I just attended a webinar today on the housing stimulus package and what I learned is that there will be help for many categories of homeowners, not just those on the brink of foreclosure. I would suggest waiting a few weeks to see how things shake down, but then I would suggest contacting a realtor to help you with ascertaining the current market value of you rhome. Then the next step is to talk with your lender about a "loan modification". I don't have my notes with me right now, but I know I learned that loan-to-value ratios are expected to ease under this stimulus package to any lender who used TARP monies, and most of them did. This may help with a loan modification, but again, I would consult a realtor for an accurate assessment of value.
Hope this helps somewhat. Feel free to contact me anytime for more information. We are all in this together. I would be glad to advise.
The proposed Obama plan, reported in todays Wall Street Journal is currently priced at $ 275 billion. However, It it too early to tell how the plan will actually be implemented and unfortunately a plan like this is sort of like Triage in an emergency room, the more serious patients get treated first. Since you are current on your payments it is critical that you stay that way. I do not know how much your mortgage is or the current value of your home but I assume like most people your home value has not gone up since 2007. In addition, effective 2/20/09 PMI Guidlines are getting tighter (see attached link), so it is good that you got your house when you did. You can also make a call to your mortgage company and ask for guidance. -Steve