Will the debt relief act work for me?
Posted by admin | Under FHA Secure Tuesday Nov 11, 2008I forclosed on my home, but I had refinanced twice after the original loan. The house was originally 84,000. The first time I refinanced it went up to 93,000 and I used the extra cash to pay off my credit card debt. The second time I refinanced was to get a FHA secured loan to get a fixed rate. We received 1,900 cash back on that one. Will the act work for me? Thanks for your answers!
The “Act” as you call it basically only bails out the lenders and wall street people. Not us plain folks who work for a living. So right now, I would have to say that you would see little impact from this rescue plan. Besides if you were able to refinance to a fixed rate and afford the monthly payment, then you should be fine. If you haven’t made payments for more than 2 months, the lender can certainly foreclose on your property. Your note isn’t clear on that point.
If you are already out of your home, than there is probably no “bail out” for you.
If you are still in it, and have an FHA loan, Id call the FHA department and see if they can help. There is insurance on the FHA loans that can help if your payments are missed because of certain issues.
As for federal “bail out” help if your still in. Hang in there. They still aren’t sure what they will do with the 3/4 trillion. Hopefully they can help you.
References :
Will the Act work for what? What are you trying to accomplish?
References :
Yu alredee refinansed 2 times & wanna duit agin? Yu thank this is a fad yu gotta du evree 3 months?
wot du yu meen "I forkloesed on mi home"
Oenlee the morgage holder (Bank) kan forkloes.
References :
You used your home as a piggy bank and have already foreclosed. There is nothing to help you with. You need to get better control of your finances and improve your credit rating.
References :
The “Act” as you call it basically only bails out the lenders and wall street people. Not us plain folks who work for a living. So right now, I would have to say that you would see little impact from this rescue plan. Besides if you were able to refinance to a fixed rate and afford the monthly payment, then you should be fine. If you haven’t made payments for more than 2 months, the lender can certainly foreclose on your property. Your note isn’t clear on that point.
References :
Realtor MN