“This article has been out for several months now and this are constantly changing. Find More information at my new home page Upside Down Mortgage Refinance”
Get Upside Down Mortgage Help
The Obama Camp is launching the “Making Home Affordable” program designed to help homeowners who are Upside Down on their mortgage.
The details of the program are not all available but they do lay out the required paperwork and a few guidelines.
“It’s not intended to prevent every foreclosure or to help every homeowner,” a senior Treasury Department official told reporters. “It’s really targeted at responsible homeowners.”
I guess the hidden good news is that if you have an Upside Down Mortgage and you are paying you payments on time this is the plan you have been waiting for. No more sneaking around or trying to force something down the throats of the lenders.
“I’ve just seen so many of the programs not work,” said Pava Leyrer, president of Heritage National Mortgage in Randville, Mich. “It gets borrowers hopes up. They call and call for these programs and we can’t get anybody to do them.”
Read More about “Making Home Affordable Program“…….
Does this plan help me?
MY wife and I bought at the peak of the housing bubble, July 2006. We also bought in South Florida which obviously is being affected harder than other areas by the bubble. We paid 310K, but did not buy beyond our means, but it was close. Our plan was to buy here live for 5 years, sell, make a profit on this house, and buy another one. We have a first through countrywide (250K) and a second through Citi (60K). We have never been late on our mortgage payment, and any payment for that matter. Our problem is two fold. One we are expecting a child in July, and we will be financially secure until October. After that it will be hard to make our mortgage. Problem 2 is houses similar to ours are being listed for 138K in our neighborhood. I have looked and guesstimated that our house is worth 200K. I have tried to talk with the banks to get a principal adjustment, and they wont even talk with me unless we are behind in our payments. I asked how a short sale works and they won’t even let me talk with the adjusters again until we are behind. We are thinking heavily on just walking from this house, as I don’t see a light at the end of the tunnel where I will ever get my money back out of this house. I would rather take the 5yr hit to my credit and save the 3K we spend a month on our mortgage. To make matters worse we were broken into last week. I have no idea what to do or who to turn to ask questions, without the fear of being scammed. Please Help, and let me know doe st hi new plan help me?
Comment by Jimmy Clement — March 12, 2009 @ 1:55 pm |
It is my understanding that my mortgage is much more than what my home is worth. I don’t know where to turn. I have an adjustable rate of 9.75% and have not been late with my mortgage payment to Countrywide. Can you give me some advise or help me. Thank you.
Comment by Tommy Bachicha — July 28, 2009 @ 1:52 am |
I have an Adjustable Rate Mortgage that I owe
over $113,000.00 on a $86,000.00 home. I am 68 years old working full time and drawing social security. My question is – what can I do so that my home will not go into foreclose if I choose to relocate or I die?
I need help………never been late……..payments are drafted monthly.
Comment by Margaret Ann Bass — November 6, 2009 @ 6:12 pm |
Hi Margaret!
There are several options to be help you with your Upside Down Mortgage
I suggest starting with looking into anUpside Down Mortgage Refinance to see what options you might have. My site at http://www.brentlane.net is a great place to start. I have videos there that will walk you through the process and get you involved in the discovery process. If you find out that you can refinance just contact your local person or if you are in California contact me directly to help you with a refinance.
Hope that helps.
Brent
Comment by brentlane — November 6, 2009 @ 6:41 pm |