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It's weird. They're giving people $8,000 to buy houses - if the government has that kind of money to give away, why not give everyone $8,000 to keep their houses?
My coworker at my last job said Bank of America is a great bank to get a mortgage from because they have an unemployment "insurance" where they cover mortgage payments while you're unemployed.
My mortgage is with a credit union, which I was always happy with, but then upon investigation or restructuring or refinancing I find it is really a Freddie Mac loan. I have a decent fixed rate but the mortgage company wants hefty $2000-$3000 fees to restructure. They won't even consider it until we are behind by a month or two. their idea of "help" is deferring a couple payments for a quarter and then expecting you to pay it all back after the deferment period. So I'm expected to risk my good credit and fall behind instead of doing something proactive now. Cripes!!!
Yeah, when I was going through a divorce a few years back and had a house, I called my bank telling them it was on the market and wouldn't sell. And that I was going to be unable to make payments in 2-3 months time and was there something we could do. They told me they couldn't do anything until I was at least 2 months behind on the mortgage, and to call back then. It sucks.
its a trap my friend fell behind by 3 months. they granted him a deferment period then as stated above they wanted it all back at once. he let the house go as he had just bought it only a year ago.
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