Information on Bush's plan - Loan Modification Forum

AACPA · 12-06-2007, 04:27 PM

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.

chopped12 · 12-06-2007, 05:25 PM

I'm sorry to hear that you had bad news. I'm been in the foreclosure service industry for 3 years now, helping people save their homes. This so called "bailout" is pretty lame. It's not going to be a pretty sight. I was hoping for many homeowner's that their would be some adequate relief. The homeowner who has defaulted on their loan 30 days or more, are the ones who need help right now.

Sure it will help a few but what about the homeowner who is losing their home now ? They have to turn for help and use other resources out there. It's a real shame what is happenind and it disheartens me. I feel for you. I might be able to help you but I know how this site is just for blogging and not for advertising. Let me know if you need help. I can at least listen to your situation and give you helpful advice!

evel1999 · 12-06-2007, 06:01 PM

Yes this will be just like the FHA Secure. Offer hope to a lot, but help very few. It will help some in the future coming up that can meet the standards to starve off the increases for a while.

The only hope for the ones in trouble right now is still a Loan Modificaiton.

6wolverines · 12-07-2007, 05:49 AM

Leave it to the Feds.....

"Here, poor little desperate homeowner. I'm going to make everything okay........................PSYCH!!!!!!!!!!!!!!!!! !!!!"

Maybe if the Administration was as willing to help the struggling U.S. homeowners as they are the foreign countries they bail out monetarily (with our tax money, of course) this would paint a much nicer picture!!!! I might have been inclined to think Mr. Bush finally did something good during his adminstration. But, alas, he did not disappoint. True to form, this plan s*cks!! Meanwhile, for all of you homeowners who are already behind by your latest rate reset.......better start packing!!!!!!

URG!!!! I had such hope, too.

Char

sevendipity · 12-07-2007, 11:19 AM

They are nitpicking. My mortgage has already reset just this past October and that's why they won't help me. I luckily so far have been paying on time so my credit is still above 660. But I can't last like this. My only hope now is that by helping some, the market will stir, people will feel more comfortable buying, prices (and appraisals) will go up and I can refinance I guess. I can't believe how proud/hopeful/satisfied Bush can sound about his "big plan" to help us all, and in reality it's peanuts he's offering. I feel like I am in the twilight zone. I have to say though, this website has brought me so much comfort. When people find out about my situation, they're like "Why don't you refinance?" or "Well, I heard interest rates are down, doesn't that help?" or "Why don't you just sell it?" No one GETS IT. Except here. Everyone here knows these options are all impossible and I just feel better that I'm not alone. I'm a very smart person. I don't think we're idiots because we're in this situation. This many people?? It's not just stupidity or selfishness... There are too many people failing at these mortgages, obviously they shouldn't have been available to start with.

SoCal22 · 12-07-2007, 06:27 PM

We fit all the categories except we have been late so it is out for us as well.

momof3boys · 12-08-2007, 05:05 PM

Yup, I am behind as well....Why don't they stop bailing out other countries and actually do something for the UNITED STATES CITIZENS???!!! I DON'T WANT money from the government, I WANT the government to STEP UP TO THE PLATE and light fires under these mortgage companies/servicers asses...We were all scammed as so many have already said...The rich are getting richer and the poor are getting poorer..

12-06-2007, 04:27 PM	#1 (permalink)
AACPA Senior Member Join Date: Sep 2007 Posts: 150 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Information on Bush's plan 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.

12-06-2007, 05:25 PM	#2 (permalink)
chopped12 Junior Member Join Date: Dec 2007 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Information on Bush's plan I'm sorry to hear that you had bad news. I'm been in the foreclosure service industry for 3 years now, helping people save their homes. This so called "bailout" is pretty lame. It's not going to be a pretty sight. I was hoping for many homeowner's that their would be some adequate relief. The homeowner who has defaulted on their loan 30 days or more, are the ones who need help right now. Sure it will help a few but what about the homeowner who is losing their home now ? They have to turn for help and use other resources out there. It's a real shame what is happenind and it disheartens me. I feel for you. I might be able to help you but I know how this site is just for blogging and not for advertising. Let me know if you need help. I can at least listen to your situation and give you helpful advice!

12-06-2007, 06:01 PM	#3 (permalink)
evel1999 ASC Success Join Date: Sep 2007 Posts: 406 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Information on Bush's plan Yes this will be just like the FHA Secure. Offer hope to a lot, but help very few. It will help some in the future coming up that can meet the standards to starve off the increases for a while. The only hope for the ones in trouble right now is still a Loan Modificaiton. __________________ Evelyn

12-07-2007, 05:49 AM	#4 (permalink)
6wolverines Senior Member Join Date: Dec 2007 Posts: 153 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Information on Bush's plan Leave it to the Feds..... "Here, poor little desperate homeowner. I'm going to make everything okay........................PSYCH!!!!!!!!!!!!!!!!! !!!!" Maybe if the Administration was as willing to help the struggling U.S. homeowners as they are the foreign countries they bail out monetarily (with our tax money, of course) this would paint a much nicer picture!!!! I might have been inclined to think Mr. Bush finally did something good during his adminstration. But, alas, he did not disappoint. True to form, this plan s*cks!! Meanwhile, for all of you homeowners who are already behind by your latest rate reset.......better start packing!!!!!! URG!!!! I had such hope, too. Char

12-07-2007, 11:19 AM	#5 (permalink)
sevendipity Member Join Date: Nov 2007 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Information on Bush's plan They are nitpicking. My mortgage has already reset just this past October and that's why they won't help me. I luckily so far have been paying on time so my credit is still above 660. But I can't last like this. My only hope now is that by helping some, the market will stir, people will feel more comfortable buying, prices (and appraisals) will go up and I can refinance I guess. I can't believe how proud/hopeful/satisfied Bush can sound about his "big plan" to help us all, and in reality it's peanuts he's offering. I feel like I am in the twilight zone. I have to say though, this website has brought me so much comfort. When people find out about my situation, they're like "Why don't you refinance?" or "Well, I heard interest rates are down, doesn't that help?" or "Why don't you just sell it?" No one GETS IT. Except here. Everyone here knows these options are all impossible and I just feel better that I'm not alone. I'm a very smart person. I don't think we're idiots because we're in this situation. This many people?? It's not just stupidity or selfishness... There are too many people failing at these mortgages, obviously they shouldn't have been available to start with.

12-07-2007, 06:27 PM	#6 (permalink)
SoCal22 Senior Member Join Date: Oct 2007 Posts: 52 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Information on Bush's plan We fit all the categories except we have been late so it is out for us as well.

12-08-2007, 05:05 PM	#7 (permalink)
momof3boys Loan Safe Guide Join Date: Oct 2007 Location: Lindenwold New Jersey Posts: 122 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Information on Bush's plan Yup, I am behind as well....Why don't they stop bailing out other countries and actually do something for the UNITED STATES CITIZENS???!!! I DON'T WANT money from the government, I WANT the government to STEP UP TO THE PLATE and light fires under these mortgage companies/servicers asses...We were all scammed as so many have already said...The rich are getting richer and the poor are getting poorer..

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