Final Housing Bill Passes House, Bush to Sign into Law

[AmericanNightmare]

As of this past Monday (8/11) Downey Savings says their legal department is "looking into" the bill and will have an answer the 1st or 2nd week of October...We'll see.

[tinkerbell77]

Moe,
Can you tell me if this will help me at all? The value of my house has dropped and if I had it apprised today it would be $4000 over what I owe?

Tinker

[Moe Bedard]

tinkerbell,

The bill doesn't get started until October 1st...........and it is voluntary for the lenders.......which is the key word............so we don't really know who and how many it is going to help yet.......or which investors will even accept a short payoff..........and it looks like you can not have more than one lien on your property, which leaves out alot of people already.............

Here is the fact sheet information on it so far............

FACT SHEET: FHA TO PROVIDE ADDITIONAL MORTGAGE ASSISTANCE TO STRUGGLING HOMEOWNERS

[OneHungryChicken]

Originally Posted by tinkerbell77

Moe,
Can you tell me if this will help me at all? The value of my house has dropped and if I had it apprised today it would be $4000 over what I owe?

Tinker

If your only 4000.00 upside down you are doing well and you should stay away from the new bill.

[Capesun]

Originally Posted by OneHungryChicken

If your only 4000.00 upside down you are doing well and you should stay away from the new bill.

ya, try $170,000.00 upside down

[OneHungryChicken]

Originally Posted by Capesun

ya, try $170,000.00 upside down

I wasnt asking you but I feel your pain as im about in the same boat.

[RefusetobeStressed]

Try $370,000.00 upside down which is what my husband and I are currently at and I'm sure it will drop even more. My next door neighbor just went to foreclosure on Friday and guess who their lender was.....COUNTRYWIDE...

[Moe Bedard]

Please remember that this is all voluntary for servicers to cooperate. This bill does not make them automatically reduce mortgage balances or enforce accountability to some kind of system on loan modifications or anything.

Really, this is a cleverly packaged bail out of Fannie Mae and Freddie Mac that gives them an unlimited amount of cash to bail them out with tax payer dollars and also FHA more powers. (which is a government entity).

I hate to be negative about reality, but when the reality is painted as a pie in the sky and it really a pig with lip stick. Then I'm going to call it a pig and this bill is a pig for homeowners and a pie in the sky for Fannie and Freddie.

[925girl]

First they fly-now there wearing lipstick! Clever little bastards......

[Capesun]

Haliburton didn't build those detainment camps all over America for nothing.

Looks like they plan to fill them one way or another.

I believe the bubble was engineered and the crash was too. Evil people run our world.

[HappyHome]

Hi I was wondering if This bill has Passed yet..? or? I did hear about it via talk @ my work. I am back on here now with LoanSafe after a
good while away & struggling.. and trying to keep it all together so hello to everyone Hi ***, Moe and all new ppl i see on here..!
Tracyann

[Moe Bedard]

Hi Tracyann,


It was signed by President Bush, but it doesn't take effect until October 1st.................
Here is some additional info for you.......

FACT SHEET: FHA TO PROVIDE ADDITIONAL MORTGAGE ASSISTANCE TO STRUGGLING HOMEOWNERS

[KJCCAMC]

Thanks for the info. Can you define all household income for me.

My gross monthly income is 4700.00

My monthly expenses are 4500.00 including a mortgage payment of 1652.00

What is my percentage?

[juniorfan32]

Wow that bill sounds pretty bogus! When will our politicians realize they need to help the homeowner? Geez this makes me want to bang my head on the wall repeatedly

[sluja]

If I Have A Second Mortgage Thru American General For $20,000, How Does The Government Program Except Me To Pay That Off? Does Anyone Have Any Ideas? Do I Call Them And Tell Them What?

[OneHungryChicken]

Originally Posted by sluja

If I Have A Second Mortgage Thru American General For $20,000, How Does The Government Program Except Me To Pay That Off? Does Anyone Have Any Ideas? Do I Call Them And Tell Them What?

On the 2nd mortgage you would have to have American General kiss the loan good bye and they probably wouldnt do it.

[HappyHome]

Hi there ***..! Nice to be back .. thank you for the link i've saved it . I am going to pursue as well as asking for a longer Modification as I am currently under one getting ready to expire soon.. HSBC rep. told me to re-apply every 6 months (that, that is All they offer now..) hmmm a real pain but I am playing it and also will ask for more than 6 months at a time, ( will ask AGAIN for a Fixed Mod. of more than 6 months.. more like a year or more..and at same time see where I can go and secure a Fixed FHA Secure whether it be with HSBC or whomever will re-write me! This site is a True Gem for me .. and I have alot to be thankfull for.. I have saved my home and it also gave me the strength and faith when I most needed it.. I thank all of you from the bottom of my heart! Tracyann

Originally Posted by *** Damiano

Hi Tracyann,


It was signed by President Bush, but it doesn't take effect until October 1st.................
Here is some additional info for you.......

FACT SHEET: FHA TO PROVIDE ADDITIONAL MORTGAGE ASSISTANCE TO STRUGGLING HOMEOWNERS

[deanesr]

I have a question. I was reading the summary of the bill and read, "borrowers certify that they have not intentionally defaulted on the eligible mortgage or on any other debt (false statement = fine and/or 5 years in prison)." How can the IRS or feds prove that people intentionally defaulted on their loan?

[OneHungryChicken]

Well the on TV commercial ads have been pushing the "call us to get started" stuff in regards to the new bill, hopefully there is a glimmer of hope.

[me2blue]

Moe, I am writing the White House and our representatives in Congress via email and snail mail and plan on doing this every few weeks. If everyone can do something to make the government see how many are effected we won't be so easy to ignore. I also will be telling our elected officials that they should all be replaced for the misrepresentation of the people who elected them into office. I plan also to do so with the president of countrywide as I have been fighting for my home for 3 years and it is coming near the end as I can not afford hanging on much longer, but I will not go silently. The White House did answer one time , I emailed some suggestions but maybe if I referred them to loansafe or more specifically to you Moe for answers we could get more attention as I don't know the business as you do, all I know is want to save my home. I'm writing any way but will not mention you unless I get the ok. Getting bluer by the minute, Me2blue

[ls30mv]

I keep trying to find a lender who knows something about this program and getting nowhere with it. Does anyone know who to call if you're in California?

[Moe Bedard]

You would need to go to www.fha.gov and search for an FHA approved lender in your area...........they should have the guidelines.

[AmericanNightmare]

Just contact your lender and ask if they are participating in the October 1st FHA Housing Bill. My lender, Downey, is participating, but there is no qualification/application as of yet. I have to wait until the first or second week of October for more information.

[MayBe]

I spoke to GMAC last week. They said to call back mid to end of October to see if they were participating. I'll keep you posted.

[ls30mv]

Thanks everyone for your responses

I did go on www.fha.gov, but they don't have ph#'s listed with the lenders on the list. I googled most of them, but I wasn't able to get through or people didn't know much about the program. One guy from City Mortgage, an FHA certified lender, told me that "the law says (he was reading off the sheet in front of him) that you have to have an FHA loan to start with in order to participate. That was basicaly his interpretation of it. I have AHMSI (former Option One) and they told me that they are not a lender (they are just servicing my mortgage) and therefore they cannot help me with FHA Secure loan.

If anyone hears anything new, I will appreciate any info on this