Ladies and Gents: If you own a home that you love and want to stay in and enjoy, this is for you. If not, keep movin'...:mrgreen: The time to decide that you may need help in order to save it from foreclosure is NOT the day OF the foreclosure sale. There are various ways these mortgage companies and banks tell you that you are in danger of losing your home. Warning signs, if you will. When you receive the notice of default or intent to foreclose or notice of acceleration, DING DING DING! More red flags should be flying around than any kind of flags seen at high school football games or band competitions/field shows. Let me be clear, the "Obama plan" (I've been told there is one) does NOT work or else the people telling me about it would NOT be in front of me. Modifications for the most part, DO NOT WORK. They keep you going on with their "need of more paperwork and forms" until they modify you right out of your house. I work with people going through this ALL DAY LONG, I've seen it so I know. Forget all these quick fixes and crazy pay back plans that only bite you in the butt later. :banghead: Time to wake up! Call for LEGAL HELP!!!!!!!!!! This is not an advertisement as I am NOT plugging a name or firm. So relax oh great forum police and politically correct personnel. I just get tired of seeing people getting screwed by these things and end up with NO TIME at all to do anything to keep the house they have worked so hard for! :evil:
Some deal that people have told me about when they come in where the "government" was going to pay their house payments for them....... or something along that line... The ones coming in with that did not know much about it either, which is why they came to see us I suppose...lol IF there is one, and there may very well be, my boss, who is in the "know" about alot of stuff, never told us anything about it. That's why it makes me think it is not all that "great" or "popular". heh heh...imagine that... the govenment paying my house payment. This brings me to another issue I have with government which I will rant on later....:jester:
So some mythical mortgage program that you know nothing about and that you heard about from other people who know very little about it is a bad thing and people should stay away from it?
Yup..that about covers it. It's VERY interesting to hear the things people tell me about....VERY INTERESTING
Not sure how this is tied to "Obama," but it is legitimate, and simple to understand. Best part is the application and meeting with the housing counselor is FREE. You don't have to pay an attorney, God'sChild, or God'sChilds boss any money to qualify. Be cautious - when treading water, there are many more people trying to throw you an anchor than a life ring. http://www.ncforeclosureprevention.gov/ Won't get in to my thoughts/feelings of this program from the perspective of a taxpayer, but it should be used long before paying fees to an attorney or sidewalk lender. Will give God'sChild the benefit of the doubt perhaps he/she is ignorant rather than cruel. His/Her boss on the other hand makes a living by throwing anchors. No different to me than the snakes that swoop in to prey on the elderly after a death or natural disaster.
We went through the process, mike, and yes, we are taxpayers too. My DH had been laid off twice in 3 years and we decided to see what we could do until he found another job. It was more intense than any mortgage loan we had ever applied for, which is why a lot of people do not see it through. We have excellent credit and were not in default, 2 requirements we were told by he counselor. This is another reason a great majority of folks in front of God'schild can't do this program. It is a second mortgage on your home that is paid by the government for a set period of time. There are conditions and terms that must be met to receive the benefit, as there should be. We made it all the way to the end (4-6 month process) and thankfully, my DH found a job!! We did get a final determination in the mail though and that is the part that ****ed me off. Despite excellent credit, not one blemish over 22 years of working and borrowing, we were told that we were denied because we did not have a high enough debt to income ratio...really? We were denied because we lived within our means (when both of us were working) and we did not have enough debt. That is when my feelings about this program changed. There is little help for the working middle class who are actually trying to do what is right. I know a few on here have benefited from the program and I am glad they did. Just my 2 cents.
I agree - like everything else our government has a hand in it is loaded with red tape and can be time consuming. Just to clarify, the loan is a second lien at 0% interest and completely forgiven after 10 years or if it puts the homeowner in a negative equity situation. I agree based on what you told me it makes little sense why you wouldn't qualify. But, like you, I know many that have. I also know it is foolish to write it off as some "Obama" plan that doesn't work and go out writing checks to attorney's and loan originators without applying here first. You can also call and speak to a housing counselor w/ NCHFA at no cost. I assure you they can tell you everything Godschild's boss will. Glad to hear in the end you did not need the assistance. The program certainly has it's flaws, but I can say it is 100% above board and honest.
Another thing to add to Lucky1's post. You mentioned you must have good credit to qualify. This program is designed for someone who is facing a hardship (job loss, disability, death etc.). NCHFA wants to know you were stable and having no trouble making the payment prior to a certain event, and there is a likelihood you will resume your good payment history once said event passes. If someone couldn't afford their mortgage payment with a job - they won't afford it after they get a new one. Granted this is the exact situation Lucky1 was facing- Frustrating on all fronts that she didn't get the funding ???
Yep, I can attest to and agree with everything you said about the program. The ten year requirement and the good credit is certainly reasonable and protects the lender, just as any other lender would require. It is a good program for the people who get it. I am very happy we did not need the program in the end. Certainly better to be working than not, but it was frustrating to be denied because we had pared down our bills when he got laid off the first time and now did not have enough debt. Shoot, I should have gone and bought a new car, I suppose. :jester:
This is exactly why the billions spent on programs to lower principal balances/refi for folks underwater did not work. That money should have been invested in, or at least reserved for, programs for people who actually live within their means, pay their bills, but face an unexpected loss of income. The same could be said for most government programs. Help those who have no intention of helping themselves while the rest pay the price.
