What homeowers will benefit from the Housing Bill? - Loan Modification Forum

AmericanNightmare · 07-31-2008, 04:21 PM

What are our chances, if any, to qualify for a new FHA backed loan? Has anyone received any information from their banks?

Moe Bedard · 07-31-2008, 04:35 PM

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.............

angel83 · 08-02-2008, 08:24 AM

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.

07-31-2008, 04:21 PM	#1 (permalink)
AmericanNightmare Member Join Date: Jul 2008 Location: Menifee, CA Posts: 28 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	What homeowers will benefit from the Housing Bill? What are our chances, if any, to qualify for a new FHA backed loan? Has anyone received any information from their banks?

07-31-2008, 04:35 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What homeowers will benefit from the Housing Bill? 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............. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

08-02-2008, 08:24 AM	#3 (permalink)
angel83 Senior Member Join Date: Jul 2008 Posts: 214 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What homeowers will benefit from the Housing Bill? 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.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode