Reduce my Principle or NO PAYMENT! [FL]

[Love Doctor]

Fair enough, just seems I'm been on the wrong side of the fence twice now...

PEACE-

[Rene Latigo]

has anyone heard anything about the 75 billion dollars ...that the president was suppose to approve to help home owners...? Hold on....just heard the news saying that they are only going to help people with high interest rates and adjustable interest rates....they also said that the 75 billion dollar package would only help those with no more with 40% depreciationm in value....if your past that, which several are like me, we wont qualify...i spoke to my bank and they told me if i let the house go that it would effect my credit....thats a joke...its already in the toilet...i told them to come get their keys to the house...the only concern i have that is my insurnace expires in march and i dont really know if i should pay for it or not....anyone have any suggestions? please help....thank you!

[Moe Bedard]

I already posted the answer to your question in your thread...........


Here is a thread that I posted to answer you other question....

http://www.loansafe.org/forum/stop-f...lity-plan.html

[Love Doctor]

Status Update: I haven't made a payment since the end of last year...

Unfortuntely, I have completly been layed off from my work place after (10) years working there. Since I have no income, I can't even attempt to work out anything with CountryWide (BOA now).

Current Appriasal: $ 130,000.00
Amount Purchased back in 2006: $ 230,000.00

I moved back into this house, well because I have no better place to go now that I'm unemployed. I was renting for 4 months, now I'm back to my actual home.

I don't know what will happen from here, however I just wanted to state that I've been here without paying for longer then I expected.

PEACE-

[Housebroken13]

This is exactly the root issue.. The banks total non compliance to perform principle reductions to fair market value. They are still dealing with imaginary money that doesn't exist that is why we got into this economic fallout in the first place.

Principle reductions should be a govt. mandate. I love this concept. We are all taking losses, and so should the investors. Shame on them, the appraisers, lenders, real estate agents, and all other who took advantage of the overly inflated housing market..... I wonder if the president will mention loan mods or foreclosures in his speech on wall street and banking regulation today?

[hope67]

Originally Posted by Housebroken13

I wonder if the president will mention loan mods or foreclosures in his speech on wall street and banking regulation today?

what time is it scheduled for?

[Housebroken13]

12:15 pm I think. Major speech on financial sector.

[hope67]

Originally Posted by Housebroken13

12:15 pm I think. Major speech on financial sector.

I'll look for it, thanks!

[hope67]

Originally Posted by Housebroken13

12:15 pm I think. Major speech on financial sector.

I just found an article that says that it is scheduled at 12:10 pm EST..anyhow, I 'm watching TV right now!

[hope67]

Obama is now on!!

[Housebroken13]

text from his speech:

Text of Obama's New York speech on financial reform | Markets | Markets News | Reuters

[Love Doctor]

So what did all that mean in his speech?

If I don't qualify for any "Work out" plan, since I just been layed off Aug. 28th 2009... what can one do now? Just sit and wait or should I be doing something... well other then finding a new job.

PEACE-

[hope67]

Originally Posted by Love Doctor

So what did all that mean in his speech?

If I don't qualify for any "Work out" plan, since I just been layed off Aug. 28th 2009... what can one do now? Just sit and wait or should I be doing something... well other then finding a new job.

PEACE-

I understand you moved back to your house. How many rooms are in your house? For example, you could rent out the rooms, you can use the rental income to qualify for a loan modification, at least until you find a job! You can provide the rental agreements as proof of income.

[Moe Bedard]

I am sorry but.....

WE MUST STOP, THINK, ORGANIZE & UNITE! (30 Viewing)
MEMBERS LET'S UNITE - I had to shut down the forum because there is too much chatter on the board and we need to FOCUS on real world solutions for struggling homeowners. For two years I have done the same thing day in and day out and now is the time to STOP, THINK, SHARE AND PLAN on what WE can do TOGETHER TO STOP THIS BS!!! Please share your ideas and join today's ONLY discussion.