Administration unveils details of housing plan

[Anonymous]

[quote=Huckleberry]From all the news read and heard, has anyone been able to discern if this means people with Alt-A and Option ARMS are going to be able to get out of those to avoid the resets?[/quote]

My initial impression is that the ARM group is mainly what the plan is targeting. It’s basically like this: If you are within reach of being able to afford your home with a low fixed rate, than you can dump your crappy ARM and refi with a few extra breaks along the way.

You can only apply until mid-2010, so if your reset is after that, you may be SOL on this one. But like others have said, there will probably be more handouts coming…

[socrattt]

Obama is rolling out a new program tomorrow called “Welcome Back” program. This program will allow any homeowner that walked from their home to have the opportunity of moving back in, no mortgage payments for a year and a Playstation 3.

Bonus Offer: You will also get a stimulus check for 2 years of $2,000/month. This program is limited to those who have no job, have a score on Grand Theft Auto of 100,000 or higher (just made that number up, I wish I had time for games) and have written at least 3 bad checks in 2009.

[socrattt]

Obama is rolling out a new program tomorrow called “Welcome Back” program. This program will allow any homeowner that walked from their home to have the opportunity of moving back in, no mortgage payments for a year and a Playstation 3.

Bonus Offer: You will also get a stimulus check for 2 years of $2,000/month. This program is limited to those who have no job, have a score on Grand Theft Auto of 100,000 or higher (just made that number up, I wish I had time for games) and have written at least 3 bad checks in 2009.

[socrattt]

Obama is rolling out a new program tomorrow called “Welcome Back” program. This program will allow any homeowner that walked from their home to have the opportunity of moving back in, no mortgage payments for a year and a Playstation 3.

Bonus Offer: You will also get a stimulus check for 2 years of $2,000/month. This program is limited to those who have no job, have a score on Grand Theft Auto of 100,000 or higher (just made that number up, I wish I had time for games) and have written at least 3 bad checks in 2009.

[socrattt]

Obama is rolling out a new program tomorrow called “Welcome Back” program. This program will allow any homeowner that walked from their home to have the opportunity of moving back in, no mortgage payments for a year and a Playstation 3.

Bonus Offer: You will also get a stimulus check for 2 years of $2,000/month. This program is limited to those who have no job, have a score on Grand Theft Auto of 100,000 or higher (just made that number up, I wish I had time for games) and have written at least 3 bad checks in 2009.

[socrattt]

Obama is rolling out a new program tomorrow called “Welcome Back” program. This program will allow any homeowner that walked from their home to have the opportunity of moving back in, no mortgage payments for a year and a Playstation 3.

Bonus Offer: You will also get a stimulus check for 2 years of $2,000/month. This program is limited to those who have no job, have a score on Grand Theft Auto of 100,000 or higher (just made that number up, I wish I had time for games) and have written at least 3 bad checks in 2009.

[Huckleberry]

So, if I have an option ARM that I have been making minimum payments on with a balance of $650K that has already reset or is going to sometime between now and mid-2010, I can refi that whole balance into a new 5.5% (or so) 30 yr. conforming.

But if my reset is further out than mid-2010, the bank nor the govt will allow me to participate in this program? (with the caveat that the rules don’t change again…)

Additionally, do I qualify to participate if these circumstances change and my outstanding balance is less than $417K?

Also, if I have a non-Freddie/Fannie mortgage, am I going to be able to refi? Do you think the other servicers will be forced to participate?

Lastly, if I am not upside down but have in my loan but do have an exotic loan product, will a servicer (non-Fannie/Freddie be willing to refi me?

I am asking all of these different scenarios because I have multiple friends in different situations that I am trying to advise on this…

[Huckleberry]

So, if I have an option ARM that I have been making minimum payments on with a balance of $650K that has already reset or is going to sometime between now and mid-2010, I can refi that whole balance into a new 5.5% (or so) 30 yr. conforming.

But if my reset is further out than mid-2010, the bank nor the govt will allow me to participate in this program? (with the caveat that the rules don’t change again…)

Additionally, do I qualify to participate if these circumstances change and my outstanding balance is less than $417K?

