Comments on: HUD Launches Hope For Homeowners Mortgage Program http://www.fhaloanpros.com/2008/10/hud-launches-hope-for-homeowners-mortgage-program/ The Unofficial Guide to FHA Loans & Mortgages Wed, 07 Jan 2009 02:20:12 +0000 http://wordpress.org/?v=2.6 By: Maria http://www.fhaloanpros.com/2008/10/hud-launches-hope-for-homeowners-mortgage-program/#comment-29442 Maria Tue, 11 Nov 2008 02:54:43 +0000 http://www.fhaloanpros.com/?p=492#comment-29442 Dear John... I don't think you are actually the target homeowner of this program, so shouldn't be that upset about it. It may be a ripoff for you, but only because you don't actually need it. You are talking about your already 8% equity in your house, not too bad DTI ratio... Why do you want this H4H loan, if you have a great loan that only asks for 84 dollar as insurance? This is not for you... Just so you know your situation is not bad, so please don't whine.... We have a 1st morgage for 240K, 1915/mo, a 2nd 62K for 500/mo, and our house worth 180K dollars. Haha.. I would love to pay 375 dollars for MI... Mortgage Insurance/month (not PMI, P means private, and this is not private but the goverment.......) on a loan that actually worth the same as my house. And yes, I wouldn't care if I had to pay 50% of the gained equity of the house after the pull me out 100K woth of sh.it. So please stop whining. This is not for you, get over it. Dear John…
I don’t think you are actually the target homeowner of this program, so shouldn’t be that upset about it. It may be a ripoff for you, but only because you don’t actually need it.
You are talking about your already 8% equity in your house, not too bad DTI ratio… Why do you want this H4H loan, if you have a great loan that only asks for 84 dollar as insurance? This is not for you…
Just so you know your situation is not bad, so please don’t whine….
We have a 1st morgage for 240K, 1915/mo, a 2nd 62K for 500/mo, and our house worth 180K dollars. Haha..
I would love to pay 375 dollars for MI… Mortgage Insurance/month (not PMI, P means private, and this is not private but the goverment…….) on a loan that actually worth the same as my house. And yes, I wouldn’t care if I had to pay 50% of the gained equity of the house after the pull me out 100K woth of sh.it.
So please stop whining. This is not for you, get over it.

]]> By: John http://www.fhaloanpros.com/2008/10/hud-launches-hope-for-homeowners-mortgage-program/#comment-28404 John Thu, 23 Oct 2008 18:15:17 +0000 http://www.fhaloanpros.com/?p=492#comment-28404 I don't see how this program is going to benefit me in any way shape or form! Lets say my house is appraised at 300K, and my first is a 30 year fixed at 5.25%, payments of 1,521.00 month. My income on March 1 2008 was 4,268$ /month, 31% of that is 1,323.38$ so I technically qualify on my 1st alone... I also have a 2nd at 5.24% (variable at present) at about 70K, and my interest only payments are 306.94$ year. total I owe: 1st 206K, 2nd 70K = 276K Appraised value 300K Loan to value = 0.92 or 92% So if I refinance to H4H I get totally ripped off of half my future equity, in addition to the OUTRAGEOUS PMI FEES!!! First of all they want 3% PMI up front or 9,000.$$ just in PMI FEES!!! THAT IS INSANE, A RIP_OFF!!! Also they want 1.5% a year, or about 4,500 = 375.00$ per month!! HELLO!!! THAT IS ALSO INSANE! I currently pay 84$ per month for PMI, and I could probably get out of that if I had an appraisal done, by an honest appraiser, not a mortgage company(PMI biased) appraiser. Then they want 50% of my Equity???????????? I am Irish and this sounds like the english stealing land from the irish all over again... DO NOT SIGN UP FOR THIS PROGRAM!!!! just my opinion, it is a horrible ripoff. Who is it helping???? Certainly not me, I can guarantee you that. John in Seattle , WA I don’t see how this program is going to benefit me in any way shape or form!

Lets say my house is appraised at 300K, and my first is a 30 year fixed at 5.25%, payments of 1,521.00 month. My income on March 1 2008 was 4,268$ /month, 31% of that is 1,323.38$ so I technically qualify on my 1st alone…

I also have a 2nd at 5.24% (variable at present) at about 70K, and my interest only payments are 306.94$ year.

total I owe: 1st 206K, 2nd 70K = 276K
Appraised value 300K

Loan to value = 0.92 or 92%

So if I refinance to H4H I get totally ripped off of half my future equity, in addition to the OUTRAGEOUS PMI FEES!!!

First of all they want 3% PMI up front or 9,000.$$ just in PMI FEES!!! THAT IS INSANE, A RIP_OFF!!!

