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This is a discussion on Mortgage companies and H4H success! within the Foreclosure Bail Out Loans forums, part of the Refinance category; Originally Posted by Newman KAtherine, filing ch. 13 will NOT modify your loan, rather it would freeze it at it's ...
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| | #51 (permalink) | |
| Senior Member Join Date: Dec 2008
Posts: 416
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! Quote:
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| | #52 (permalink) | |
| Senior Member Join Date: Dec 2008
Posts: 416
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! Quote:
Keep us informed! HR 384 makes some improvements into the H4H program in this excerpt below. I read it as the lender can get 93% of appraised value compared to previously 90%. Also there is something about loan insurance being between a range. I think it is instead of the present 1.5% yearly loan insurance that the original H4H required. Excerpt: SEC. 501. CHANGES TO HOPE FOR HOMEOWNERS PROGRAM.
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| | #53 (permalink) |
| Senior Member Join Date: Jul 2008 Location: In a van, down by the river
Posts: 97
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! Sage advice Frank...with one stip, even in 7, with or without equity, the house can be saved, same as 13.. Now, the fight of the day, judges modifying loans from the bench, better known as the big hammer, supposedly got thrown out this Am, seems Obamby is against it....no word of it on any site that I have found....so until I see something concrete, treat this as rumor and speculation...but my source is usually right spot on....time will tell... |
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| | #54 (permalink) |
| Senior Member Join Date: Jul 2008 Location: In a van, down by the river
Posts: 97
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! Well, not having access to the original bill, hard to figure out what the bullets stood for before being amended.....that said...I would tend to think I would be "grandfathered in" on the 90% aspect.... |
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| | #55 (permalink) |
| Senior Member Join Date: Jul 2008 Location: In a van, down by the river
Posts: 97
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! BTW, keep posting Frank, I get vast amounts of questions answered reading your stuff..your able to find the stuff I can't.....(file this under "Not nearly as smart as I look" file)..... |
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| | #56 (permalink) |
| Senior Member Join Date: Dec 2008 Location: Paso Robles, California
Posts: 1,363
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! Thanks all for the good information. It was worth checking out, but that won't work either, Catherine |
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| | #57 (permalink) | |
| Senior Member Join Date: Dec 2008
Posts: 416
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! Quote:
I'll have to write to Washington. Apparently Obama is being bought off by the Mortgage bankers and Chamber of Commerce already. Can I hear a your Fired for Obama if he is trying something so dictatorial and not in the best interest of the country within such a short time in office. Not even 90 days on office and already rumored to decay our country. | |
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| | #58 (permalink) | |
| Senior Member Join Date: Dec 2008
Posts: 416
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! Quote:
If you want to find the original bill in its entirety and see updates to it, google for the following. "washingtonwatch HR 384" You should get a page where you can vote, check summaries of legislation and post and read comments on the legislation. Keep us informed as to your luck with H4H. With the lower mortgage insurance it sounds more attractive. I don't mind if the lender got more of a percentage. It sounds better than a loan if modified in BK. | |
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| | #59 (permalink) | |
| Senior Member Join Date: Dec 2008
Posts: 416
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! Quote:
I'll have to contact my representatives and Senators in order to inform them that without the needed anti-modification elimination included, the TARP2 is not worth passing. The problems with the economies and the housing industry are caused by failing loans. H4H, FHASecure, HOPE Now are proof that this measure is needed. | |
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| | #60 (permalink) |
| Senior Member Join Date: Jul 2008 Location: In a van, down by the river
Posts: 97
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! Frank, I agree...I have not seen one whisper of it being thrown out. So to me there is still hope it is included in the package...I would tend to think that the window for modifying loans is not going to last too much longer, as the folks who signed for the bad stuff are either out, or sold, or refi'ed....those left are in the process of the three, and I can not imagine there are too many more that are still due to convert.....I do think there are some bad ones that will boot folks out with a baloon payment in the 1-3 years still, but those who have not amortized yet are getting smaller by the day...best to you sir.... |
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| | #61 (permalink) | |
| Senior Member Join Date: Jul 2008 Location: In a van, down by the river
Posts: 97
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! Quote:
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| | #62 (permalink) | |
| Senior Member Join Date: Dec 2008
Posts: 416
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! Quote:
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| | #63 (permalink) | |
| Senior Member Join Date: Dec 2008
Posts: 416
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! Quote:
I tried to post several times on the whitehouse site but the messages would send incomplete whenever one hits the enter key while in the subject area. I would type one thought and then hit enter for the next line but would send incomplete posts. I guess the way the site is designed it is supposed to represent what happens once Obama enters, its all over and incomplete because of poorly though out compromise when there needs to be no compromise with Republicans to pass the anti modification removal which leaves predatory loans whittling away home values. Again, keep us updated with your H4H apparent success so far. I'm rooting for your success. | |
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| | #64 (permalink) |
| Senior Member Join Date: Oct 2008 Location: Central Valley, CA
Posts: 49