Also, if I have a non-Freddie/Fannie mortgage, am I going to be able to refi? Do you think the other servicers will be forced to participate?

Lastly, if I am not upside down but have in my loan but do have an exotic loan product, will a servicer (non-Fannie/Freddie be willing to refi me?

I am asking all of these different scenarios because I have multiple friends in different situations that I am trying to advise on this…

[Huckleberry]

So, if I have an option ARM that I have been making minimum payments on with a balance of $650K that has already reset or is going to sometime between now and mid-2010, I can refi that whole balance into a new 5.5% (or so) 30 yr. conforming.

But if my reset is further out than mid-2010, the bank nor the govt will allow me to participate in this program? (with the caveat that the rules don’t change again…)

Additionally, do I qualify to participate if these circumstances change and my outstanding balance is less than $417K?

Also, if I have a non-Freddie/Fannie mortgage, am I going to be able to refi? Do you think the other servicers will be forced to participate?

Lastly, if I am not upside down but have in my loan but do have an exotic loan product, will a servicer (non-Fannie/Freddie be willing to refi me?

I am asking all of these different scenarios because I have multiple friends in different situations that I am trying to advise on this…

[Huckleberry]

So, if I have an option ARM that I have been making minimum payments on with a balance of $650K that has already reset or is going to sometime between now and mid-2010, I can refi that whole balance into a new 5.5% (or so) 30 yr. conforming.

But if my reset is further out than mid-2010, the bank nor the govt will allow me to participate in this program? (with the caveat that the rules don’t change again…)

Additionally, do I qualify to participate if these circumstances change and my outstanding balance is less than $417K?

Also, if I have a non-Freddie/Fannie mortgage, am I going to be able to refi? Do you think the other servicers will be forced to participate?

Lastly, if I am not upside down but have in my loan but do have an exotic loan product, will a servicer (non-Fannie/Freddie be willing to refi me?

I am asking all of these different scenarios because I have multiple friends in different situations that I am trying to advise on this…

[Huckleberry]

So, if I have an option ARM that I have been making minimum payments on with a balance of $650K that has already reset or is going to sometime between now and mid-2010, I can refi that whole balance into a new 5.5% (or so) 30 yr. conforming.

But if my reset is further out than mid-2010, the bank nor the govt will allow me to participate in this program? (with the caveat that the rules don’t change again…)

Additionally, do I qualify to participate if these circumstances change and my outstanding balance is less than $417K?

Also, if I have a non-Freddie/Fannie mortgage, am I going to be able to refi? Do you think the other servicers will be forced to participate?

Lastly, if I am not upside down but have in my loan but do have an exotic loan product, will a servicer (non-Fannie/Freddie be willing to refi me?

I am asking all of these different scenarios because I have multiple friends in different situations that I am trying to advise on this…

[Coronita]

[quote=SD Realtor]PR my wife has been on the get out of california kick for a long time now… Lately though she is thinking that getting out of the US is really the way to go. However all of the countries we are considering are so dependent on the US I guess it may not matter.

The best bet would probably be to move to China but that is not really what we want to do. [/quote]

Canada is looking pretty tasty these days, eh?

[Coronita]

[quote=SD Realtor]PR my wife has been on the get out of california kick for a long time now… Lately though she is thinking that getting out of the US is really the way to go. However all of the countries we are considering are so dependent on the US I guess it may not matter.

The best bet would probably be to move to China but that is not really what we want to do. [/quote]

Canada is looking pretty tasty these days, eh?

[Coronita]

[quote=SD Realtor]PR my wife has been on the get out of california kick for a long time now… Lately though she is thinking that getting out of the US is really the way to go. However all of the countries we are considering are so dependent on the US I guess it may not matter.

The best bet would probably be to move to China but that is not really what we want to do. [/quote]

Canada is looking pretty tasty these days, eh?

[Coronita]

[quote=SD Realtor]PR my wife has been on the get out of california kick for a long time now… Lately though she is thinking that getting out of the US is really the way to go. However all of the countries we are considering are so dependent on the US I guess it may not matter.

The best bet would probably be to move to China but that is not really what we want to do. [/quote]

Canada is looking pretty tasty these days, eh?

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