Comments on: Obama’s Homeowner Assistance Plan http://www.azmortgageguru.com/obamas-homeowner-assistance-plan/ Mon, 16 Aug 2010 20:00:42 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Lori http://www.azmortgageguru.com/obamas-homeowner-assistance-plan/comment-page-1/#comment-3858 Lori Mon, 16 Aug 2010 20:00:42 +0000 http://www.azmortgageguru.com/?p=1188#comment-3858 We had hoped buying our home was a good investment, but then the market crashed and we're majorly updside-down on our mortgage. We also want to leave Arizona and can not sell our home to even cover the balance on our mortgage. Do we just walk away? We have never missed a payment and are not in trouble financially...we just want out. The value of our home has dropped probably 180k. Our house is currently assessed at 109k and our mortgage balance is 167k. How can we protect our assets and get out of this mess? I've contacted my lender and we don't qualify for refinance unless we give them more of our own money to make up this difference. I am not willing to do that. It will take "forever" for the market to get where we might break even and I don't want to wait that long. We are responsible people who did the right thing and have gotten caught up in this housing debacle and seem to be paying the price for others' mistakes. I am angry and frustrated. Any advice? We had hoped buying our home was a good investment, but then the market crashed and we’re majorly updside-down on our mortgage. We also want to leave Arizona and can not sell our home to even cover the balance on our mortgage. Do we just walk away? We have never missed a payment and are not in trouble financially…we just want out. The value of our home has dropped probably 180k. Our house is currently assessed at 109k and our mortgage balance is 167k. How can we protect our assets and get out of this mess? I’ve contacted my lender and we don’t qualify for refinance unless we give them more of our own money to make up this difference. I am not willing to do that. It will take “forever” for the market to get where we might break even and I don’t want to wait that long. We are responsible people who did the right thing and have gotten caught up in this housing debacle and seem to be paying the price for others’ mistakes. I am angry and frustrated. Any advice?

]]> By: Tina http://www.azmortgageguru.com/obamas-homeowner-assistance-plan/comment-page-1/#comment-3341 Tina Tue, 15 Sep 2009 01:50:53 +0000 http://www.azmortgageguru.com/?p=1188#comment-3341 I have a client that applied for a home modification. Their payment was $1200/month. Bank came back with reducing the payment $70/month. They are being contacted by Anthem Investments International in Orange, CA and being told that they are attornies and will work with their bank and have the bank forgive $140,000 and only require that they pay $74,000 which is what it is worth now. They want a $3000 cashier check up front to do this. Can't find the company listed anywhere and they are not registered with the Better Business Bureau. Has anyone heard of this company? Are there any places in the Phoenix area that a legitimate and actually are successful at doing home modifications? Thanks. I have a client that applied for a home modification. Their payment was $1200/month. Bank came back with reducing the payment $70/month. They are being contacted by Anthem Investments International in Orange, CA and being told that they are attornies and will work with their bank and have the bank forgive $140,000 and only require that they pay $74,000 which is what it is worth now. They want a $3000 cashier check up front to do this. Can’t find the company listed anywhere and they are not registered with the Better Business Bureau. Has anyone heard of this company? Are there any places in the Phoenix area that a legitimate and actually are successful at doing home modifications? Thanks.

]]> By: Details of Home Mortgage Assistance Plan | Arizona Mortgage Guru http://www.azmortgageguru.com/obamas-homeowner-assistance-plan/comment-page-1/#comment-2938 Details of Home Mortgage Assistance Plan | Arizona Mortgage Guru Wed, 04 Mar 2009 17:23:09 +0000 http://www.azmortgageguru.com/?p=1188#comment-2938 [...] to help struggling homeowners was announced today. This plan was announced a few weeks ago as the Making Home Affordable initiative. From the details which were announced today this plan helps two types of homeowners  and applies [...] [...] to help struggling homeowners was announced today. This plan was announced a few weeks ago as the Making Home Affordable initiative. From the details which were announced today this plan helps two types of homeowners  and applies [...]

]]> By: Shailesh Ghimire http://www.azmortgageguru.com/obamas-homeowner-assistance-plan/comment-page-1/#comment-2937 Shailesh Ghimire Wed, 04 Mar 2009 17:07:37 +0000 http://www.azmortgageguru.com/?p=1188#comment-2937 Robert, Thanks for taking the time to respond. Your concerns are certainly valid. We'll see how we can get out this mess. Robert,

Thanks for taking the time to respond. Your concerns are certainly valid. We’ll see how we can get out this mess.

]]> By: A concerned American http://www.azmortgageguru.com/obamas-homeowner-assistance-plan/comment-page-1/#comment-2936 A concerned American Wed, 04 Mar 2009 14:51:36 +0000 http://www.azmortgageguru.com/?p=1188#comment-2936 There are many loopholes in this new mortgage assistance plan. Many of those who are under water in their mortgages, refinanced them, taking cash out, as the values of their homes increased. The cash-out money was used to buy fancy cars, speculative real estate and pay off credit cards used to buy items the individuals could not afford without a rising value housing market. NOW, suddenly, their home debt is more than the value of their homes (SURPRISE!!!!!!) and they are crying to the government for a "bailout". Much bad behavior will be rewarded, again, while those of us who took the responsible road are paying for their bailouts. It's just another scam, just like the AIG bailout, bank bailouts. The mortgagors could no better manage their daily lives, making poor decisions, just as the multi-million dollar salaried bank CEOs did. It's disgusting! There are many loopholes in this new mortgage assistance plan. Many of those who are under water in their mortgages, refinanced them, taking cash out, as the values of their homes increased. The cash-out money was used to buy fancy cars, speculative real estate and pay off credit cards used to buy items the individuals could not afford without a rising value housing market. NOW, suddenly, their home debt is more than the value of their homes (SURPRISE!!!!!!) and they are crying to the government for a “bailout”. Much bad behavior will be rewarded, again, while those of us who took the responsible road are paying for their bailouts. It’s just another scam, just like the AIG bailout, bank bailouts. The mortgagors could no better manage their daily lives, making poor decisions, just as the multi-million dollar salaried bank CEOs did. It’s disgusting!

]]> By: Getting a Little Refinancing Help from Fannie Mae - Mortgage Rate News http://www.azmortgageguru.com/obamas-homeowner-assistance-plan/comment-page-1/#comment-2923 Getting a Little Refinancing Help from Fannie Mae - Mortgage Rate News Tue, 24 Feb 2009 18:43:55 +0000 http://www.azmortgageguru.com/?p=1188#comment-2923 [...] Obama’s Homeowner Assistance Plan (azmortgageguru.com) [...] [...] Obama’s Homeowner Assistance Plan (azmortgageguru.com) [...]

]]> By: Housing Fix Could Help Many - but Not All http://www.azmortgageguru.com/obamas-homeowner-assistance-plan/comment-page-1/#comment-2915 Housing Fix Could Help Many - but Not All Fri, 20 Feb 2009 16:12:53 +0000 http://www.azmortgageguru.com/?p=1188#comment-2915 [...] Obama’s Homeowner Assistance Plan (azmortgageguru.com) [...] [...] Obama’s Homeowner Assistance Plan (azmortgageguru.com) [...]

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