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post #1 of 30 (permalink) Old 08-25-2009, 12:12 PM Thread Starter
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Obama's Housing Plan

Any thoughts, I've been looking into it, but cant find any solid pro or cons to it or stipulations. Fortunately I'm not behind on my mortgage yet but I'd like to be able to afford cable again. So much info out there too its hard to take it all in. I know a few people who were able to refinance for as low as 1.5% :shock: If I could do that Id' be a happy camper.

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post #2 of 30 (permalink) Old 08-25-2009, 12:14 PM
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Re: Obama's Housing Plan

If you can afford your payments (even if it's a stretch), you won't be getting any relief, sorry.

There are hundreds of stories out there about the ineffectiveness of these programs and the incompetence of those handling them.

What interest rate are you paying now? How much has your home value dropped?
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post #3 of 30 (permalink) Old 08-25-2009, 12:19 PM Thread Starter
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Re: Obama's Housing Plan

6.125% and about 8k in depreciation.

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post #4 of 30 (permalink) Old 08-25-2009, 12:24 PM Thread Starter
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Re: Obama's Housing Plan

Are there any cons to these plans? I herd by word of mouth, that if you fall back on a loan that has already undergone a refinance or modification, they'll take your house right away.

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post #5 of 30 (permalink) Old 08-25-2009, 12:51 PM
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Re: Obama's Housing Plan

[quote author=3driverPA link=topic=154319.msg3295613#msg3295613 date=1251217194]
6.125% and about 8k in depreciation. I cant afford my mortgage and other bills I'm running off savings now, and it will only hold out about 2 more months if that. Mean while I'm falling behind on utilities a little.
[/quote]

Well, go ahead and contact the bank that services your loan and get the ball rolling. They may not help whatsoever until you're already behind on your mortgage.

However, I doubt they'll do anything for you, honestly. They aren't going to be able to get you a rate much, if any, lower than you're paying right now and I highly doubt they'll eat the $8k in lost equity. It's probably financially advantageous for them to just foreclose, unfortunately.

Additionally, if you're living off of savings w/o a source of income, there is zero chance that they'll work with you. Sorry.
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post #6 of 30 (permalink) Old 08-25-2009, 12:51 PM
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Re: Obama's Housing Plan

[quote author=3driverPA link=topic=154319.msg3295620#msg3295620 date=1251217470]
Are there any cons to these plans? I herd by word of mouth, that if you fall back on a loan that has already undergone a refinance or modification, they'll take your house right away.
[/quote]

Well, if you do fall behind after a modification, they're not going to be in a mood to work with you again. They'll probably start foreclosure proceedings once they're legally able to.
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post #7 of 30 (permalink) Old 08-25-2009, 12:59 PM Thread Starter
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Re: Obama's Housing Plan

I'm really not too worried about my home going to foreclosure, my mortgage is only 600 a month and have no other loans out, thank god.  Worst case scenario i sell my turbo kit or or my 52" flat screen, and make my fiance get a real job.  But if i could save my self a few bucks every month ill be a happy camper.  At the home page I do fit all the criteria to be eligible, my mortgage is 31% of my income, so far, well see now that I'm actually selling cars.  It also says you don't have to be behind on payments.  I guess what I'd like to do is see if i can save some money but playing a system a little.  By playing the system I mean using it to my advantage, even though on paper I do qualify I'm pretty good off compared to others in my situation. 


Correction, I'm not running off of saving alone but i am dipping into them a lot.

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post #8 of 30 (permalink) Old 08-25-2009, 01:06 PM
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Re: Obama's Housing Plan

$600/mo.? What do you want your payment to go down to?

They're probably gonna laugh at ya if a modification brings down your total payment by only $100 or so.
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post #9 of 30 (permalink) Old 08-25-2009, 01:06 PM
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Re: Obama's Housing Plan

why not rent out a room or something for $500 a month?


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post #10 of 30 (permalink) Old 08-25-2009, 01:09 PM Thread Starter
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Re: Obama's Housing Plan

If a mod only knocks off 20/mo ill be happy, I'm a cheap ass. I save my $$$ where i can. If they knock off 100/mo I'm going to Disney next year! lol

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