Will the homeowner bailout program bail you out?

[beelzebub]

Do you expect the federal mortgage bailout program, the details of which are to be announced this Wednesday, to help you out?

You have to fall into one of 2 groups:

Group 1: you hold an FHA-backed loan that is no more than 5% underwater (i.e., what you owe the bank is no more than 105% of current value); and

Group 2: your mortgage payments are > 31% of your gross income AND you can convince your bank that your loan may lead to foreclosure.

I imagine a large majority of San Diegans don’t fall into group 1, because we’re just too far underwater. So then for us the big question is whether we can persuade the bank we’re having real trouble.

Just how far underwater are you?

Love,
-B

[macromaniac]

Piggs,

Its smoke and mirrors my friends just like the Hope for Homeowners that was supposed to help 400K people, in the end it helped 25.

My predication, this is round two of the same thing. A program for people in which it is very hard to qualify especially in CA and FL but it does make people think the government is doing something….

Also, it has to be a FNMA or FRE loan. Most of these loans were amounts under 417K.

Over and Over, its just another brick in the wall…and thought control…..

[macromaniac]

Piggs,

Its smoke and mirrors my friends just like the Hope for Homeowners that was supposed to help 400K people, in the end it helped 25.

My predication, this is round two of the same thing. A program for people in which it is very hard to qualify especially in CA and FL but it does make people think the government is doing something….

Also, it has to be a FNMA or FRE loan. Most of these loans were amounts under 417K.

Over and Over, its just another brick in the wall…and thought control…..

[macromaniac]

Piggs,

Its smoke and mirrors my friends just like the Hope for Homeowners that was supposed to help 400K people, in the end it helped 25.

My predication, this is round two of the same thing. A program for people in which it is very hard to qualify especially in CA and FL but it does make people think the government is doing something….

Also, it has to be a FNMA or FRE loan. Most of these loans were amounts under 417K.

Over and Over, its just another brick in the wall…and thought control…..

[macromaniac]

Piggs,

Its smoke and mirrors my friends just like the Hope for Homeowners that was supposed to help 400K people, in the end it helped 25.

My predication, this is round two of the same thing. A program for people in which it is very hard to qualify especially in CA and FL but it does make people think the government is doing something….

Also, it has to be a FNMA or FRE loan. Most of these loans were amounts under 417K.

Over and Over, its just another brick in the wall…and thought control…..

[macromaniac]

Piggs,

Its smoke and mirrors my friends just like the Hope for Homeowners that was supposed to help 400K people, in the end it helped 25.

My predication, this is round two of the same thing. A program for people in which it is very hard to qualify especially in CA and FL but it does make people think the government is doing something….

Also, it has to be a FNMA or FRE loan. Most of these loans were amounts under 417K.

Over and Over, its just another brick in the wall…and thought control…..

[svelte]

Well I don’t fall into Group 1 or Group 2, but the very low mortgage rate that the policies of the last 4 months have created have helped my family out A LOT.

We refi’d to a very low fixed interest rate saving us hundreds each month.

Not every program that comes down the pike is going to benefit me directly…

[svelte]

Well I don’t fall into Group 1 or Group 2, but the very low mortgage rate that the policies of the last 4 months have created have helped my family out A LOT.

We refi’d to a very low fixed interest rate saving us hundreds each month.

Not every program that comes down the pike is going to benefit me directly…

[svelte]

Well I don’t fall into Group 1 or Group 2, but the very low mortgage rate that the policies of the last 4 months have created have helped my family out A LOT.

We refi’d to a very low fixed interest rate saving us hundreds each month.

Not every program that comes down the pike is going to benefit me directly…

[svelte]

Well I don’t fall into Group 1 or Group 2, but the very low mortgage rate that the policies of the last 4 months have created have helped my family out A LOT.

We refi’d to a very low fixed interest rate saving us hundreds each month.

Not every program that comes down the pike is going to benefit me directly…

[svelte]

Well I don’t fall into Group 1 or Group 2, but the very low mortgage rate that the policies of the last 4 months have created have helped my family out A LOT.

We refi’d to a very low fixed interest rate saving us hundreds each month.

Not every program that comes down the pike is going to benefit me directly…

[patientrenter]

[quote=svelte]Well I don’t fall into Group 1 or Group 2, but the very low mortgage rate that the policies of the last 4 months have created have helped my family out A LOT.

We refi’d to a very low fixed interest rate saving us hundreds each month.

Not every program that comes down the pike is going to benefit me directly…[/quote]

svelte gets this about right. Trillions will be directed to homeowners. As a result, they will be better off than they otherwise would by… trillions. Not all will benefit directly from all the programs, but that doesn’t really matter. Even those who never receive a penny directly will benefit from having their home values kept above their free market value.

[patientrenter]

[quote=svelte]Well I don’t fall into Group 1 or Group 2, but the very low mortgage rate that the policies of the last 4 months have created have helped my family out A LOT.

We refi’d to a very low fixed interest rate saving us hundreds each month.

Not every program that comes down the pike is going to benefit me directly…[/quote]

svelte gets this about right. Trillions will be directed to homeowners. As a result, they will be better off than they otherwise would by… trillions. Not all will benefit directly from all the programs, but that doesn’t really matter. Even those who never receive a penny directly will benefit from having their home values kept above their free market value.

[patientrenter]

[quote=svelte]Well I don’t fall into Group 1 or Group 2, but the very low mortgage rate that the policies of the last 4 months have created have helped my family out A LOT.

We refi’d to a very low fixed interest rate saving us hundreds each month.

Not every program that comes down the pike is going to benefit me directly…[/quote]

svelte gets this about right. Trillions will be directed to homeowners. As a result, they will be better off than they otherwise would by… trillions. Not all will benefit directly from all the programs, but that doesn’t really matter. Even those who never receive a penny directly will benefit from having their home values kept above their free market value.

[patientrenter]

[quote=svelte]Well I don’t fall into Group 1 or Group 2, but the very low mortgage rate that the policies of the last 4 months have created have helped my family out A LOT.

We refi’d to a very low fixed interest rate saving us hundreds each month.

Not every program that comes down the pike is going to benefit me directly…[/quote]

svelte gets this about right. Trillions will be directed to homeowners. As a result, they will be better off than they otherwise would by… trillions. Not all will benefit directly from all the programs, but that doesn’t really matter. Even those who never receive a penny directly will benefit from having their home values kept above their free market value.

[Author]

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