Also they want 1.5% a year, or about 4,500 = 375.00$ per month!! HELLO!!! THAT IS ALSO INSANE!

I currently pay 84$ per month for PMI, and I could probably get out of that if I had an appraisal done, by an honest appraiser, not a mortgage company(PMI biased) appraiser.

Then they want 50% of my Equity????????????

I am Irish and this sounds like the english stealing land from the irish all over again…

DO NOT SIGN UP FOR THIS PROGRAM!!!!

just my opinion, it is a horrible ripoff.

Who is it helping???? Certainly not me, I can guarantee you that.

John in Seattle , WA

]]> By: Al Harrington http://www.fhaloanpros.com/2008/10/hud-launches-hope-for-homeowners-mortgage-program/#comment-28117 Al Harrington Sun, 19 Oct 2008 20:44:30 +0000 http://www.fhaloanpros.com/?p=492#comment-28117 You guys seem quick to bash the banks for loans that you signed up for. I work at a bank that is doing these types of loans, the only problem is going to be getting the current lender to "eat" the difference. Forget about the lender that is going to write the loan. Brenda, If your lender is willing to help you out and eliminate debt, they are doing it for a reason. Maybe your debt to income ratio is too high and the new loan would be saving you money overall. Don't call them predatory. If the loan wasn't benefitting you then they would not be able to write the loan by law. David, Of course you can pay the second mortgage, its probably less than half of what your first mortgage payment is. LET IT GO. A second mortgage is worthless and in most cases its Unsecured debt because your house isn't worth what you owe on it. Lenders will sometimes settle these for pennies on the dollar. They want them off the books. Focus on paying the first. Andrea, I feel bad for you. You make money, you purchased a house that you can afford, you make your payments on time and nobody wants to help you out and make your situation better. Nice guys finish last. You guys seem quick to bash the banks for loans that you signed up for.
I work at a bank that is doing these types of loans, the only problem is going to be getting the current lender to “eat” the difference. Forget about the lender that is going to write the loan.
Brenda, If your lender is willing to help you out and eliminate debt, they are doing it for a reason. Maybe your debt to income ratio is too high and the new loan would be saving you money overall. Don’t call them predatory. If the loan wasn’t benefitting you then they would not be able to write the loan by law.
David,
Of course you can pay the second mortgage, its probably less than half of what your first mortgage payment is. LET IT GO. A second mortgage is worthless and in most cases its Unsecured debt because your house isn’t worth what you owe on it. Lenders will sometimes settle these for pennies on the dollar. They want them off the books. Focus on paying the first.
Andrea, I feel bad for you. You make money, you purchased a house that you can afford, you make your payments on time and nobody wants to help you out and make your situation better. Nice guys finish last.

]]> By: roosevelt http://www.fhaloanpros.com/2008/10/hud-launches-hope-for-homeowners-mortgage-program/#comment-27841 roosevelt Thu, 16 Oct 2008 22:27:27 +0000 http://www.fhaloanpros.com/?p=492#comment-27841 flagstar bank is actually doing these FHA loans, but it is on the retail side, I am a loan agent,and we cant do them for you guys, you must contatc the lender directly.... here ya go... Contact cynthia.terry@flagstar.com or reach her @ 925-580-2802... I hope this works for you, I would really like to do it but, its a retail product flagstar bank is actually doing these FHA loans, but it is on the retail side, I am a loan agent,and we cant do them for you guys, you must contatc the lender directly….

here ya go… Contact cynthia.terry@flagstar.com or reach her @ 925-580-2802… I hope this works for you, I would really like to do it but, its a retail product

]]> By: Andrea http://www.fhaloanpros.com/2008/10/hud-launches-hope-for-homeowners-mortgage-program/#comment-27752 Andrea Wed, 15 Oct 2008 22:33:53 +0000 http://www.fhaloanpros.com/?p=492#comment-27752 The problem I see with this is that a lot of people are foreclosing on their home because of a dramatic decrease in property values. The property value has decreased due to foreclosures and empty houses in the area, meanwhile they still have a much higher mortgage balance on a house that is worth 30-70% of the loan value. This is the situation I am currently in. My house value is 50% of the remaining balance of the mortgage loan. There are empty houses in my neighborhood and crime has increased so my neighborhood is no longer safe. This program does not help me (or people like me) who want out because I am current on my loan and my monthly mortgage payment is only about 17% of my monthly gross income. If they drop the income guideline, I would be eligible for this program. I would apply because who wants to pay years on a loan for property that is only worth half the amount? The problem I see with this is that a lot of people are foreclosing on their home because of a dramatic decrease in property values. The property value has decreased due to foreclosures and empty houses in the area, meanwhile they still have a much higher mortgage balance on a house that is worth 30-70% of the loan value. This is the situation I am currently in. My house value is 50% of the remaining balance of the mortgage loan. There are empty houses in my neighborhood and crime has increased so my neighborhood is no longer safe. This program does not help me (or people like me) who want out because I am current on my loan and my monthly mortgage payment is only about 17% of my monthly gross income. If they drop the income guideline, I would be eligible for this program. I would apply because who wants to pay years on a loan for property that is only worth half the amount?

