Do you think Foreclosure Bill will help the average person?

Posted on Sep 21, 2012 in Unique Loan Programs

Deals are just harder, order mind but why?
It would be easy and cheap (and not very popular with me) to blame the lawyers for this, but there is something more, and very tangible, going on here. Commercial real estate was never graced to the “No Doc. Loans” that made the housing market the …
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Question by : Can I shop for other lenders through a mortgage broker under the new HARP refinance guidelines?
I believe I am eligible for a HARP refinance with my current lender (Citi), medicine but Chase (a participating HARP refinance lender) advertises better rates. I have a close family friend in the mortgage industry as a mortgage broker and I was wondering if I am able to use his brokerage to look into other options for my HARP refinance, sildenafil Any thoughts?

Best answer:

Answer by Shawn H
I believe this should help you:

http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx

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Question by mmcpo29: No docs loan/stated income home loans?
I need some help with no docs/stated income home loans.
My husband and I are in the process of getting pre-approved for a home loan. I was assigned a loan officer that asked for all documents, website like this W-2, look pay stub, ailment bank statements, 401K. I provided him with all documents. He told me he will be using a stated loan because the fact the my husband pays child support will disqualified us. My husband credit is in the upper 700’s close to 800 for the highest and mine low 700 lowest 706.
Now here come the question is this loan officer trying to take advantage of us? If we provided proof of income don’t we should be doing a full loan documentation? Oh and he is using my credit score vice my husband and he stated the reason child support again, we were approved already for a mortgage but the loan officer was not honest and we backed out of the deal and child supports was never an issue.
I live in the San Diego, CA area.
Can I make this loan officer use my husband score and full loan doc?
Thx

Best answer:

Answer by little eccy
You can’t make him do anything, he is only doing his job. find another source to get your loan and ask up front on all relevant info regarding getting the loan. Doc/no docs, stated income, interest rate, points if any, appraisal fee, pre payment penalty. have him put everything in writing so you know exactly what you will be getting.

What do you think? Answer below!
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All that applicants need to make sure is that their present home mortgages are being owned or guaranteed by the FHA and that they are current on their monthly mortgage payments for the past 12 months. It is needless to say that FHA streamline refinance …
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The “Big Home”

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Question by Southern Comfort: Do you think Foreclosure Bill will help the average person?
Thinking this may be a help to consumers? Wait until you read what the people who you elected are going to do.

First of all this bill is ‘bi-partisan’ and was voted ‘yea’ at 84-12. The Senate has proclaimed it as a package designed to help businesses and homeowners ‘weather the housing crisis.’ The supporters of the bill in the Senate also acknowledge it does little to help borrowers losing their homes.

it actually does nothing to help them at all, ask there are no provisions for those in duress.

For Builders

The plan gives them large tax breaks. Over a three year period no less.

The same guys who made huge fortunes building homes and condos at inflated prices the last 6 years.

For investors

$ 7000 tax credits for buying foreclosed properties. This can include big businesses like lenders.

Buying a foreclosed home means going to a foreclosure sale. At this time this will mean 99-100% lenders tax credit as no one else will be there.

$ 4 billion in grants for communities to buy and fix up abandoned homes.

Grants will probably be given to those that can afford to buy lots of those homes, like large investment firms, lenders, and builders. Local Joe Public will see little of this in my opinion

For the oil companies and their ‘renewable energy divisions.’

$ 6 billion in unrelated tax breaks. This tax break goes against the Senates own rules regarding revenue increases.

Well, you elected corrupt people to lead, what did you expect. The businesses that made the most money in the last 10 years were Oil companies. They are the ones that will get this $ 6 billion tip. What the heck is this doing in a foreclosure bill?

Other notes

The plan modernizes the FHA to allow more people to refinance into loans back by ‘the depression-era agency.’

So, if you have good credit and payment history, the FHA will be there for you. Of course that helps no one in trouble at all.

Rumors of what the House will do when it receives it.

Try to reject 25 billion in tax breaks to ‘money-losing’ businesses like home builders.

I think, if I were to be cynical, that only ‘money-making’ home builders will get this.

The House seems to want to drop the tax credit for buying foreclosed properties.

Maybe they are afraid too many regular people may be able to buy a foreclosed home?

For the people

$ 150 billion for pre-foreclosure counseling and stronger loan disclosure requirements.

The only ‘foreclosure counselors’ will be your lenders. The only ones doing disclosure requirements will be your lenders. Lenders, say hello to another 150 Billion, thanks for the memories.

Tax breaks for ‘first-time’ home buyers and investors in low income rental housing.

You could sum this up as ‘Nobody and slum lords.’

A separate house bill would be paired with it that gives $ 300 billion to refinance loans for 1 million+ homeowners who ‘might face’ foreclosure.

Keyword ‘might’, this means if you are in foreclosure or probably cannot stop heading towards it you will not be eligible. This is a sad joke.

The White House

George Bush, the President, ‘opposes’ the plan but has no plans to veto the final version coming from the House.

Thanks for ‘almost’ George!

The Bush administration countered those plans Wednesday with its own, far narrower, proposal. It would expand an existing FHA program to allow more homeowners who are facing large rate hikes to refinance into more affordable government-insured loans

And this will preclude everyone in trouble or who already faced huge rate hikes

Best answer:

Answer by Kem K
The people who really need the help are not going to receive it. They need to do something with the whole mysterious credit system in America in general its out of control. I think the average American consumer is getting screwed over by FICO in general. The house needs to do some reevaluating on credit and how it effects Americans and the current system they have in place. Banks can use whatever tactics to lure consumers in and nothing happens to them using their unethical lending practices.

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5avg.rating 16 votes.

6 Comments

  1. People who are losing their homes bought more house than they could afford and had poor credit due to their own lack of financial responsibility. They were led down the primrose path by less than ethical lenders who “made things work” thru creative financing.

    In my opinion THESE folks do not deserve any assistance. Why should I pay taxes to bail them out?

    On the other hand, home builders have been keeping the economy going when every thing else was in recession. With the glut of foreclosed homes on the market, this is killing the home bulding industry — which creates lots of jobs.

    Encouraging people to buy up foreclosed homes is necessary. Otherwise, the property values of the surrounding area go down and you end up with whole neighborhoods of empty houses with boarded up windows.

  2. Im starting to get issues.

  3. If it sounds too good to be true, it probably has a dark side.

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  5. That's a nice article on mortgages.

  6. I really like the part after you introduced the topic. Great work on the article about lending.