If I owe more on my home than its worth, do I now qualify for mortgage relief?
PHOENIX – President Barack Obama’s plan to tackle the foreclosure crisis will spend $75 billion in an effort to prevent up to 9 million Americans from losing their homes.
The plan, which Obama is releasing later Wednesday, is more ambitious than initially expected — and more expensive. It aims to aid borrowers who owe more on their mortgages than their homes are currently worth, and borrowers who are on the verge of foreclosure.
The initiative is designed to help up to 5 million borrowers refinance, and provides incentive payments to mortgage lenders in an effort to help up to 4 million borrowers on the verge of foreclosure.
http://news.yahoo.com/s/ap/20090218/ap_on_go_pr_wh/obama_home_foreclosures
One of my properties appraised at $230,000 last year. A comp home sold for $175,000 due to foreclosure. My loan is greater than $175,000 and less than $230,000. Do I now qualify for mortgage assistance? If I do, should I take it?
I just want the program to be fair. If I can get a new mortgage from 6% to 4% or less, I will do it in a heart beat.
So should I stop paying my bills so I qualify?
JAKE
Comments
9 Responses to “If I owe more on my home than its worth, do I now qualify for mortgage relief?”
Leave a Reply
ALAN
Bob you will only qualify if you were irresponsible to begin with and bought more home than God could afford. If you were honest and paid your bills then youre sh!t outta luck.
‘Change’ we can believe in (or get hoodwinked with, either one).
BOBBIE
depends………. are you on the “verge of foreclosure”???? if not, then NO.
AGUSTIN
If you are not in foreclosure procedings or are behind on your payments, no such luck. We tried. We called hud, mortgage company, etc. You know what they told us? Are you ready? WE dont qualify because we are paying our bills!!!! WTF!!! I am really confused at this. Yes, I understand helpingfolks who just lost there jobs because of the economy, but at the same time, those of us who are working 2 jobs and have really nothing in the bank and continue to pay our bills are being left out. Makes you want to do the wrong thing. Phuck it pis s es me off!!!
ROBIN
The mortgage assistance likely applies only to those with one home (rather than multiple properties).
~Dr. B.~
FREDRICK
Day one and people are looking for handouts. Sorry Bob pay your bills.
TRACY
Idiocracy: Helping the weak and stupid thereby allowing them to reproduce instead of dying out resulting in reduction in average intelligence
White slavery via the tax system needs to be abolished. Let my people go.
CODY
No, it means you were unwise in buying property that was overinflated in value; And no, you shouldn’t take it. Why should I pay for your foolishness?
CORNELL
Folks owe their loan amount and not the value of their homes.
Note, the loans didn’t change when home values increased…
Part of the issue is from morons who cashed in on instant equity.
SAM
When your home regains its value, do you have to pay the assistance back? Maybe if you take the assistance, they should write in the bill that you have to stay there for at least 5 years, and any profit that you make from the sale of your home goes directly to the federal government. Maybe that would make people consider their options before begging.