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Step 1
Gather loan paperwork and check to see what type of interest rate that you have. If it is an ARM, or adjustable rate mortgage, then you would qualify for the new foreclosure prevention plan. Fixed rate borrowers will not be affected by this plan.
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Step 2
Check with your lender, if you are not sure, to see when your ARM interest rate is set to change. If it will reset anytime between Jan. 1, 2008 and July 31, 2010, you will have the option to place the freeze on the rate. Also, your loan must have been originated between Jan. 1, 2005 and July 31, 2007 in order for you to qualify.
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Step 3
Keep your mortgage payments up to date, with delinquencies below 30 days. You will be excluded from the plan that Bush has proposed if you are more than 30 days late or more than 60 days behind at any point in the last 12 months.
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Step 4
Calculate your future budget to see if you could afford the payment on the higher interest rate when it raises. If you can afford the new payment when the rate resets, you will not qualify. If you cannot afford the new payment, the Bush plan will benefit you. People who cannot afford to pay their payment even before it raises, will be ineligible and considered on a case-by-case basis for an alternative solution.
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Step 5
Call for assistance. If you can't afford your payments and are facing a foreclosure, the Neighborhood Assistance Corporation of America could help you save your home. Go to their website at http://naca.com or call 1-888-302-NACA. For those with a good credit standing and payment history, there is help available with the FHASecure program, through the Federal Housing Association. Their website is http://www.fha.gov/, which provides excellent information and an online form to request assistance.
Comments
missm1 said
on 10/1/2008 Does it say tax credit for those who share rides to work? Tax credit for those parents who have to take in grown children with 3.5 kids, wife and a dog in their 2 bedroom home and their fixed income? Nowhere is this being discussed it is being swept under the rug....so we fallout...quess what then we will start growing our own gardens, baking our own bread, sharing a ride to work, living together (shared living) and we learn to live and work together(something I belive was in God's plan all along)(working together) oops lets not say this is destined to happen when greed, selfishness, deciet,comes into situations..it has to happen because the government is not trying to help the middle,low income people which also says what are you trying to do for our young people? What about the programs that encouraged families to save remember the christmas clubs-many companies had which was just a me
missm1 said
on 10/1/2008 What about putting money in programs that would increase employment for the 2% of the finance people that will be out of work and standing in the soup lines out of work...many because of commissioned jobs not able to recieve unemployment benefits and they lose everything....they can't even get apartments...what provisions is the bailout providing for the people.....remember if there is no income then no income no taxes to be filed....who cares about tax liablity because most have children under 18 and at home and the government has to pay right? (earned income credit) So tell me who the bailout benefits? Does it help the job situation? Does it have a program to say hey lets start over it is better to keep people in their homes than have homeless people in the street....oh yeh because you have credit and a job or an income to rent right? Does it say tax credit for those who share rides
missm1 said
on 10/1/2008 economy is living off of unemployment those who are blessed enough to recieve it and the mortgage company when you ask for a modification says oh you do not qualify? Why not? Because your debt ratio is to high....why not take the payments they can pay darn freezing the rate....freeze the payment what happen to something is better than nothing....money is still coming in...allowing the system to work with government assisted programs- to factor in mortgage payments instead of having to go and get assitance because you lost your home...why not factor in a 600.00 dollar payment you know you can make and give assistance then....
missm1 said
on 10/1/2008 Why are we concerned about the constant lending and not the concern of how to fix the problem. We still are brushing the mortgage issue under the rug...
we still have a very large portion of people who within the next year will face ballon notes due because of adjustable rates can you freeze those? We still have 50% of foreclosures being caused by subdivisions home owner associations evicting monthly paying tenents because they don't want renters in the subdivisions. Not qualifying for the loans but stepping in on behalf of the borrower saying it is against the by laws...so the homeowner who has to accept a job in another state, county, who have divorced,etc...is faced with carrying two house notes which is impossible so foreclosures is inevitable...and the homeowner association is happy right? they collect 500 a year dues?Why not regulate that. Why not look at the fact that 75% of th
missm1 said
on 10/1/2008 Why are we concerned about the constant lending and not the concern of how to fix the problem. We still are brushing the mortgage issue under the rug...
we still have a very large portion of people who within the next year will face ballon notes due because of adjustable rates can you freeze those? We still have 50% of foreclosures being caused by subdivisions home owner associations evicting monthly paying tenents because they don't want renters in the subdivisions. Not qualifying for the loans but stepping in on behalf of the borrower saying it is against the by laws...so the homeowner who has to accept a job in another state, county, who have divorced,etc...is faced with carrying two house notes which is impossible so foreclosures is inevitable...and the homeowner association is happy right? they collect 500 a year dues?Why not regulate that. Why not look at the fact that 75% of th