Comments on: Bush to Outline Loan Modification Freeze Plan Thursday

By: Lisa Stewart

Lisa Stewart — Fri, 07 Dec 2007 18:43:46 +0000

It is very fustrating. My husband and I re-financed our home 3 yrs ago with Wells Fargo, (before 2005), we have been in our home for 10 years. We had hoped we could re-finance our home before our loan adjusted which it did adjust on 11-3-2007. We could never re-finance because somehow our home would not appraise for what we owed. Go figure, how Wells got it to appraise for so much I will never know. We have been in Loss mitigation for 5 months now with no results. Our payment now is more than we can pay and still have living expenses (and I am talking about things like utilities and groceries). The only thing that qualifies us for this plan set forth is our credit score which has been trashed by all this. All we asked Wells to do was give us a fixed rate and add some years to mortgage which they refused to do. We could have kept house and they would still get their money. Mind you we are not stupid people who bit off more than we could chew. We really thought we could re-finance before the adjustment. We had almost perfect credit before all this drama. Maybe we should have just filed bancruptcy 3 years ago instead of re-fincing house to consolidate bills. I think we would be better off today, and that is a shame. Oh yea , our loan also re-sets every six months now. I am about to hand over the keys. I am sick of it.

By: Moe

Moe — Thu, 06 Dec 2007 16:33:17 +0000

From my understanding, Neg Am loans and borrowers with these loans are below the cost of funds index and will not qualify. But, let’s see what Bush says at 9am PST and 10EST about this new plan.

I’ll let you know ASAP Helena.

By: Helena

Helena — Thu, 06 Dec 2007 16:17:31 +0000

Are their other programs for those with the neg am/option arm loans???

By: Moe

Moe — Thu, 06 Dec 2007 02:38:59 +0000

Helena, from my understanding, Neg AM’s are not elligible. But that has not been confirmed as of yet.

Joan, you should be fine based on what I heard.

I will post this info ASAP. Stay tuned.

By: Joan

Joan — Thu, 06 Dec 2007 00:13:24 +0000

Our ARM reset December 1st with 1st payment due January 1st. Because it reset December 1st does this mean we are out of luck in regards to the freeze?

By: Helena

Helena — Wed, 05 Dec 2007 21:23:30 +0000

How about those homeowners with neg-am loans/option arms??? Is their any releife for them

By: Bush to Outline Loan Modification Freeze Plan Thursday

Bush to Outline Loan Modification Freeze Plan Thursday — Wed, 05 Dec 2007 18:55:46 +0000

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