"making home affordable" how many of us can get our mortgage principal reduced?

[milner351]

I wonder how many of us will qualify for this?

Worth looking into:

http://makinghomeaffordable.gov/

[dieselgeek]

Re: "making home affordable" how many of us can get our mortgage principal reduced?

I wonder how many of us will qualify for this?

Worth looking into:

http://makinghomeaffordable.gov/

My neighbor looked into "loan modification" because she's single, works two jobs... It's not really built for people who bought houses with the intention of being able to pay off the loan. It's more for the people who everyone knows were NEVER going to be able to make that balloon payment, or make more than a few months' worth of mortgage payments, but got approved by lenders anyways.

[IRONHEAD]

Re: "making home affordable" how many of us can get our mortgage principal reduced?

I wonder how many of us will qualify for this?

Worth looking into:

http://makinghomeaffordable.gov/

My neighbor looked into "loan modification" because she's single, works two jobs... It's not really built for people who bought houses with the intention of being able to pay off the loan. It's more for the people who everyone knows were NEVER going to be able to make that balloon payment, or make more than a few months' worth of mortgage payments, but got approved by lenders anyways.

x2

those that are paying the mort. but are underwater.. and take this road.. get a 100+ point hit on your credit score..
so if your in a var % mort. but are paying the loan.. your gonna kill your credit to get out of the var rate mort. you got talked into..
it be nice if the government owned fanny mae/mac would just rewrite the loans in a fixed rate..
as they hold the loan anyways,,
it seem to be a win win. you get a fixed rate at the lower rate around now, and the bank doesn't have to lower the loan amount..
but I guess that be to easy

[ponchoman]

Re: "making home affordable" how many of us can get our mortgage principal reduced?

I see this whole thing as the public financing somebody elses personal investment. There is no law that says when you buy a home it must increase in value any more than if you buy stock it will increase. I do feel bad for people but don't feel compelled to spend more tax dollars because they don't want to pay more back then the home is now worth. What if people did that for car loans? You'd never have a single car loan paid back, because the moment it's driven off the lot it's lost value. I know I'm not alone on this board in having had an opportunity to "invest" in real estate, but turning it down because of the risk or not having enough discrentionary money to really mess with it. Many of these people were in the same spot, but bet their finances anyway. Now we're paying for it.

[IRONHEAD]

Re: "making home affordable" how many of us can get our mortgage principal reduced?

I see this whole thing as the public financing somebody elses personal investment. There is no law that says when you buy a home it must increase in value any more than if you buy stock it will increase. I do feel bad for people but don't feel compelled to spend more tax dollars because they don't want to pay more back then the home is now worth. What if people did that for car loans? You'd never have a single car loan paid back, because the moment it's driven off the lot it's lost value. I know I'm not alone on this board in having had an opportunity to "invest" in real estate, but turning it down because of the risk or not having enough discrentionary money to really mess with it. Many of these people were in the same spot, but bet their finances anyway. Now we're paying for it.

true,, but alot of people got talked into an adj mort rate, then just refi.. in a few years..
these people are paying their mort. but CAN'T refi . into a FIXED rate mort. because the house is worth less than the loan..
I have issue with a bank that will not refi into a fixed loan, that the home owner is paying the mort. and is doing so on time..
but when the interest rates climb and the adj rate mort goes up and these home owners can't pay, the banks will take the loss on the house..
doesn't make sense..

[BBR]

Re: "making home affordable" how many of us can get our mortgage principal reduced?

As with any govt 'fix' involving money....

check closely for the strings that surely exist

[SpiderGearsMan]

Re: "making home affordable" how many of us can get our mortgage principal reduced?

if you couldn't afford the mortgage - RENT !!!

[olbuddybob]

Re: "making home affordable" how many of us can get our mortgage principal reduced?

As IRONHEAD said, this goes on your credit report as a charge off. the same as paying a partial to pay off your credit card balance, or a short sale on your house. If you have no other choice it is better than losing it.

[ch1ll]

Re: "making home affordable" how many of us can get our mortgage principal reduced?

