2007-09-04 01:35:12 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Have you even tried to work with your lender? Right now they are trying to make arrangements for you to keep the home rather than them having so many foreclosures to deal with.
If you are behind then go to them, unless you are in the final days of a foreclosure and work out a repayment plan for the back payments. They will, and I heard have to, give you up to 12 months as long as you keep current and make the payments on the arrearages.
The great bail out is several months away but the rules and regs will change with that bail out making it much harder, if not impossible, for those having lousy credit to get the loans to begin with.
2007-09-04 01:56:10 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Here is one very important fact. The Federal Government does not do mortgage loans.
That being said what Bush is proposing is changes to the guidelins for the FHA Insurance Program. Bush would like to see lenders bail out people in forclosure under the FHA program.
At this point it is only a proposition. It still needs to pass both the house and Senate before becomming law. Then the lenders need to sit down and put together a way that the loan will be a viable, profitable product able to attract investors on the secondary market.
Unfortunately this will not be a house savior for most in trouble right now. One way the FHA program will NOT change is you WILL be require to show enough income to support the loan as well as your other debts.
Many in forclosure now are due to the fact that they bought much more home than they could afford without showing income. That is not a person the FHA will bail out.
Another big problem will be home values. Most areas have lost value in the past 12 to 24 months. Bush is proposing a 100% loan. If you are one of the masses whose home is worth less that what you owe, FHA will not be the answer.
So who is this loan going to help? Very few. It's going to help the family that took an Adjustable Rate Mortgage 2-years ago, had decent credit and income sutable to support the loan.
If you are one of the people who decided that you whould buy that $400,000 home despite the fact that your income was $28,000 a year. If you decided you had to have the house and would worry about the consequences later....
Well...... it's later.
2007-09-04 01:58:20 · answer #2 · answered by loancareer 3 · 0⤊ 0⤋
President Bush 'wants' to change some current underwriting criteria with the FHA programs to help people with primary residents that could be facing ADJUSTABLE rate increases.
His plan is to make it easier for the borrowers in the subprime market to get refinanced into a fixed rate program that is not credit score driven. Of course other criteria will still be reviewed. FHA has not changed the underwriting guidelines YET.
Contact a lender that offers FHA, my community, home possible etc. programs and have them evaluate your situation. You may not need to wait for FHA guidelines to be loosened to be approved TODAY.
Hope this helps,
2007-09-04 01:50:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You adult males are all being jackasses extremely. The housing bubble is in basic terms between the downsides to an open economic gadget. Speculators will speculate. And actual-belongings brokers will jack the cost up as severe as available. enable's get slightly difficulty-loose experience right here persons and end turning this actual situation political. You advance sub-best mortgages. ok in basic terms fyi - the difficulty isn't the sale of the living house. this is the resale of the sub-best loan a international protection that crippled tens of millions of mutual funds and inventory holdings. p.s. im not attacking open economic gadget - i'm fascinated in it. i'm asking whoever is examining this answer to get actual.
2016-11-14 03:58:29 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Check on news organizations should have something on it. CNN etc. I heard from the President/Owner of our loan company this morning and it sounds like the people who had good credit before will get assistance. Those with poor credit before may not.
2007-09-04 02:06:05 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It is probably a long way off yet.
The President can only propose legislation. Both houses of Congress must pass bills and they haven't even began to look at the issue.
Some people I know believe that the proposal is only "lip service" and doen't really help that much.
2007-09-04 01:44:48 · answer #6 · answered by Wayne Z 7 · 1⤊ 0⤋
Go to the website I have listed. It is for the Federal Housing Administration. They have the information you are looking for right on the front page. Good luck.
2007-09-04 01:44:44 · answer #7 · answered by Lenora2 3 · 0⤊ 0⤋
He has proposed that the housing limit on FHA loans be raised to 419k (or close to that). This will help thousands of families.
But, he can't just do this himself, congress has to approve it first. I personally think they will, no one looses on this one, it is a win-win solution.
2007-09-04 03:12:46 · answer #8 · answered by Landlord 7 · 2⤊ 0⤋