What are our chances, if any, to qualify for a new FHA backed loan? Has anyone received any information from their banks?
What are our chances, if any, to qualify for a new FHA backed loan? Has anyone received any information from their banks?
AmericanNightmare,
The bill is not going to go into effect until at least October............so we won't have the answer to this question until it gets going.............
Best Regards,
Maurice Bedard
Founder of LoanSafe.org
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Just appears to be another nonsense bill, that is voluntary for the banks.
What they need is a shared equity bill, where the government agrees to pay for 50 percent of all outstanding, or even new mortgage loans, and simply records a lien for 50% of the value to be paid on any future sales of that property.
People would then have the option to either accept or decline if they have more than 20% equity in a property. This way, the payment nearly gets cut in half, a solution that is truly affordable for everyone, and people can always have the option to pay down the shared equity when they become solvent, for eventual full ownership.
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