February 19, 200917 yr Where do I get that info and who do I ask for the reduction? A friend of mine was telling me a story about how his sisters' interest rate was reduced. She called the bank and asked what she had to do to lower the rate. The lady at the bank asked if she was having problems paying it. She said, no, not really. She asked again...can you not afford your current rate? Well, we're able to pay it but wanted to know if we can get the rate lowered. To that, the lady at the bank said, a third time, ma'am, are you having difficulty making your payments? To that she finally answered, well, yeah, we are. And the rate was lowered.
February 19, 200917 yr IMVHO anyone who got a mortgage the "right" way and has been diligent in making their payments should feel as if they've been slapped in the face. I heard on a radio program today that someone who re-finances through the Obama plan and stays up to date would qualify for a $1000 credit towards their principal annually for 3 years. Please tell me how I can get 3 grand taken off of the principal of my mortgage. :thumb: It is sad to think that I could have been better off by taking out loan after loan and simply defaulting on them than where I am today after having acted responsibly and living within my own means.
February 19, 200917 yr What about the 2 person family that HAD to have that 5 bedroom home NOW so badly that they HAD to take that ARM and now can't afford the payment? My advice to those people would be MOVE. If you bought more house then you could afford then I have 0 sympathy for you and you should not get 1 cent of government assistance.
February 19, 200917 yr To see if I qualify for the deduction. Would 5/3rd help me w/ that since I have my loan through them? Depends. Take your monthly income and multiply it by .31. If your monthly P&I payment is higher than the result of that calculation it seems like you would qualify.
February 19, 200917 yr :thumb: It is sad to think that I could have been better off by taking out loan after loan and simply defaulting on them than where I am today after having acted responsibly and living within my own means. I don't think this plan will reward anyone who defaults on a loan.
February 19, 200917 yr Author Depends. Take your monthly income and multiply it by .31. If your monthly P&I payment is higher than the result of that calculation it seems like you would qualify. I would, but who do I get in touch w/ so that I would only be paying 2%?
February 19, 200917 yr What about the 2 person family that HAD to have that 5 bedroom home NOW so badly that they HAD to take that ARM and now can't afford the payment? My advice to those people would be MOVE. If you bought more house then you could afford then I have 0 sympathy for you and you should not get 1 cent of government assistance. I am pretty sure I read that if your mortgage balance is a lot higher than the current value (maybe 50% higher) you would not qualify for help.
February 19, 200917 yr I don't think this plan will reward anyone who defaults on a loan. IMVHO in all but a very few circumstances, assistance for anyone who defaults on a loan is help.
February 19, 200917 yr Author What about the 2 person family that HAD to have that 5 bedroom home NOW so badly that they HAD to take that ARM and now can't afford the payment? My advice to those people would be MOVE. If you bought more house then you could afford then I have 0 sympathy for you and you should not get 1 cent of government assistance. That is the problem. People who can afford their house and are paying their payments are being told that this assistance is good b/c it will help get their house back to the value it was a few years ago. Well then I want a bigger house for the same payment as mine that someone can no longer afford. I don't want them to get bailed out while I help pay for it.
February 19, 200917 yr I would, but who do I get in touch w/ so that I would only be paying 2%? http://blogs.wsj.com/developments/2009/02/19/faq-who-qualifies-for-housing-bailout/ 5/3 is not required to participate but they are incentivized. Call them and ask. Of course, it may be too early. They may not have all of the details yet.
February 19, 200917 yr IMVHO in all but a very few circumstances, assistance for anyone who defaults on a loan is help. Again, I don't think you can be in default on a loan and participate in this bailout.
February 19, 200917 yr Please define defaulting. I thought the very essence of the plan was to reduce the cost to people that are or may become behind in their mortgage payments. By my definition that means they have defaulted on their loan.
February 19, 200917 yr I don't think this plan will reward anyone who defaults on a loan. I wouldn't recommend either, it's just frustrating... Obviously it was a little tongue-in-cheek, but I'm not sure that it is too far-fetched either.
February 19, 200917 yr Author http://blogs.wsj.com/developments/2009/02/19/faq-who-qualifies-for-housing-bailout/ 5/3 is not required to participate but they are incentivized. Call them and ask. Of course, it may be too early. They may not have all of the details yet. I just checked w/ 5/3rd a mortgage specialist will get back w/ me. Thanks for the info.
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