]]> By: Brenda Hunt http://www.fhaloanpros.com/2008/10/hud-launches-hope-for-homeowners-mortgage-program/#comment-27745 Brenda Hunt Wed, 15 Oct 2008 21:17:18 +0000 http://www.fhaloanpros.com/?p=492#comment-27745 I need the help of the home secure program but have not been able to find a lender. The lenders do not return phone calls and if you get to speak to them, they are not knowledgeable of the program and do not seem interested. My currentlender is willing to lower my payments but with a nother high interest loan that increases my debt load. It is just another predatory loan. They are of no help. They have been bailed out and are laughing all the way to the bank. There seems to be no help for homeowners. The program is all talk and no action. I wish some one would come to the rescue. Please tell me of any banks that are willing to help. I need the help of the home secure program but have not been able to find a lender. The lenders do not return phone calls and if you get to speak to them, they are not knowledgeable of the program and do not seem interested. My currentlender is willing to lower my payments but with a nother high interest loan that increases my debt load. It is just another predatory loan. They are of no help. They have been bailed out and are laughing all the way to the bank. There seems to be no help for homeowners. The program is all talk and no action. I wish some one would come to the rescue. Please tell me of any banks that are willing to help.

]]> By: Tillman http://www.fhaloanpros.com/2008/10/hud-launches-hope-for-homeowners-mortgage-program/#comment-27667 Tillman Wed, 15 Oct 2008 05:20:55 +0000 http://www.fhaloanpros.com/?p=492#comment-27667 I think the program was a great idea, but I see no evidence that it is being utilized. My lender Litton is apprently not participating and told me I would have to find an FHA approved lender and apply for a loan with them. But it's not that easy right? I am having a very hard time finding a lender that is participating in this program. What should we do, who should we contact to benefit from this prgram? It seems unreachable! I think the program was a great idea, but I see no evidence that it is being utilized. My lender Litton is apprently not participating and told me I would have to find an FHA approved lender and apply for a loan with them. But it’s not that easy right? I am having a very hard time finding a lender that is participating in this program. What should we do, who should we contact to benefit from this prgram? It seems unreachable!

]]> By: David Cass http://www.fhaloanpros.com/2008/10/hud-launches-hope-for-homeowners-mortgage-program/#comment-27612 David Cass Tue, 14 Oct 2008 13:20:18 +0000 http://www.fhaloanpros.com/?p=492#comment-27612 We have 2 mortgages, we can pay the 2nd mortgage, I call and asked them for a lower rate and they said NO this is citibank, my 1st mortage is with WAMU and Im bearly makeing that payment, we are in the real estate market and are drowning, Citibank sent a letter to foreclose on our property what can we do? We have 2 mortgages, we can pay the 2nd mortgage, I call and asked them for a lower rate and they said NO this is citibank, my 1st mortage is with WAMU and Im bearly makeing that payment, we are in the real estate market and are drowning, Citibank sent a letter to foreclose on our property what can we do?

]]> By: joyce http://www.fhaloanpros.com/2008/10/hud-launches-hope-for-homeowners-mortgage-program/#comment-27350 joyce Fri, 10 Oct 2008 20:19:36 +0000 http://www.fhaloanpros.com/?p=492#comment-27350 i need a lender hfh in pgh i need a lender hfh in pgh

]]> By: Karen http://www.fhaloanpros.com/2008/10/hud-launches-hope-for-homeowners-mortgage-program/#comment-27329 Karen Fri, 10 Oct 2008 12:57:13 +0000 http://www.fhaloanpros.com/?p=492#comment-27329 You stated that your lender must be willing to take a loss on the difference between the existing obligations and the new loan. My husband and I have been trying to refinance our home at a lower interest rate - we currently pay 11.125% - since March - due to the fact that I have become disabled - and have had no luck. Where may we stand now that our lender is no longer operating? Any information or insight you may have would be greatly appreciated. You stated that your lender must be willing to take a loss on the difference between the existing obligations and the new loan. My husband and I have been trying to refinance our home at a lower interest rate - we currently pay 11.125% - since March - due to the fact that I have become disabled - and have had no luck. Where may we stand now that our lender is no longer operating?

Any information or insight you may have would be greatly appreciated.

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