Federal Housing Bill Question? - Loan Modification Forum

Tex2020 · 08-24-2008, 09:13 PM

I was sucessful in getting my Option One mortgage modified back in July. I made my first payment in August with the second coming up soon. I was in an adjustable rate mortgage, the mod was done as a Fixed Rate, but at 9.65%.

Will the the new Bill allow for me to refinance at a lower rate?

Just wondering if I should explore further.

Thanks

Scott Hazlett · 08-24-2008, 10:43 PM

Hi Tex2020,

If you are refering to HR-3221 then no. It most certainly is not the silver bullet that people were hoping for. At the heart of the bill is the lenders/investors decision to help or not, and you have already been down that road.

08-24-2008, 09:13 PM	#1 (permalink)
Tex2020 Junior Member Join Date: May 2008 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Federal Housing Bill Question? I was sucessful in getting my Option One mortgage modified back in July. I made my first payment in August with the second coming up soon. I was in an adjustable rate mortgage, the mod was done as a Fixed Rate, but at 9.65%. Will the the new Bill allow for me to refinance at a lower rate? Just wondering if I should explore further. Thanks

08-24-2008, 10:43 PM	#2 (permalink)
Scott Hazlett Senior Member Join Date: Jul 2008 Posts: 81 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Federal Housing Bill Question? Hi Tex2020, If you are refering to HR-3221 then no. It most certainly is not the silver bullet that people were hoping for. At the heart of the bill is the lenders/investors decision to help or not, and you have already been down that road. __________________ Scott J. Hazlett Manager The Law Offices of Fransen & Molinaro, LLP 951-520-9684 scott@modifyloan.net

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