I applied for a mortgage modification last April while I was laid off. Turned down. Reason? Had too much equity in my condo. What they were really saying was we hope you default so we can forclose cause home values in Wisconsin's market has only dropped 3% . I was off 10 weeks and was back to work when they denied the mod. Was too busy to fight like hell which I hear is what one has to do to actually get a mod.

Wake up! This is a bank bailout, not a program to help keep people in their homes. The bank made at least $2500.00
for denying my modification.

[ponchoman]

Re: "making home affordable" how many of us can get our mortgage principal reduced?

true,, but alot of people got talked into an adj mort rate, then just refi.. in a few years..
these people are paying their mort. but CAN'T refi . into a FIXED rate mort. because the house is worth less than the loan..
I have issue with a bank that will not refi into a fixed loan, that the home owner is paying the mort. and is doing so on time..
but when the interest rates climb and the adj rate mort goes up and these home owners can't pay, the banks will take the loss on the house..
doesn't make sense..

"Got talked into" translates into "did something stupid that they should not have done". Not my responsibility. Don't think you and I should be paying for it.

[bbnova]

Re: "making home affordable" how many of us can get our mortgage principal reduced?

[quote=ponchoman ]
I see this whole thing as the public financing somebody elses personal investment. There is no law that says when you buy a home it must increase in value any more than if you buy stock it will increase. I do feel bad for people but don't feel compelled to spend more tax dollars because they don't want to pay more back then the home is now worth. What if people did that for car loans? You'd never have a single car loan paid back, because the moment it's driven off the lot it's lost value. I know I'm not alone on this board in having had an opportunity to "invest" in real estate, but turning it down because of the risk or not having enough discrentionary money to really mess with it. Many of these people were in the same spot, but bet their finances anyway. Now we're paying for it.
[/qte]

I 100% agree with you people have to stand on there own two feet, you know what you can or cant afford, so we hear they talked me in to it BS.

[milner351]

Re: "making home affordable" how many of us can get our mortgage principal reduced?

Instead of bailling out wall street so they can give themselves huge bonuses,
the gov't should have reduced all primary residence mortgage balances to the state equalized value, that would have put allot of money back into the economy at the citizens discretion.

[joe_rocket45]

Re: "making home affordable" how many of us can get our mortgage principal reduced?

here's what the banks did....whether it was a card or a house

they gave out a $500 limit credit card
so-n-so charged it to the max,
ended up with a $1500 bill.. paid in $750
defaulted

CC-company/bank claims they went negative $750
yet their gross gain was $250 +

but were still bailed out
using our tax dollars...
and continued to give $10,000,000 bonuses

[Matt Cramer]

Re: "making home affordable" how many of us can get our mortgage principal reduced?

It looks as if the number of foreclosures in the Atlanta area has made buying a home affordable without any government help at all... unfortunately, it's also made it impossible to sell my house so I can buy one of those more affordable houses.

[ponchoman]

Re: "making home affordable" how many of us can get our mortgage principal reduced?

Instead of bailling out wall street so they can give themselves huge bonuses,
the gov't should have reduced all primary residence mortgage balances to the state equalized value, that would have put allot of money back into the economy at the citizens discretion.

Why? Why is somebody who bought a home expecting it to increase in value more deserving of taxpayer money that somebody else who invested in a public company for their retirement? Many people exercised good judgement and didn't buy into the overhyped real estate market in many of those areas. The reason the markets crashed in the bay area, etc, is because the property was never really worth the money. It was being artificially elevated in value by a buying frenzy fueled by poor judgement. I know - easy to say - but plenty of people didn't go down that path.

As for Wall street, I'm no fan. But, almost every one of us including here are depending in some way on publicly traded companies for 401Ks, retirement funds, mutual funds, etc. I could care less about the "huge bonuses". Those bonuses add up to less than 1/10 of one percent of their revenues, so in the larger scheme it's just plain stupid to be even talking about it. Is it a problem? Sure. Is it wrong? Sure. Does it have a darned thing to do with anything else? Nope. What's even more hypcritical is that some people will fight to the end to defend certain contract obligations to the UAW, or UMW, or Teamsters - yet they yell about legal contracts that requrie payment of bonuses to those Wall Street Shysters.