Loan Modification Forum - LoanSafe.org - View Single Post - Final Housing Bill Passes House, Bush to Sign into Law

ccsint · 07-24-2008, 07:24 AM

Question: What if my loan was in 2004?

Looks like you may be out of luck, but perhaps your lender can still work something out; when the program gets going give them a call.

Question: Can I apply now?

I doubt it, even though the article says to contact your lender. The bill won't be law for a week, and the program doesn't officially start until October 1st.

Question: Will my lender participate?

As the article says, if they think you are a risk, then hopefully yes. Bank of America pushed for this program, so it's my *hope* that some BOA/Countrywide customers that are massively underwater will be able to participate.

Congress has threatened additional action if the lenders do not participate. That being said, if you have a second loan from another lender, then they have to agree also (not likely). If you have a home equity loan (not a purchase money loan, but something used to buy your car) then that has to be paid off in order to participate as well.

Question: How do I calculate my Debt To Income ratio?

It depends what they will consider, but generally mortgage, property taxes, home insurance, association dues, loans, and credit card payments all qualify.

Use a calculator:
usnews.com: Personal finance: Debt-to-income ratio calculator

ccsint

07-24-2008, 07:24 AM	#16 (permalink)
ccsint Senior Member Join Date: Jan 2008 Posts: 45 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Final Housing Bill Passes House, Bush to Sign into Law Question: What if my loan was in 2004? Looks like you may be out of luck, but perhaps your lender can still work something out; when the program gets going give them a call. Question: Can I apply now? I doubt it, even though the article says to contact your lender. The bill won't be law for a week, and the program doesn't officially start until October 1st. Question: Will my lender participate? As the article says, if they think you are a risk, then hopefully yes. Bank of America pushed for this program, so it's my hope that some BOA/Countrywide customers that are massively underwater will be able to participate. Congress has threatened additional action if the lenders do not participate. That being said, if you have a second loan from another lender, then they have to agree also (not likely). If you have a home equity loan (not a purchase money loan, but something used to buy your car) then that has to be paid off in order to participate as well. Question: How do I calculate my Debt To Income ratio? It depends what they will consider, but generally mortgage, property taxes, home insurance, association dues, loans, and credit card payments all qualify. Use a calculator: usnews.com: Personal finance: Debt-to-income ratio calculator ccsint Last edited by ccsint; 07-24-2008 at 07:28 AM..