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  • February 13, 2009 at 8:59 AM #15052
    moneymaker
    Participant

    I have an idea! People that are facing potential foreclosure can be helped out in this way. Since most banks resell their loans to Fannie Mae or Freddie Mac,why not cut out the middleman, have the government loan directly with a no cost loan(government pays for appraisal,no refi fees or points) low interest(4-5%)refi. To qualify you must be within 10% of appraised value,in other words if house appraises for $400K,your outstanding loan balance cannot be higher than $440K in order to qualify for government refi,the term should be able to be stretched out to 40 or 50 years for people that may have a tough time qualifying. I know this would not help everybody, but lets face it if you are more than 10% underwater, were you really vested in the house in the first place. Oh yeah house must be owner occupied, sorry investors!What does everybody think,could it fly?Of course the percentage underwater could be adjusted to accommadate how much Congress wants to spend.

    February 13, 2009 at 9:20 AM #345791
    moneymaker
    Participant

    In hindsight within 20% would be better than the arbitrary 10% figure, I forgot how low prices have gone. The only people I really feel for are the ones that saved their whole lives, put 20% cash down,were talked into an interest only loan, and are now 20% underwater. As long as they are still working I have no problem with the Government helping these people out. They are victims of circumstance and timing.I know this is probably a small percentage of the loans out there, but they do exist.

    February 13, 2009 at 9:20 AM #346112
    moneymaker
    Participant

    In hindsight within 20% would be better than the arbitrary 10% figure, I forgot how low prices have gone. The only people I really feel for are the ones that saved their whole lives, put 20% cash down,were talked into an interest only loan, and are now 20% underwater. As long as they are still working I have no problem with the Government helping these people out. They are victims of circumstance and timing.I know this is probably a small percentage of the loans out there, but they do exist.

    February 13, 2009 at 9:20 AM #346352
    moneymaker
    Participant

    In hindsight within 20% would be better than the arbitrary 10% figure, I forgot how low prices have gone. The only people I really feel for are the ones that saved their whole lives, put 20% cash down,were talked into an interest only loan, and are now 20% underwater. As long as they are still working I have no problem with the Government helping these people out. They are victims of circumstance and timing.I know this is probably a small percentage of the loans out there, but they do exist.

    February 13, 2009 at 9:20 AM #346219
    moneymaker
    Participant

    In hindsight within 20% would be better than the arbitrary 10% figure, I forgot how low prices have gone. The only people I really feel for are the ones that saved their whole lives, put 20% cash down,were talked into an interest only loan, and are now 20% underwater. As long as they are still working I have no problem with the Government helping these people out. They are victims of circumstance and timing.I know this is probably a small percentage of the loans out there, but they do exist.

    February 13, 2009 at 9:20 AM #346253
    moneymaker
    Participant

    In hindsight within 20% would be better than the arbitrary 10% figure, I forgot how low prices have gone. The only people I really feel for are the ones that saved their whole lives, put 20% cash down,were talked into an interest only loan, and are now 20% underwater. As long as they are still working I have no problem with the Government helping these people out. They are victims of circumstance and timing.I know this is probably a small percentage of the loans out there, but they do exist.

    February 13, 2009 at 12:36 PM #346350
    cr
    Participant

    20% might not even cut it, and a lot of people in the worst hit areas like So Cal don’t even want to stay in a house that doesn’t make them feel rich by being worth more than they could possibly afford.

    February 13, 2009 at 12:36 PM #346482
    cr
    Participant

    20% might not even cut it, and a lot of people in the worst hit areas like So Cal don’t even want to stay in a house that doesn’t make them feel rich by being worth more than they could possibly afford.

    February 13, 2009 at 12:36 PM #346383
    cr
    Participant

    20% might not even cut it, and a lot of people in the worst hit areas like So Cal don’t even want to stay in a house that doesn’t make them feel rich by being worth more than they could possibly afford.

    February 13, 2009 at 12:36 PM #346241
    cr
    Participant

    20% might not even cut it, and a lot of people in the worst hit areas like So Cal don’t even want to stay in a house that doesn’t make them feel rich by being worth more than they could possibly afford.

    February 13, 2009 at 12:36 PM #345920
    cr
    Participant

    20% might not even cut it, and a lot of people in the worst hit areas like So Cal don’t even want to stay in a house that doesn’t make them feel rich by being worth more than they could possibly afford.

    February 13, 2009 at 12:51 PM #346246
    waterboy
    Participant

    I have thought along those same lines and figured 20% as the max. Those underwater greater than 20% and can’t afford must be foreclosed on. A 4.5% rate might help them in the short term, but it will take a long time to break even again. And please, no consideration to a program that would lower mortgage principal for some.

    February 13, 2009 at 12:51 PM #346355
    waterboy
    Participant

    I have thought along those same lines and figured 20% as the max. Those underwater greater than 20% and can’t afford must be foreclosed on. A 4.5% rate might help them in the short term, but it will take a long time to break even again. And please, no consideration to a program that would lower mortgage principal for some.

    February 13, 2009 at 12:51 PM #345925
    waterboy
    Participant

    I have thought along those same lines and figured 20% as the max. Those underwater greater than 20% and can’t afford must be foreclosed on. A 4.5% rate might help them in the short term, but it will take a long time to break even again. And please, no consideration to a program that would lower mortgage principal for some.

    February 13, 2009 at 12:51 PM #346388
    waterboy
    Participant

    I have thought along those same lines and figured 20% as the max. Those underwater greater than 20% and can’t afford must be foreclosed on. A 4.5% rate might help them in the short term, but it will take a long time to break even again. And please, no consideration to a program that would lower mortgage principal for some.

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