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! If you read my posts, I never said Newman was wrong about the stated income. I stated in my post #42 that it is a requirement. I was just describing my particular situation. I have disclosed on the H4H paperwork that the loan was obtained using stated income, but not with my knowledge. I had to provide full documentation of my income to the broker, and discovered years later it was pushed through as a stated income. I don't think there is a solid no from FHA on this. FHA rule, The homeowner did not provide materially false information (e.g., lied about income) to obtain the mortgage that is being refinanced into the H4H mortgage. To me the key word here is "homeowner", I did not provide false info. But I will not know how they look at it (I know, I signed for the "false info" in singing the loan docs) until I get approved, or turned down. I have been researching this program since the first day I heard about it (an article I read in July or August 2008) I have been trying to apply since Newman said: "I would think you could go get a loan anywhere and be done with this whole miserable business" I hope you are referring to a H4H loan, because I know of no bank that will loan 320,000 on a house that is worth 100,000? If they did that we may have avoided this entire drastic drop in home values fueled by foreclosure. There were 2 questions for you in the end of post #42 Thanks again Newman, looking forward to more good posts from you, with good news! I know you can't get to excited yet, but I am hopeful for you. |
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| | #65 (permalink) |
| Senior Member Join Date: Jul 2008 Location: In a van, down by the river
Posts: 97
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! There were 2 questions for you in the end of post #42 And here they are.... Did you at any point do a QWR? If you did, did that include specifically asking for the investor? Curious if they would respond to that request? No, I did not at any point, so far, do a QWR...but I have asked repeatedly for the name of the investor, to no avail..... By the way, I think you can post this with out getting the fork, what company is buying your loan? Let me call on that, as we were not able to commit to a lender without the payoff, though they were asking for a comital. Obtaining one now should be easy, I will have to get back to you on the name of the lender. ***, is that OK? Or should I send it to you, and let you forward it to him??? Not wanting to break any rules..though my wife would disagree. If you asked her, one would think I spent my entire existence coming up with new and innovative ways to break hers.......... |
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| | #66 (permalink) |
| Founder Join Date: Aug 2007 Location: Southern California
Posts: 16,887
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! Newman............you are too funny........ When you get the information, you can forward it to my email.......
__________________ 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 ServicerThe 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. |
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| | #68 (permalink) |
| Senior Member Join Date: Jan 2009
Posts: 52
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! I have read the Sen Dodd took our the banruptcy judge right to restructure from the Stimulus package to ensure its passage but that this issue is one that Obama feels is necessary. The mortgages owned by the Federal Reserve Bank will be modified and it appears that principal reduction is seem as a necessary solution to stopping forclosure. What it boils down to is a battle between homeowners and lenders and an attempt at a compromise by the government. I would guess more will be revealed in the next few weeks. The idea of millions of homeowners going through bankruptcy judges is somewhat unworkable, so I think the government is going to come up with a standard they will impose based on H4H. |
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| | #69 (permalink) | |
| Senior Member Join Date: Dec 2008
Posts: 416
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! Quote:
Regarding the H4H program. It would be better if the plan was not voluntary but mandated for loans which meet certain conditions like pre-payment penalties, unsustainable interest rate fluctuations and other sure to fail conditions. If modifications were mandated outside BK or within BK, the plan would go further toward restoring cash flow back to the economies. | |
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| | #70 (permalink) |
| Senior Member Join Date: Oct 2008 Location: Central Valley, CA
Posts: 49
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! Funny thing is, I called the regular number, and was routed directly to the home retention group. It usually goes to a "general" operator, and I have to request the home retention group, and the "general" operator try's to stall me and convince me that they can help me, and I don't need to talk to the home retention group. Also, the last few times I have called I have requested the name of the investor on my loan, telling them that they need to provide it under RESPA and TILLA, and they told me that they don't have the name. This time when he mentioned the investor, he clarified and told me Freddie Mac is the investor. I’m now playing the waiting game. |
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| | #71 (permalink) | |
| Senior Member Join Date: Dec 2008
Posts: 416
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! Quote:
As with your loan, stalling is the name of the game for getting anything done if anything ever gets done at all. | |
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| | #72 (permalink) | |
| Member Join Date: Feb 2009 Location: Scottsdale, AZ
Posts: 7
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! Quote:
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| | #73 (permalink) |
| Member Join Date: Feb 2009 Location: Scottsdale, AZ
Posts: 7
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! Sorry, not sure I saw the final page of messages before I replied. Congrats on the (apparent) approval! Look forward to hearing of the final paperwork to put it to rest for you! |
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| | #75 (permalink) |
| Senior Member Join Date: Oct 2008 Location: Central Valley, CA
Posts: 49
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Mortgage companies and H4H success! It seems like they are playing games to waste time. I think I am going to start my plan B (expecting them to deny my H4H short refi) and send in the QWR. I may also send something to Freddie Mac telling them what |
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