Anybody Underwater on their Mortgage (loan, foreclosure, credit rating, rate)

[mrdkb]

I don't think the gov plan will do much to help those who had a decent downpayment, good job, good credit rating - but are now underwater.

[NewBeginnings12]

I was wondering that myself.. what if you do pay your mortgage on time etc... but are struggling from a pay decrease or job loss? Is there any help?

[chicagocubs]

I think that you can call your lender for a modification; but, if you are not working, I don't think that you would qualify....

[flexysteve]

A government plan which was only written so those that wrote it can say "Look what I did" but offers no real help... shocking.

I'm still hoping to see a real breakdown on the amount of new NC jobs created from yesterday's "3.5 million jobs created or saved" plan.

[uber_bwnage]

Originally Posted by chicagocubs

I think that you can call your lender for a modification; but, if you are not working, I don't think that you would qualify....

I asked my lender (Countywide) about a loan mod since I am underwater now and they told me since I make payments on time, there is "nothing they can do".

Just another example of those who do what they are suppose to do getting screwed by Fuhrer Obama...

[ZnGuy]

Our President said today that 'I want to help you pay your mortgage'. Fine, I have excellent credit with good equity in my home....if I call my bank and ask for a lower mortgage payment will they give it to me? Probably not but they will help those that shouldn't have qualified in the first place. Sounds like a wealth transfer program.....or should I say the word...socialism...

[uber_bwnage]

Originally Posted by ZnGuy

Probably not but they will help those that shouldn't have qualified in the first place. Sounds like a wealth transfer program.....or should I say the word...socialism...

Exactly. Read about the Community Reinvestment Act and tell me who is to blame for this mess.

[sheenie2000]

Of course you won't be helped. Everything that is done is to serve the banker's interests.

If you are paying on time and paying all the interest you are supposed to pay, then you are serving the bankers. There is no need to help you.

"Give me the right to issue and control a nation’s money and I care not who governs the country.” Meyer Amschal Rothschild, International banker

[Hoagie58]

Originally Posted by uber_bwnage

I asked my lender (Countywide) about a loan mod since I am underwater now and they told me since I make payments on time, there is "nothing they can do".

Just another example of those who do what they are suppose to do getting screwed by Fuhrer Obama...

Could have wrote this post myself. Of course, the government will keep throwing TARP money at BOA so they can withstand all the crappy mortgages Countrywide brought them. I say let em fail!

[chicagocubs]

Originally Posted by Hoagie58

Could have wrote this post myself. Of course, the government will keep throwing TARP money at BOA so they can withstand all the crappy mortgages Countrywide brought them. I say let em fail!

Actually, Hoagie & uber, I remember reading that a specific area of the foreclosure plan (and I do not have a link; probably on the change.gov site) was to assist those homeowners who are current, yet underwater on their mortgage. (however, they had to be employed) Now, I am not a fan of Countrywide, (at all!) but, with this plan...(and, I might be mistaken, please research it) as I understand it, you refinance with Fannie or Freddie at a lower rate and possibly a longer term to make your payments more affordable. At one point, they were talking about shaving off some of the principal, but, I think that was nixed by the lenders. I would do the research myself but, I am supposed to be studying for a Civil Litigation exam and really can't take the time right now. If you can't find it, DM me and I will look probably over the weekend.