U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-18-2009, 12:18 PM
 
1,175 posts, read 2,533,021 times
Reputation: 595

Advertisements

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.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 02-18-2009, 12:46 PM
 
Location: Charlotte, NC
422 posts, read 1,305,083 times
Reputation: 242
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?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-18-2009, 12:55 PM
 
Location: Charlotte, NC
7,041 posts, read 14,198,051 times
Reputation: 2333
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....
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-18-2009, 12:57 PM
 
630 posts, read 1,791,978 times
Reputation: 288
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-18-2009, 01:18 PM
 
Location: Autumn Cove, Lake Wylie, SC
393 posts, read 1,131,245 times
Reputation: 284
Quote:
Originally Posted by chicagocubs View Post
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...
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-18-2009, 01:18 PM
 
Location: livin' the good life on America's favorite island
2,216 posts, read 4,131,665 times
Reputation: 1372
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...
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-18-2009, 01:28 PM
 
Location: Autumn Cove, Lake Wylie, SC
393 posts, read 1,131,245 times
Reputation: 284
Quote:
Originally Posted by ZnGuy View Post
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-18-2009, 01:51 PM
 
Location: Charlotte, NC
2,193 posts, read 4,843,935 times
Reputation: 1075
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
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-18-2009, 01:54 PM
 
1,877 posts, read 4,628,274 times
Reputation: 1243
Quote:
Originally Posted by uber_bwnage View Post
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!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-18-2009, 02:01 PM
 
Location: Charlotte, NC
7,041 posts, read 14,198,051 times
Reputation: 2333
Quote:
Originally Posted by Hoagie58 View Post
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.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads

All times are GMT -6.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top