New mortgage home-helper plan introduced

New mortgage home-helper plan introduced

What are the current guidelines to obtain a new mortgage loan? What is a first time buyer? Why can’t I get a loan?

MY LENDER IS NOT WILLING TO WORK WITH ME

MY NAME IS MARK PAGE AND I HAVE A MORTGAGE WITH FIRST HORIZON.IVE BEEN A CUSTOMER WITH THEM FOR SEVEN YEARS NEVER BEEN LATE ON A PAYMENT UNTILL DEC 08 WHICH I CALLED,FILLED OUT PAPERWORK WHICH THEY RECIEVE 12/06/08.I OWN MY BUISSNESS WHICH HAS TOOK A HIT DUE TO THE ECONMY.I AM STILL WAITING ON THE PHONE CALL FROM MY LENDER TO WORK WITH ME ON MY LOAN.IT JUST LOOKS LIKE TO ME THAT THE MORTGAGE COMPANYS WOULD RATHER FORECLOSE THAN TO WORK WITH THERE CUSTOMERS.VERY FRUSTRATED HOMEOWNER!!!

Info that may help some homeowners...
:cool:
Do You Qualify for Federal Mortgage Assistance Programs?
April 12, 2009; Q. How can I find out whether I will qualify for help with my mortgage under the Obama administration’s plan?

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A. The administration’s housing plan provides two types of assistance that are designed to help make mortgages more affordable for up to 9 million homeowners: refinancing and loan modification.

Special refinancing program. Many homeowners with more than 20 percent equity in their home can refinance their mortgage at today’s low rates and decrease their monthly payment by hundreds of dollars. But people whose home values have dropped significantly often have a tough time finding a lender that will refinance their mortgage, especially if they owe more than 80 percent of their home’s current value. This special program will help those people refinance into cheaper loans. To qualify, your loan must be owned or guaranteed by Fannie Mae or Freddie Mac, and you must not have missed any loan payments in the past 12 months. The deadline for refinancing under this program is in June 2010.

Your mortgage may be owned or guaranteed by Fannie Mae or Freddie Mac even if you send your monthly payments to a different mortgage company (the mortgage servicer). Ask the servicer whether Fannie or Freddie owns your loan, or you can look up your loan in the Freddie and Fannie databases at [url:
http://MakingHomeAffordable.gov[/url].

Loan-modification program. This program is designed to help people who are struggling to make mortgage payments. The government will provide incentives for lenders to lower borrowers' monthly mortgage payments to 31 percent of their gross monthly income, either by lowering the interest rate to as little as 2 percent or by extending the terms of the loan up to 40 years. Lenders can also lower the amount of principal owed. To qualify, the loan must have originated on or before Jan. 1, 2009, the principal balance cannot exceed $729,750, and the home must be a primary residence. Borrowers also have to document income and sign an affidavit of financial hardship. The modification must take place by Dec. 31, 2012.

[url=http://www.washingtonpost.com/wp-dyn/content/article/2009/04/11/AR2009041100078.html]Source[/url]

Granny says, “Dat’s right - Obama after `em like a scraggy dog with a rag doll...
;)
Obama turns up heat on mortgage servicers
July 16, 2009: Administration will tell financial institutions they must do more to help borrowers. 'We think we can do even more,' official says.

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As complaints mount about President Obama’s foreclosure prevention program, the administration is ratcheting up the pressure on mortgage servicers. Financial executives will meet with Treasury Department and administration housing officials on July 28 to discuss how the loan modification and refinancing plan has been implemented. The administration plans to grill servicers that have done few modifications or have had many complaints. Officials also want financial institutions to hire more people and train them better, expand their call centers, and send more mailings to eligible borrowers, according to a letter sent to servicers last week. The government also said servicers need to establish a way for borrowers to contest their treatment or denial.

“There is a general need for servicers to devote substantially more resources to this program for it to fully succeed and achieve the objectives we all share," according to the letter, signed by Treasury Secretary Tim Geithner and Housing Secretary Shaun Donovan. “We are asking all servicers expand their servicing capacity and improve the execution quality of loan modifications." Loan servicers' efforts will be made public on Aug. 4, when the Obama administration plans to start issuing monthly progress reports.

The updates will include data for each servicer participating Obama’s $75 billion program. Specifically, they will feature the number of trial modification offers extended and underway by each institution, as well as the number of final modifications and the success of those adjustments. So far, participating servicers have extended 325,000 loan modification offers and have 160,000 three-month trial adjustments underway, said Herbert Allison, who heads Treasury’s financial stability efforts, at a Senate Banking Committee hearing Thursday.

Under the plan, eligible borrowers who are in or at risk of default may be able to lower their monthly payments to no more than 31% of their pre-tax income through a loan modification. The modifications are made permanent after the homeowner makes three on-time payments. Servicers have also refinanced 43,000 loans under the administration’s program that allows people with little or no equity in their home to refinance and take advantage of today’s low mortgage rates. People can participate even if they have loans of up to 125% of the value of their property, as long as they meet other criteria. “Even though we are making rapid progress, we think we can do even more," Allison told lawmakers.

[url=http://money.cnn.com/2009/07/15/news/economy/Congress_foreclosure_prevention/index.htm?section=money_mostpopular:
MORE[/url]