Comments on: Options for Homeowners Who Can’t Make the Mortgage

By: Paul E. Tooley Sr

Paul E. Tooley Sr — Wed, 10 Aug 2011 14:41:23 +0000

I was mortgaged under Bridgestone, they went belly up sold out to Countrywide, who treated me disingenuously; Bank of America took them over and never explored the disingenuousness they treated me with. I kept up my payments, and BAC allowed me a place on their Making Home Affordable, and I was approved to drop my payments a few dollars, but they are having so much to go through, and I am faint from the procedures. I want to know whether I should walk away. I am 79, my Mtg payment is prolonged until 2035 with a “balloon” payment of nearly $7,000.00 for the final payment. My regular payment monthly is nearly half my income. BAC has 15,000 employees and has that to their credit (giving employment to them. But I’m hostage to their outrageous policies and protocols.

By: Fred @ One Project Closer

Fred @ One Project Closer — Tue, 16 Mar 2010 04:24:34 +0000

We examined the MHA program when we were trying to refinance to a 15 year loan and our house value dropped below 80% LTV. We had locked into a 4.25% loan.

Once we realized we didn’t have the 80% LTV, we checked and discovered our loan was held by freddy. Unfortunately, the rate was higher under MHA – by about 50 basis points. Our mortgage lender said this is pretty typical. Made the refinance no longer make sense for us. So we stuck with our 30 year and have decided just to overpay.

I’m not sure what the reality will be for others, but I would have hoped that a refi under the MHA program would have made you eligible for the best rates available. Apparently not.

By: WR

WR — Sat, 13 Mar 2010 18:01:38 +0000

If a person can’t afford the mortgage of a house, they should not be in that house. This is not a political, moral or value judgment. It’s a financial one.

A person’s lodging should be a fraction of their expenses. By dramatically ‘saving’ their home, even by marginally lowering their mortgage expense, hurts a lot of people who should not own *that* home.

Mortgage Modification could bring down the DTI to 31%. That is still too much for lots of people. Take advantage of any program you can but you gotta get into a home you can “really” afford which should be quite a bit less than 31 percent of your gross income.

Not trying to be provocative or insensitive, just my opinion.

-WR

By: RJ Weiss

RJ Weiss — Fri, 12 Mar 2010 23:31:42 +0000

Agreed with Daddy Paul. Stay in contact with your lender. Let them know that you want to keep the house. Work out a deal if you can.

Don’t forget that they will probably loose a lot more money if the house goes into foreclosure, then the individual stands to loose.

By: Daddy Paul

Daddy Paul — Fri, 12 Mar 2010 17:54:40 +0000

Many lenders are happy right now to cut a deal as oppose to the problems they will have if they don’t cut a deal. The lenders sure do not want to take the house and they do not want bad publicity.