Stimulus Package

[fernanrubdico]

yes i heard the same thing about the foreclosure cases is about to be in place. sounds like a few more steps and they are done before giving the auhority to BK judges who is going to have the total power to modify troubled loans of those who qualifies. The intent of this kind of bill is still yet for us to wait and see what the provisions are. maybe later tonite or tomorow they will put it on the news. so hang on there!!!!!!!

[LenderNoHelp]

Moe, Prof., ***,

What do you guys think of this Helping Homeowners Save Their Home in Bankruptcy Act of 2009? I have been going back in forth with my situation and today I stumbled upon this new Chapter 13 Reform for homeowners. This seems to good to be true?

[klauss54]

i pray that is passes it will help me save my home and everyone hope they put it in today and goes into effect now

[Vick2009]

Klauss,

What bill are you referring to?
Please update me on this.

Thanks

[klauss54]

i just heard HR200 has been removed from stimulas package the one most important thing to save our houses i am in shock

[Vick2009]

Isn't Obama supposed to put a temporary freeze on home foreclosures and have the banks work out and restructure troubled loans for homeowners who can potentially keep their homes?

I need some help

[klauss54]

if the investors choose not to modify loans the banks cannot HR200 was my last hope

[Vick2009]

what is HR200?
Where did you hear that news from?

[klauss54]

google it cramdown bill

[Vick2009]

I will look into it.
I am not in BK, so I don't think this will be applicable to me or other homeowners who are in active or potential foreclosure

[klauss54]

naca is a great help i have talked to them and submitted docs i have a phone appt weds they are trying to stop my house from going into foreclosure

[cactus77727]

Obama said this morning that while there is nothing in the current legislation, housing will be addressed in a separate legislative package within a few weeks.

[klauss54]

i hope he does that would do the most help for people now i am disapointed he dropped the bankruptcy reform from this stimulas

[flowride]

Here's something unique for you. I have never been late on a loan payment of any kind, have A+ credit, and am stuck in two properties worth substantially less than what I paid...wow...suprise. Bankruptcy really would not be an option for me, as my mortgages are actually my only loans on credit.

So...I took a full time position that pays a net of $2500 less per month than my usual take home, only because I figured it was better to have steady income in today's economy than to keep traveling in the medical field. The pay is still good and IF the loans are modified, I can afford to keep both places. I'll have to work a little OT every week, but I don't mind picking up one day, as opposed to the 2-3 12 hour shifts per week I'm picking up as extra now. Working 5-6 days a week has never been fun, especially when you're doing it just to eat.

So, I enlisted LoanSafe for help and they have held their end of the bargain, though I wish I'd get more frequent updates from them. To be fair, they are quite courteous and do work very hard.

It looks like the FL property just may be modified by Countrywide, though I don't want to get my hopes up. I thought this one would be much harder to modify, so we shall see. It was actually a fixed rate loan, but the rate was pretty high.

My CA property is with EMC. It's on an option arm that isn't supposed to reset for another 7 years, but my payment goes up about 7% per year anyway. This is a 444 sq. ft. STUDIO (yes, you read that right) that is worth less than 1/3 of its purchase price. It's not my dream property, obviously, but it's what I could afford at the time-especially with prices where they were.

Anyway, EMC is DENYING my loan mod on the grounds that it's a "fixed" loan. These people amaze me. You're telling them that if they don't do something, you're going to fall behind, you'll go into foreclosure, and your credit will be shot. They'd rather have you fall behind and destory your credit (and subsequently, your life, because buying anything big ticket almost depends on credit these days) than help you stay in good financial shape and remain a current, paying customer.

For me, all they need to do is lower to a fixed rate on a 30 year note and I'm good...yet they refuse. I've seen that most of these mods are 5 year IO plans anyway, which is also stupid as hell. It's a 5 year band aid on a 30 year problem.

So you're me. What do you do? Do you let both of these places go and take the hit all at once, or do you hold onto the one that gets modified? Tough decision all around, if you ask me.

I feel for everyone going through this. I have friends (only a miniscule few) who haven't fallen prey to this scheme concocted by the lending industry who don't really understand the whole mess. They feel that "bailing out" anyone just shouldn't be done because we're the "problem." What they fail to realize is that without any type of government assistance, they might be next. And they might need to start waking up early to stand in the soup line with the rest of us!

[00zx6r]

This is just depends on the situation. I am ruining my credit right now too it was 750+ never late on the payment but we decided to wake if there is no priciple reduction. Our house worth half of what we own. My credit is 670 now after 60 days behind. I am not sure if we can make even if live there and make a payment for the next 10 years rather to wake and of course pay lot less for rent and save up. But I am still hope gov will have some program that reduce a principle in a short future.

[cactus77727]

My FICO is gone too. But don't worry. It'll grow back.

[flowride]

Well, since my last post, I got an email from Bank of America saying that Countrywide refused my payment for February on my FL property. I think that usually means there is a mod on the horizon.

As for CA, if they don't modify, I will try to short sell this place. It's my understanding that the credit hit from a short sale is somewhat minimal, like 75-80 points. I don't think it will happen, because invariably, they are going to want to short sell for a ridiculous, unobtainable price. A deed in lieu is likely on the horizon.

Credit comes and credit goes and mine will come back if I choose to walk. It's that simple. As I see it, the banks are screwing themselves by not working out legitimate offers with troubled borrowers. Who knows, maybe Obama will actually come up with something worthwhile in his "stimulis package." Sadly, however, they keep giving the money to the banks instead of putting it in the hands of the people that can actually use it.

[flowride]

Here's another dumb question for those in the know. If you go into a deed in lieu on one property and everything else is still current, do you lose your credit worthiness with lenders to whom you're still in good standing?