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For those who think they may qualify. We're applying to our 1st mortgage since we've experienced a loss of income as well as increase in expenses in the last 6 months (birth of new baby, and autism diagnosis of older child whose treatment isn't covered by insurance).
It really stinks for us. We won't qualify for anything because we don't live in the house. We had to move because DH lost his job and we moved from MI to IN for a new one. We can't sell the house because the housing market stinks. We've had it for sale for almost 2 years. Foreclosures are running rampant in the area we're trying to sell in. The house across the street which was for sale at the time we bought for more than our house was foreclosed and sold for 28,000, about 1/3 of what we owe. We can't compete with that. So meanwhile we pay our mortgage on time plus rent because we obviously can't afford a second mortgage to own a home here. I understand that they don't want to help people who are real estate investors but we can't be the only people in this situation, moved because of job loss but screwed by the housing market so we can't sell. No help for us.
But if you had a 30 year mortgage instead of a 15 year one, wouldn't that change things?
Really, this kind of stuff burns me up. So, people who were irresponsible and rolled other debt into their mortgage now can get a break. Figures!
Yes, we're fully expecting them to extend the term, which is fine. Between dh's pay cut and the costs of Zack's autism therapies, we're willing to extend the term, but we owe more than the house is worth, so we can't refi. There would be an obvious winner when it came to choosing to keep our home, or choosing to get our child the therapy he needs for his condition. This new plan may enable us to keep our home without sacrificing his needs. Unfortunately, his treatments aren't covered by insurance.
Not everyone can qualify for this. You have to have experienced a loss of pay or significant increase in expenses.
Oh, wanted to add, this plan does not apply to 2nd mortgages. So our bill consolidation loan will remain the same. This is just for first mortgages.
Last edited by ~Jess~; March 13th, 2009 at 09:56 PM.
I dont think it is made to bail out people who made bad choices, i think it is intended to help those that have been affected by the downturn in the market. I think its time we moved past pointing fingers at who screwed up and just fix things
I would suggest contacting the institution that holds your mortgage! We are qualifying under the same plan and we have not had any losses or any decrease in income! We also pay bi-weekly (one additional payment a year, pay off of the 30 year loan in 22 years) and our bank is working with us in order to keep our same "pay off date" in the refinancing. we don't even need to provide proof of income. It's on good faith since we have paid our mortgage on time and have good credit!!! Our bank is also not a bail-ed out bank! So contact your lenders!!!!!
I didn't think we'd get anything either. Then my mother called me - apparently her friend did this in our same situation and I said "***!" and called, and sure enough we submitted application on Friday and we're waiting to hear today!