Comments on: Keep on Refinancing: Obama’s Newest Solution

By: Deborah

Deborah — Wed, 22 Apr 2009 03:36:48 +0000

I naively did just what financial advisor Obama recommended. I applied for a refinance, paid for an appraisal ($550) only to be told a home I bought in 2005 for $300,000 is now worth $230,000. In order to refinance I will need to pay for mortgage insurance. So a refinance that will cost me almost $5000 will only save me approx. $45 a month. Figure it out, it will take me almost 8 years just to pay for the cost of the refinance.
Obviously, I do not qualify under his housing plan because my loan is not backed by Freddie or Fannie.
It appears that President Obama just wants us to give more money to the banks and mortgage institutions that got us into this mess in the first place besides giving them billions of taxpayer monies.
If Obama really wanted to help us he will give more incentive to lenders to reduce interest rates without having to pay for a refinance.
I paid $550 for an appraisal for a refinance that will not save me any money monthly, making it even harder to pay this months mortgage payment.
Thanks for nothing, maybe I can get my appraisal money back from one of his plans to help the average American taxpayer!

By: Hopeless for Homeowners

Hopeless for Homeowners — Wed, 15 Apr 2009 16:45:25 +0000

There has not been a SINGLE, sincere program implemented that truly addresses the problem. Read our lips: “WE WOULD ADORE REFINANCING! WE CANNOT!!” Why? When I lost my job (due to economic slow down), my credit card companies slashed my credit line down to what I owed, doubled my interest rate, which took me from a healthy, high FICO, to one that banks won’t take a single look at for a refi-even IF my house weren’t upside down by $75K-which of course, it is now. My mortgage is at 8%.

****GET REAL MR. OBAMA****

The majority of homeowners in this country are being sucked into a vortex of misery that is being compounded by the collective lenders looking down from their stimulus throne saying “tsk tsk tsk” – when THEY are the ones who received help from OUR pockets, and then regard US as pesky deadbeats when we apply for modification. The only difference between us and them is that THEY received a fatty check from the government, and we did NOT. We received LIP SERVICE and PROPOGANDA, and still are.

I am a former successful, HIGH Fico for life, bills ALWAYS on time, lots of equity, American taxpayer, now drowning in a sea of financial disaster, SOLELY because of what rolled out following 9/11. Period.

MY GOD I am angry about the FARCE of this “help” while our collective national debt explodes into the insane. If Obama truly wanted to help, then he would.

By: Anonymous

Anonymous — Mon, 13 Apr 2009 17:42:51 +0000

I have heard that a ‘Mortgage Modification’ is the way to go…

Is it true you are able to get a lower interest rate while also lowering your principal?

Would love to learn more as I am like many other home owners who pay their mortgage on time.

The only problem is that my house has devalued over time.

I paid 470K for a home only two years ago, which is now valued at somewhere in the ballpark of 300K.

Any assistance would be extremely helpful and appreciated…

By: SUKHJINDER KAUR

SUKHJINDER KAUR — Sun, 12 Apr 2009 08:47:43 +0000

MY HOUSE LOAN IS $400000 BUT MY HOME VALUE IS ABOUT $250000 WHAT DO I NEAD TO DO . I DO NOT KNOW WHAT TO DO NOW.

By: Annonymous

Annonymous — Fri, 10 Apr 2009 22:58:24 +0000

I would love to refinance and take advantage of the lower rates. Unlike nearly everyone else in 2007, I put 20% down on the house I saved for in California. Now, not only do I owe more than it is worth, but my current loan to value is 130% and I do not qualify for even Obama’s refinance plan. So I am stuck paying an additional $350 useless dollars a month to my lender.