Sorry about your friend/co-worker’s situation, but really? Making 70K and financing 400K at 100%LTV. He should be so lucky to be able to walk away and not have to have to file for Bankruptcy too. I’d guess he’s got at Flat Screen TV, Furniture, and other assets that he’ll be fortunate to move into a modest rental. This just makes me sick……Bailout?……Bailout? It reminds me of Jim Mora talking about Playoffs? you know Playoffs?
[quote=jimmyle]My friend is calling HUD counselors tommorow. Hope they can help. Does he need to exaggerate his expenses to get help?
Even without any exaggeration, he has 0% saving rate right now. If you include his wife school loans, they have negative saving rate.[/quote]
No, he just needs to tell the truth. He will have to document his income and if his mortgage is over a certain % of his gross income then they can help.
[quote=jimmyle]My friend is calling HUD counselors tommorow. Hope they can help. Does he need to exaggerate his expenses to get help?
Even without any exaggeration, he has 0% saving rate right now. If you include his wife school loans, they have negative saving rate.[/quote]
No, he just needs to tell the truth. He will have to document his income and if his mortgage is over a certain % of his gross income then they can help.
[quote=jimmyle]My friend is calling HUD counselors tommorow. Hope they can help. Does he need to exaggerate his expenses to get help?
Even without any exaggeration, he has 0% saving rate right now. If you include his wife school loans, they have negative saving rate.[/quote]
No, he just needs to tell the truth. He will have to document his income and if his mortgage is over a certain % of his gross income then they can help.
[quote=jimmyle]My friend is calling HUD counselors tommorow. Hope they can help. Does he need to exaggerate his expenses to get help?
Even without any exaggeration, he has 0% saving rate right now. If you include his wife school loans, they have negative saving rate.[/quote]
No, he just needs to tell the truth. He will have to document his income and if his mortgage is over a certain % of his gross income then they can help.
[quote=jimmyle]My friend is calling HUD counselors tommorow. Hope they can help. Does he need to exaggerate his expenses to get help?
Even without any exaggeration, he has 0% saving rate right now. If you include his wife school loans, they have negative saving rate.[/quote]
No, he just needs to tell the truth. He will have to document his income and if his mortgage is over a certain % of his gross income then they can help.
