I heard about a government inspired program where follks can reduce the amount owed on mortgages under certain circmustances.

Does anybody have knowledge of this?

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[SIGPIC] Diesel loving autocrossing grandpa Architect. 08 Dodge 3/4 ton with Cummins & six speed; I have had about 35 benzes. I have a 39 Studebaker Coupe Express pickup in which I have had installed a 617 turbo and a five speed manual.[SIGPIC]

..I also have a 427 Cobra replica with an aluminum chassis.

You don't qualify.............

I too want to hear more of this

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hum.....
1987 300TD 311,000M Stolen. Presumed destroyed

Gov. secured loans are available to homeowners whose loans exceed their property values, provided that the current lender agrees to at least a 10% reduction in the amount owed.

AP News Link

I'm interested in it too, but it seems wothless to me. Banks still prefer to forclose on homes so why bother?

- Peter.

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2021 Chevrolet Spark
Formerly...
2000 GMC Sonoma
1981 240D 4spd stick. 347000 miles. Deceased Feb 14 2021
2002 Kia Rio. Worst crap on four wheels
1981 240D 4spd stick. 389000 miles.
1984 123 200
1979 116 280S
1972 Cadillac Sedan DeVille
1971 108 280S

Don't worry. The banks will find a way to hold onto these funds just like they've been doing with the other fed money they've gotten to help strapped homeowners. Case in point. My neighbor, who admittedly spread himself too thin during the boom, started going bust and began trying to sell his place. It wouldn't sell and after two years he had to walk away from it, declaring bankruptcy. He tried and tried to work with B of A on his mortgage and could never get a call back and was never able to speak to anyone at the bank branch. Supposedly, the banks were receiving federal monies to help people just like him. During this time, I had occasion to call B of A customer service about some matter or other. At the end of my conversation, the agent said "would you like to speak to someone about our "Making Home Affordable" (or something) Program? You might be able to lower your interest rate." I asked if that wasn't for people who were behind or upside down in their loans. I have a little tiny mortgage that is nearly paid off. "Oh no, it's for anyone." About 20 minutes later I had my mortgage rate reduced two and a half points, yet my neighbor, who NEEDED help desperately, couldn't get a call back and never did. Bankers fall into the same category as insurance companies, they're all a bunch of Fokkers and will ALWAYS try to screw you, whether it's a nickel or a million bucks is not important, it's the screwing they love.

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You're a daisy if you do.
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84 Euro 240D 4spd. 220.5k sold
04 Honda Element AWD
1985 F150 XLT 4x4, 351W with 270k miles, hay hauler
1997 Suzuki Sidekick 4x4
1993 Toyota 4wd Pickup 226K and counting

Keep in mind that any debt reduction is treated as income for tax purposes.

What's, "a mortgage?"

Is there an income threshold?

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[SIGPIC] Diesel loving autocrossing grandpa Architect. 08 Dodge 3/4 ton with Cummins & six speed; I have had about 35 benzes. I have a 39 Studebaker Coupe Express pickup in which I have had installed a 617 turbo and a five speed manual.[SIGPIC]

..I also have a 427 Cobra replica with an aluminum chassis.

As MTI mentioned, you'd need to be underwater on your mortgage and have the bank participate to some degree.

If underwater means you owe more than the current value, who knows? If it means you are behind on your payments I, don't qualify.

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[SIGPIC] Diesel loving autocrossing grandpa Architect. 08 Dodge 3/4 ton with Cummins & six speed; I have had about 35 benzes. I have a 39 Studebaker Coupe Express pickup in which I have had installed a 617 turbo and a five speed manual.[SIGPIC]

..I also have a 427 Cobra replica with an aluminum chassis.

25% of all mortgages in effect in America - are underwater. The outstanding loan amount, exceeds the home's current market value.

Merkins have this mentality that they are somehow "owed" a nice house, the bigger the better.

(Especially *FEMALE * Merkins.)


And many of them look down on renters as 3rd class citizens.


I don't like being "partners" with some bank, in anything. For starters, just read the contracts written by bank lawyers ...

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1991 560 SEC AMG, 199k <---- 300 hp 10:1 ECE euro HV ...

1995 E 420, 170k "The Red Plum" (sold)

2015 BMW 535i xdrive awd Stage 1 DINAN, 6k, <----364 hp

1967 Mercury Cougar, 49k

2013 Jaguar XF, 20k <----340 hp Supercharged, All Wheel Drive (sold)

Jim,

I'll take your word on the contracts.

Everyone likes nice things that money can buy. We all do!

Being capable of paying for what someone wants is many times another story.....

I seem to have attracted lots of opinions but not much in the way of hard facts here.

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[SIGPIC] Diesel loving autocrossing grandpa Architect. 08 Dodge 3/4 ton with Cummins & six speed; I have had about 35 benzes. I have a 39 Studebaker Coupe Express pickup in which I have had installed a 617 turbo and a five speed manual.[SIGPIC]

..I also have a 427 Cobra replica with an aluminum chassis.