Question by matinmom: Has anyone with a Wachovia mortgage had any success refinancing or modifying their loan?
I just spoke to a Wachovia rep and he said they’re not offering the Hope for Homeowners program nor the Homeowner’s Affordability Program. What’s going on? I thought the government put these programs in place to help stabilize the mortgage crisis. Has anyone out there had success with a refinance/modify on their mortgage? If so, healing drugs which bank are you with and how did you do it?
Best answer:
Answer by Jada
Oh boy….I had to deal with Wachovia before and they are jerks! I would maybe try talking to your bank or credit union to see if you can refinance. Good luck!
Give your answer to this question below!
Question by Me, medications Too: Is it right for the Feds to Bail Out the Wealthy with Tax Dollars?
The stock market recently plunged. There was a great deal of “pain” on Wall Street, diagnosis as the wealthier percentage of our citizens and Corporate traders went into a panic. Not once, check but several times, the Feds poured money out to rescue the market. However, there was no bail-out for the homeowners losing their homes, the mortgage foreclosures that caused the stockmarket plunge. Is it right for the Feds to bail out wealthier investors, while ignoring the plight of citizens unable to pay their mortgage costs, using their tax money to do it?
Best answer:
Answer by chocolahoma
May I remind you that the “wealthy” are the ones who hire and pay the rest of us. If they take a sudden financial hit, their response will be to lay off employees. When employees get laid off, the “wealthy” take another hit and the cycle repeats.
Everything in the economy is connected, its much much more complex than almost any of us can grasp, and you’re gonna scream bloody murder if unemployment starts to rise…
So there’s really no answer that will please you other than “rich=bad” and “government=evil”.
What do you think? Answer below!
My opinion is that although you are on the edge of being right the issue of the recent bail out of the stock market was for reasons of the declining housing market as it affected the rich and famous and the entire economy as a whole, in fact you should see another rate decrease by the Feds in the month of September.
As to what the government is doing for folks like you and me relating to the housing foreclosure crisis, the government realizes finally that if they don’t do something they are going to make less taxes as these people are forced into economic disaster with an economic ripple throughout and therefore it is in their best interest to keep these people in the economic cycle so as to continue the tax flow to the government.
Here are some links of what the government is doing
Fannie Mae Loss Mitigation policies on Foreclosures
https://www.efanniemae.com/is/hcounselors/lossmitigation.jsp
Site #2
http://www.fanniemae.com/housingcommdev/resourceshomeed/lossmitigation.jhtml?p=Affordable%20Housing%20&%20Community%20Development
Government article and information on Foreclosures
http://www.occ.treas.gov/cdd/spring06b/cd/gsesusetech.htm
HUD: Servicing and Loss Mitigation on Foreclosures
http://www.hud.gov/offices/hsg/sfh/nsc/faqnsctc.cfm
Site #2
http://www.hud.gov/offices/hsg/sfh/nsc/nschome.cfm
HUD: Approved House Counseling Agencies includes foreclosure issues, by state
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
HUD: Article on Foreclosure Issues
http://www.huduser.org/Periodicals/ushmc/fall95/fall95.html
National Home Recovery Program for foreclosures http://www.nhrp.com/
Steps that can be taken to prevent foreclosures: http://www.consumerlaw.org/initiatives/seniors_initiative/advforcl.shtml
Remember that using money is faith based other wise it is nothing more than a piece of paper with dead presidents on it.
I read the newspapers carefully. I see no bail out of anyone coming. The fed is loaning money out to large banks and reducing interest rates to help make businesses feel more secure. But the businesses are paying interest for those loans and having to qualify for those loans. If they can’t qualify they will go out of business.
Yo Sport —
This little thing has been going on for quite some time —
it is simply “out in the open” now — because the “elite” don’t really worry anymore about the “masses” having much “give-a-damn” OR SAY in what they do !!
This is yet another way that the “powers-that-be” have of shoring up their buddies and keeping themselves in control of the overall !! And, it is a major reason that the market — overall — is an absolute LIE of the actual factual of the value of ANYTHING anymore — it is so subsidized and pumped up and manipulated — there are no REAL indicators to be found anymore !!
And, after all —- who ARE these little “nobodies” that are loosing their homes, anyway ?? The BANKERS are not going to be out all that much — they’ve received years of payments and interest and then get the house back — sometimes over and over again — and in a lot of cases — if they are the note holder to begin with — they haven’t actually put out any REAL capital on the property to begin with — all of the deal simply being a “paperwork thing” — and — really now — aren’t THEY the ones that the government is truly working for to begin with ???
I simply LOVE your first poster’s Neocon propaganda line about —These people are our MASTERS — if THEY hurt — it’s going to hurt US all !! —– truck load of crap !! It was American ingenuity and business prowse that made these rats fat to begin with — and if they were out of the way — we would do MUCH better — almost to the person !!
And, it shows the willingness at this point of a great number OF Americans — to go in every day to the “chaingang” and strap themselves in to the Masters’ Plan for them !!!
It is, and it isn’t.
On one hand, it isn’t right because it goes against free market capitalism, and rewards stupidity. Yes, the lenders that got themselves into this were stupid, and there are a lot of people with six figure salaries that really need to be fired for that stupidity, but it isn’t going to happen.
On the other hand, the existence of the Federal Reserve contributed greatly to the mess as well, by providing a system that these idiots that took these bad loans could count on to save them from their folly.
Finally, for the Fed to do nothing would be to change the rules far too suddenly, and would probably spook us into a much more serious economic situation, one that might be worse than you can even imagine.
Are you ready for worse than you can imagine? I doubt many people are.
Why should I feel sorry for citizens that voluntarily took out variable interest loans? Either they were bad risks and should have been renters anyway, and will be again, or they were speculating, which brings us back to W.C. Fields’ old saying, “You can’t cheat an honest man.”
I closed about a hundred loans last year, about half with variable rates. The Truth In Lending statement shows them what the maximum payment could be, and I point it out to them. I don’t know if other attorneys do this, but I do, and it’s right there for them to see. It’s their own fault if they ignore this information and get burned by it.
You are making a lot of assumptions that aren’t correct.
First of all, it’s not just “the wealthy” who have money in the stock market. Pension funds, much of which is for the working class people, own HUGE amounts of the stocks in the stock market.
The feds have decreased the discount rate, not bought into the market to prop it up.
If the economy stays stable, that means more of the ordinary (not “wealthy”) people will have jobs – and be ABLE to pay their mortgages and keep their homes.
Much of the foreclosure problem was caused by people being given mortgages who never should have been, so inevitably things went sour a few years out for them. What kind of “help” are you suggesting? That the government just buy everyone a home who wants one? And then listen to complaints that somebody else got a nicer one?