Your opinions on Obama’s Loan Modification Program?

Posted on Oct 24, 2012 in HARP Refinance

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Question by Mscandia68: With the recent mortgage crisis, pills is it still possible to do no-doc loans?
I have a good credit score (720) and a decent down payment (20 %) but I have only been at my job 6 months, stomach and I don’t work there in the summer. I will have to find seasonal summer work and I know that usually doesn’t count in the calculation. I plan to have a roommate to help me make the payments. Are there any reputable mortgage companies that still offer a no-doc loan based on good credit?

Best answer:

Answer by Shannon J
Were are you located? It could be possible but you want to make sure you are able to pay for the loan. A mortgage broker or loan offer may be able to shop the loan for you(normally a little higher interest rate than a bank). Banks are more challenging but with your scores you may want to talk to your personal bank about a loan. With your scores and a downpayment this is likely. There is other things that would be considered such as assets, savings and ira accounts. Your dept ratio is what it would all boil down to. If you have someone else that would be going on the loan with you and they have some decent credit it could be even more of a chance of an approval. Be carefull….don’t let everyone pull your credit.

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Question by Cookie On My Mind: Your opinions on Obama’s Loan Modification Program?
Okay, viagra order so we’re like most people – we’ve been negatively impacted by the economy. Hubby was in construction, that went bad, he found a new job, but now makes 1/2 of what he used to make. Anyway, so paying our bills has gotten a lot harder. Even trying to find 2nd jobs or better jobs is leading us to dead ends. We’re surviving, but it’s getting harder and harder.
I’ve been reading about the new Loan Modification program that Obama just put into place. Sure, it sounds good, but some parts leaving me thinking… hmmm… is this really a good idea???? Sure, I’d love for my mortgage payment to shrink… but after reading the details, it makes me worried about going for it. What do you guys think?
What really concerns me was the part I read about you getting a reduced interest rate for 5 years, then after the 5th year, it can increase 1% each year after that… is there a cap on that or what??

Best answer:

Answer by wizjp
It looks like a good start. The issue is almost impossible to adress; and I think they have a decent handle on at least trying to help some people out.

Know better? Leave your own answer in the comments!

5avg.rating 23 votes.

3 Comments

  1. you know the fable about the grasshopper and the ant? well in obama’s version, the grasshopper gets rewarded.

  2. Biggest problem is that it really doesn’t help people who are struggling but still paying their mortgages. it’s only written to assist those who are already losing their homes to foreclosure, or are in threat of foreclosure.

    There is nothing in the bill that would help me, for example. I make 50,000 before taxes each year, my house note is 864.00 a month, and I’ve acquired 2 new mouths to feed, so it’s tough to pay for the house note, the extra water usage, the extra food used, the extra transportation necessary, and all the extras that go with a 5 year old and a 25 year old, and still pay my bills otherwise.

    The problem with the bill is that it doesn’t help the struggling, it only helps the failing…. and if they don’t help the struggling ones, they will ultimately become part of the failing ones. It’s merely a matter of time.

  3. Well he needed to do something however i think it is too little too late. It should of been done 3 years ago. It only helped the lenders and not the people that where effected by this.
    Funny how the leaders of certain banks are now buying up foreclosures and it is my belief that this was all a smoke screen to have people put money into homes then the banks and there investors could buy them up sit on them as a rental for 5 years then recoup there losses. At the tax payers pocket book.