Roost - Latest Comments in The Fed Wants to Help You Stay in Your Home.

Re: The Fed Wants to Help You Stay in Your Home.

modular homes — Wed, 25 Aug 2010 05:10:31 -0000

The Fed Wants You To Have Free Electricity From Solar Energy .... If you plan to stay in your home for at least six more years, you will break even by then

Re: The Fed Wants to Help You Stay in Your Home.

modular homes — Wed, 30 Jun 2010 06:25:11 -0000

The Fed Wants You To Have Free Electricity From Solar Energy .... If you plan to stay in your home for at least!

Re: The Fed Wants to Help You Stay in Your Home.

DG — Thu, 28 May 2009 13:33:36 -0000

I'm one of the people who put no money down, but at the time coming up with an $80,000 down payment would have been impossible for years. Turns out all I need now is $30,000 for a down payment and after not paying on my mortgage for 6 months I already have it and the bank hasn't even filed a notice of default yet. By the time this thing is over and the bank finally forecloses I might be setting on $50,000. When this is over and nearly 10 million families have been foreclosed on it will not look like such a big black mark on your credit.

Re: The Fed Wants to Help You Stay in Your Home.

Ncy Casco — Thu, 30 Apr 2009 21:50:54 -0000

Well, today I call my Lender ASC to see what the status of loan modification was. To my surprise they approved the modification since they denied the first modification. I would need to start making payment for the amount of $1,238.92 on May 20th. Well, first my monthly payment was for $1,029.48 I also have a second loan for the amount of $448.00 plus the HOA and other fees. What I want to know where is the “home affordable modification” in my case, and this is not even a home is only a condomainium. Now my monthly payment when up $209.44 and that is not counting my other lender. I’m so discourage which ASC. . . I don’t know what to do? I’m a single mother of one child and no job???? Know how can I request a second review on this modification now that I don’t have a job. . . yes a lawyer could help, but I don’t have the money to pay a lawyer. . . and that is not all they said that this payment is a forbearance for three month in August I will not make a payment until the they really decide what the amount of the loan modification will be. So know what???

Re: The Fed Wants to Help You Stay in Your Home.

Imee — Thu, 19 Mar 2009 07:10:54 -0000

There's so much to talk about when it comes to the Making Home Affordable program. I'm not fully convinced about it, but a part of me still believes that it somehow can work. It HAS to, since there's so many people ending up homeless right now. Unless someone dishes out another, better option, I don't think people have a choice.

Re: The Fed Wants to Help You Stay in Your Home.

Marston Myers — Sat, 07 Mar 2009 00:08:04 -0000

Tami,

First, go here;

www.financialstability.gov

Follow the checklists to see where you fit into the program (if at all).

Next, while you are working with a servicing company, if you are that close to losing your home, you NEED to contact an Attorney.

The Obama plan specifically has most lenders holding off on actual foreclosures. After you read all of the material on the above site and are well informed you may want to contact your lender(s) directly and ask their intentions.

Once armed with this information, an Attorney can advise you what your next step is. A BK 7 or 13 can stop the foreclosure while you get exercise your rights and explore your options.

Be pro-active and hold your head up. Show your children strength and honesty in the face of adversity. They will "hear" you loud and clear.

God Bless,

Marston Myers

Re: The Fed Wants to Help You Stay in Your Home.

Tami — Thu, 05 Mar 2009 20:19:24 -0000

We need help understanding this new modification. We are working with a Financial service that has been helping us modify our loan. We were denied last week because the lender stated we had a lien on our home. Which was false we sent them the documentation showing it was paid in 2006. We have received a trustee sale date of March 23, 2009. Our service stated they had to reapply for this modification. But we are so worried we will not have the time to have ASC (american servicing company) get the ball rolling fast enough. We are need in some help to find out if ASC is going by these new guidelines. They will not give us any information. We are so stressed out about being kicked out of our home. What do I tell my children? if you have any info please let us know.

Re: The Fed Wants to Help You Stay in Your Home.

roostblog — Thu, 05 Mar 2009 16:29:16 -0000

I hear you loud and clear Marston. It is a different lanscape now. My snarky comment was referring to people who were doing no money down or 103% loans who really had no business being in the house in the first place. Need to realize that there are a lot of good people out there who did all the right things and got sucked up in the market. I'm getting close to being one of those people myself. Thanks for your comment.

Re: The Fed Wants to Help You Stay in Your Home.

Marston Myers — Thu, 05 Mar 2009 14:46:29 -0000

There is no minimum or maximum LTV ratio for eligibility purposes.

(Isn’t this one of the things that got us into this mess in the first place?)

Here in California (also NV, AZ, FL and now others) our housing prices have decreased 45% to 55%. This bubble was CREATED by Wall Street and the Banks while the Fed fiddled. I have clients that paid $671K for a new home in 2004, full doc with 25% down. The home is now worth $360K (based on current saleS on SAME STREET. They now have an LTV of 145%. They are willing to continue to pay on a mortgage that is about $200K more than their home is worth. All they want is an interest rate reduction of about 2%. Although the wife lost her 10 year management job at AT&T due to economy, husband picked up slack and all payments are current. Until now we were looking an attorney to force a loan mod (their bank told them unless they were late they would not help them-period). They have already lost their own 25% equity (down $168K) and are willing to wait the 10 years or so just to break even.

What EXACTLY would YOU have them do?

These people are NOT the exception in these areas but the rule.

Re: The Fed Wants to Help You Stay in Your Home.

Ann Allen — Thu, 05 Mar 2009 07:37:56 -0000

Good reading....appreciate the links!

Re: The Fed Wants to Help You Stay in Your Home.

CTannStarr — Wed, 04 Mar 2009 19:59:08 -0000

Hi Donne! Glad you could make it. :-)

Re: The Fed Wants to Help You Stay in Your Home.

Donne Knudsen — Wed, 04 Mar 2009 18:37:22 -0000

All good info for the consumer to know.

Re: The Fed Wants to Help You Stay in Your Home.

CTannStarr — Wed, 04 Mar 2009 18:05:30 -0000

Very interesting...