So it's October 1st, and (before now) there was still only one lonely thread in this forum. Are the new FHA loan terms really that bad or unattainable? I mean, I've heard from some here that they're not great considering how far we still have to fall, but is anyone else currently pursuing a standard FHA, FHA Secure, or FHA "Bailout"? I'm in the process of pursuing a standard FHA under the new Oct 1st terms.
I am currently pursuing the FHA Secure. Let's see what happens. My investor is Freddie Mac and servicer is Wells Fargo.
Sorry I meant HOPE for Homeowners Program.
FacingNorth,
I'm trying to do the new FHA program "Hope for Homeowner's" (under HR 3221 signed by President Bush in July and went effective on Oct 1st). The new lender that I'm trying to refinance my house into this FHA program told be that she has been submitting them with success before the official effective date of Oct 1st, but now that the 700 Billion dollar Rescue Plan bill has been proposed those people who are trying to take advantage of the "Hope for Homeowner's Program", or do a "Loan Mod", or a "Short Sale", are having their requests packages put on hold or denied because our lenders are waiting to see if the government will take all of our loans, which would allow our current lenders or loan servicing companies to "Deep Six" us into the sea and be done with us...
Hello. I have contacted the Hope line and also other FHA approved organizations in my area about this Hope for homeowners law but no body seams to know anything. I`m happy to see you at least started something. Who did you contact to see if you qualify? Can you please help. I called 10 different places and could not get anywhere. THank you
Go to fha.gov and on the right hand side of the web page there should be a spot for you to search for a FHA lender!
Who did you contact to get the ball rolling with Wells Fargo?Originally Posted by MRC123
Thanks!
I just called the Loss Mitigation Dept and spoke with them. Stated we were not behind yet, and things don't look good for the Nov 2008 payment. They said to submit financials and harship letter and all that good stuff. I do have a case with the HOPE Now people and I am also going to use NACA.
We have a meeting with NACA on Thursday, so we will see what happens. Not sure if we will get into any of the government programs, but an interest reduction would be nice.
My server is Homecomings, how do I find out who my invester is?
When I spoke with Loss Mitigation, I simply asked them.
I posted a lengthy reply about the Hope 4 Homeowners program in the FHA Bailout section.
Tell me about it. Our government is bailing out the banks who are largely responsible for this mess, and they're using our money to do it. Not only that, but by doing so, it's removing any hope that we'll have any chance of negotiating for modification, since the lenders can just roll the dice and let most of us foreclose, knowing full well that the feds will purchase the foreclosed property with taxpayer money. I don't get it, I mean doesn't that just mean that this $850 billion bailout is not only profiting those at fault, but it's just slowing down the crash? Because if the banks let people foreclose, then the continued foreclosures will further the crash, and that many more people will be removed from being able to get credit meaning that the liquidity of the credit market will continue to drag.
What gets me is that this was pushed on Congress with the same urgency that the USAPATRIOT Act was, also with no time for the members of Congress to actually read the whole bill before voting (at least the second bill, which was ~450 pages). Some members of Congress were actually told
(I believe by the White House) that if they didn't vote for it, that martial law would have to be declared in the USA. A couple of weeks ago the media was full of stories about how we were 400-500 shares away from "Armageddon", which was described as a drop in the DOW to 8300. Well, here we are now with the DOW having hit a low of 7883 this past Friday, and the world is still turning. With BS like this going on, and our government in talks now with the G7, IMF, and World Bank for a "Global Solution", I'm worried about the future sovereignty of our nation.
I am also going to with my FHA Secure. I haven't read the new terms for FHA.
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