As I understand recent developments, the short answer to your question is no. I have spoken with my state representative about this and I have written to my congressional representatives. Who knows what the future holds? As of right now, it seems it's just a matter of rebuilding your life and waiting.
I can only hope that those that are hurt in this mess will be allowed a little flexibility when they apply for a future mortgage, much like what happens with medical bills in many instnaces. There is no guarantee that will happen either. Most of the lenders I work with are of the opnion that two years with no additional credit problems and continued income/employment and they will likely be able to do something for my buyers. I really hope they're right.
Anyway... for those that say that "those people should have just paid their bills" WE DID! Our payment jumped from $813 a month to $1676.00 more than double after the first two years... by the 4th year we COULD not pay double what the original was..... We were told when we got the loan by our lender that refinancing would be easy in the third year... YEA RIGHT! WE tried and tried again...
Again, I say these billionaires that made money off the horrible misfortune of the American working people should be punished! HOW could they wagier on such a thing? Part of the punishment should be to help those that they hurt.... oh but I forget.... instead our Government is going to Bail out those that were handing out the insurance policies to these CREEPS! All the while they are spending hundreds of thousands of our tax dollars to bail out thugs that screwed us and then go on luxurious trips to the Galapogos Islands... It's all beyond me! CLASS ACTION lawsuit anyone????????????
Yes there is help for those who have suffered through foreclosure.
Some sellers who do not have mortgages on their propeperty will sell and hold financing.
Typically the interest rate is a little higher, because of the credit risk.
If you are moving to Florida, I am currently marketing very nice 2 bedroom condo in North St. Petersburg and a beautiful studio on Clearwater Beach that have the terms you need.
If you need further information, feel free to contact me.
best of luck
The credit reports will look the same for at least seven years. The Home Affordable Refinance was just as bad because even the lawyers at first were saying that the refi was better. BULL!
Even they were saying you had to ruin your credit by becomming ninety days behind on Credit Cards and mortgages. They changed the song a little bit so they could get more clients responding to their adds on TV.
SO NOBODY REALLY CARES ABOUT THOSE OF US THAT LOST OUR HOUSE, EVEN THE SHORT SALES!
You could buy your own house back for nearly nothing and use the grants to pay for it.your realtor or a social worker or case manager or any govt program staff person or lender can help you do that, bankers are very helpful and knowledgeable ablout special grants and programs for honme buyers in all situations and trained to help them get funds they need to keep their accounts afloat and full of funds and can really work to help you, its in their interest to help you get a decent income and a decent home and theyll help in any way, they have computers , faxes and phones and their taff are there to help, because keeping you well funded keeps them employed too. Also the county, state and fed govt are hiring now as are the hospitals and clinics and manufacturing companies, car manufacturers and the stores, the docks and trucking, bus lines, airports and the veterans admin, people are hiring now so nows the time to apply and they will hire you, because they need the staff badly to handle the inreasing purchases and sales due to the affordability of things now.
His name is Pedro, he's a finacial coordinator and he can get anyone into making much better money from nothing.
Anyway... for those that say that "those people should have just paid their bills" WE DID! Our payment jumped from $813 a month to $1676.00 more than double after the first two years... by the 4th year we COULD not pay double what the original was..... We were told when we got the loan by our lender that refinancing would be easy in the third year... YEA RIGHT! WE tried and tried again...[/quote]
I would definitely be interested in a class action lawsuit, and in addition, filing grievances with government organizations overseeing unfair banking practices. Predatory lending is an understatement as to the under handed practices that went on that caused so many thousands to get burned into losing their homes.
There was serious manipulation (blatantly bogus reporting) done to my credit record just prior to the two year cap on my ARM expiring that made my credit appear to be unacceptable for refinancing. When I say blatant manipulation; old "slow pay" information while struggling through my divorce that had been FULLY PAID OFF dating clear back to 1998 had been "COPIED AND PASTED" into a loan taken out in 2005 and listed as derogatory credit rendering me a liability. I had sold that home years before (in 1998) to avoid going into default because of falling ONE MONTH behind for three consecutive months.
That note was held by Bank of America, a fixed rate, and the persons I spoke with about making payment arrangements to catch up on the one month that I missed because of the stress of divorce and then surgery did not offer any options to recover from a hardship. Instead, penalties were assessed and although I was able to pay the next month's payment with each succeeding month for the following three months; I received a letter of default for lagging 30 days behind each month for three consecutive months. The home sold within hours of placing the realtor sign in the yard; it didn't even make it until nightfall. The buyers were pre-qualified so the bank didn't have a chance to even attempt a foreclosure. THAT credit made future loans more difficult to obtain, although I eventually worked through it and it fell off of my credit report; or should have.
Between that mortgage and the ARM, I had taken out and paid off another fixed rate mortgage while refinancing and upgrading the home that I had bought thereafter. During the second refinance, the lender suggested going with the ARM while emphasizing it was the best possible option, and with my credit getting more and more stable; I would have absolutely no problems in securing a re-fi at the end of the 2 years. He even told me that he would do the loan himself and wave his portion of the fee. Of course, he was not available when that time came. The first re-fi was done with Wells Fargo with a 2nd mortgage through National City. The second re-fi was to consolidate the 1st and 2nd mortgage from before, as recommended by the broker, and was done through Homecomings; all were done through the same lending broker... a reseller of loans working for the banks. There seems to be a string of banks that operate with the same ethics and almost appear to be one large entity with multiple operating aliases.
Once trapped into the ARM where my mortgage began doubling, I had to undergo another surgery. I knew that I would not be able to make the full payment on time and called the mortgage company to try to make some kind of payment arrangement. The representative appeared to be located at a phone center offshore, poor and broken English, and adamantly stated that their bank did not accept partial payments or any type of payment arrangements. She told me that if I could not make the payment IN FULL when it was due, then I would have to make the payment whenever I could get the full amount. She made it very clear that if that FULL payment was not made within 30 days of the due date; it would be shown as derogatory credit and reported to the credit bureaus. I had told her that I would have the funds to pay within a week and a half beyond the 30 day cutoff.
Within 3 days of my account falling beyond the 30 day cutoff, I not only received a late payment notice and late fee, but also a very hefty penalty bordering $300.00 for whatever clause I had violated. ??? I looked over the life of 10 years in being in that home, only to have gained approx $1,400.00 in equity when making payments of over $1,200.00 and made the determination that I would be better off to get the hell out. I had received another notice that the mortgage was due to increase to $1,400 withing 2 months and would only be good for another 6 months at that rate.
Rather than accepting the penalties, struggling to find new ways to meet the UPCOMING hikes in pymts, and all else; I used the money that would otherwise have paid both months payments and contacted a bankruptcy attorney. I handed the property back to the bank without regret.