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  #1  
Old 09-07-2010, 05:43 PM
t walgamuth's Avatar
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mortgage forgivness

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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  #2  
Old 09-07-2010, 05:49 PM
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You don't qualify.............
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  #3  
Old 09-07-2010, 05:59 PM
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I too want to hear more of this
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  #4  
Old 09-07-2010, 06:00 PM
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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
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  #5  
Old 09-07-2010, 06:15 PM
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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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  #6  
Old 09-07-2010, 07:46 PM
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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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  #7  
Old 09-07-2010, 07:52 PM
Craig
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Keep in mind that any debt reduction is treated as income for tax purposes.
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  #8  
Old 09-07-2010, 09:21 PM
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What's, "a mortgage?"
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  #9  
Old 09-07-2010, 10:06 PM
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Quote:
Originally Posted by Brian Carlton View Post
You don't qualify.............
Is there an income threshold?
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..I also have a 427 Cobra replica with an aluminum chassis.
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  #10  
Old 09-07-2010, 10:11 PM
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Quote:
Originally Posted by t walgamuth View Post
Is there an income threshold?
As MTI mentioned, you'd need to be underwater on your mortgage and have the bank participate to some degree.
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  #11  
Old 09-07-2010, 10:37 PM
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Quote:
Originally Posted by Brian Carlton View Post
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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..I also have a 427 Cobra replica with an aluminum chassis.
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  #12  
Old 09-08-2010, 02:40 AM
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Quote:
Originally Posted by t walgamuth View Post
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.
25% of all mortgages in effect in America - are underwater. The outstanding loan amount, exceeds the home's current market value.
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  #13  
Old 09-08-2010, 02:50 AM
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Quote:
Originally Posted by Skid Row Joe View Post
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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  #14  
Old 09-08-2010, 03:11 AM
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Quote:
Originally Posted by Jim B. View Post
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 ...
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.....
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  #15  
Old 09-08-2010, 05:53 AM
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I seem to have attracted lots of opinions but not much in the way of hard facts here.

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