loan resets
5. You can’t have a credit score above 650
All fine and dandy. Offer assistance to everyone and then make it impossible for any of us to qualify. I actually had some hope…and it was pretty much dashed this afternoon.
Evelyn - I am not sure this rate freeze will be for negetive option payments. If they are, and they have not made that clear, but you would have to pay the higher payment to keep from adding more negative to balance.
It sounds like it will be for the regular 2/28 loans that pay principal and interest already and have adjustments that will reset beginning 1-08 thru a certain date. Don’t know what they have planned for the pick a payment loans.
But according to the president, your rate must be due to reset starting 1-08 thru a certain time frame they listed. Also you must be current on your payments. You cannot be upside down on the loan. Also he stated they will try to refinance you under FHA or a convention loan while under the rate lock.
If you can’t refinance they may do a
Loan Modification to fix your loan. This will help some facing higher payments to freeze their loan so that it does not adjust during this time frame.
But for homeowners like me, who are upside down, I owe $60,000 more than my house is worth it will not help. Also my loan was due to adjust 11-1-07 so it does not cover me. Also I am behind on my payments so it will not help me.
I got a Loan Modification approved recently and my new payment starts 1-1-08 so hopeful I will be ok.
I assume the ones who this does not cover will still be able to work with their mortgage co and request a Loan Modification on case by case basis.