Posted on: 02nd Mar, 2009 04:27 pm
With new stimulus pkg, can I get out of my upside-down loan & home without bankrupcy or foreclosure?...My husband and I bought a small condo in Napa close to the height of the market 4 years ago for $284,000, it is now worth $100,000+or - less than what we owe which is the purchase price because we've been making interest-only payments. We have wanted to sell and leave this small space for 2 years now, but nothing was selling and we knew we were upside-down anyway. we've never been late for a payment but have consistently needed to leave $300+ monthly on credit cards to be able to pay our mortgage. We want to leave our home (we can't stand being in under 900 square feet with 3 kids now..we had an extra child since we bought it) and we've had the police in our parking lot 3x this past year. We are willing to sacrifice our credit in a foreclosure but are hoping there's a better way to leave the home since the stimulus package was passed..anyone know what we can do? thanks
hi lifeohope,
as far as i know, the stimulus plan introduced by the new government would help those borrowers who owe more than 80% of their home's value to refinance. the lenders are not ready to refinance the people who have less than 20% equity in their property. however, according to the plan, only those will be benefited from this plan who are current on their payments. moreover, their loans should be held or guaranteed by fannie mae and freddie mac.
if you satisfy all these criteria, then you can apply to your lender for the benefits of the stimulus plan.
thanks
as far as i know, the stimulus plan introduced by the new government would help those borrowers who owe more than 80% of their home's value to refinance. the lenders are not ready to refinance the people who have less than 20% equity in their property. however, according to the plan, only those will be benefited from this plan who are current on their payments. moreover, their loans should be held or guaranteed by fannie mae and freddie mac.
if you satisfy all these criteria, then you can apply to your lender for the benefits of the stimulus plan.
thanks
Wait a bit things should be clearer within the next 30-60 days
I HAVE HEARD THAT THE STIMULUS MONEY IS ONLY FREDDIE MAC
AND FANNIE MAE,IS THAT TRUE? CITIMORTGAGE TELL ME I DO NOT
HAVE THAT TYPE LOAN?? ONE LOAN OFFICER SAID THEY ARE HELPING THOSE LOANS BECAUSE FREDDIE MAC AND FANNIE MAE LOANS ARE
BANKRUPT NOW????
AND FANNIE MAE,IS THAT TRUE? CITIMORTGAGE TELL ME I DO NOT
HAVE THAT TYPE LOAN?? ONE LOAN OFFICER SAID THEY ARE HELPING THOSE LOANS BECAUSE FREDDIE MAC AND FANNIE MAE LOANS ARE
BANKRUPT NOW????
I HEARD THERE IS A WEB SITE TO PUT YOUR LOAN NUMBER IN OR NAME AND THIS WEB SITE WOULD SHOW IF YOU WOULD QUALIFY FOR THIS
NEW GOVN. MONEY.???
MY LOAN IS CURRENT AND I HAVE GOOD CREDIT BUT MY APPRAISAL IS
COMING IN TOO LOW..
NEW GOVN. MONEY.???
MY LOAN IS CURRENT AND I HAVE GOOD CREDIT BUT MY APPRAISAL IS
COMING IN TOO LOW..
As far as I know, stimulus packages are applicable for Freddie Mac or Fannie Mae backed loans. Moreover, in order to get the benefits of this stimulus package, you will have to be current on your mortgage payments. As far as the special webiste is concerned, I don't have any information on that.