Anyone gotten the mortgage assistance from the government ?

Discussion in 'The Watercooler' started by Star*, Apr 16, 2012.

  1. Star*

    Star* call 911

    I'm curious what you think?

    I've just been filling out the pre-application packet. The one that you gather all the information before it gets to the counselor, before they send it to the underwriter. Okay so I had questions before I sent in all the personal information. Got them answered and the lady was very knowledgeable. What I want answers to is this:

    When she says that I will have a lien on my home for five years at 20% and it's a 100% forgivable loan - BUT should I move or sell the house say in the next three years the government will get it's money about 40% - because I would have already been forgiven at 20% a year; exactly what does that mean? Sorry but I don't get it and no matter how many times this gal explained it? I wasn't going to.

    In YOUR experience with this is it a good thing or is a BAD thing to have a lien on your home - I'm basing this on - I have no job, no great outlook/prospects today, I have no unemployment, and I'm probably not going to win my case to get the 12 weeks back unemployment and in four weeks when I DO start drawing my pittance it's going to be noodles. So I'm not going to make the bills and I don't want to loose the house. I would however like to SELL this place and move - but how does having a lein on your mortgage affect your ability to get a loan in the future?
  2. keista

    keista New Member

    No clue what those % are, BUT be careful because this will affect your credit report somehow, and anything that affects your credit report affects your ability to get a loan.

    I'm not sure whose confused with the "lien on the house" thing - you or this "helpful lady". Your mortgage is a lien on your house. A second mortgage is a lien on your house. A home equity line of credit is a lien on your house. A car loan is a lien on your car. So what this program seems to be doing is giving you a loan which becomes a lien on the house.

    Do you know what this program is supposed to be doing for you? there are several out there and all are very different. That will give some insight as to what kind of lien this will really be and what those %s mean.
  3. DammitJanet

    DammitJanet Well-Known Member Staff Member

    Well I know if you have a lien against your property means you have to pay off the lien before you can sell. Im not sure exactly what this mortgage assistance program is that you are going for though. I have heard of several of them. I think there is one out there for people who have been making there loan payments and become unemployed and cant make their payments and this plan will make their payments for up to a certain time period and it is forgiven if you can start paying your mortgage within that time period. Then there is the other one that lowers your payment and your house price. Not saying that quite right but you get the idea. Like if the house was bought for 100K before the boom and now its only worth 40K so the buyer is so upside down they will never get out, the government is supposed to help.
  4. susiestar

    susiestar Roll With It

    The proram to lower your house is dang near impossible to get. we applied for it nine times, did every single tiny thing they asked, including once changing the FONT that some things were typed in though that was NOT in the directions or counted as a separate attempt. We were refused each time, largely for meeting the requirements they told us the other time - not behind, not behind enough, too behind, employed, not employed, not employed enough,, and more things.

    i have searched the internet and all the contacts that i have and have found almost no one who has qualified and those who have, got it because they spent months and months and months trying. I know that our bank, one of the biggest and one obama chastised specifically, simply doesn't approve these loan modifications unless you can prove you don't need it and you know someone. I got that from someone i know that works there but used to work at a diff bank with me. They are specifically told that they don't approve these in more than 99% of cases.
  5. Star*

    Star* call 911

    My understanding's a lien for five year against your mortgage. IF I wanted to see the house? I'd have to satisfy the lien BEFORE I could move. If I don't move - every year 20% is knocked off the loan until the end of five years at which time it's paid in full. Make better sense? I don't get it at all -

    This is the government load for Unemployed people that can last up to ONE year - or until you get back to work - which ever is first as I understand it.
  6. Star*

    Star* call 911

    I am not behind on my mortgage yet......but it's coming. I haven't had ANY income for 12 weeks and I'm probably not going to win the unemployment hearing. It's taken me nearly 2 weeks to get all the paperwork together. This is a deferrment loan with zero due repayment - UNLESS I move or sell within five years (as I understand it)

    It's called the SC Help program through the sc housing corporation.
  7. susiestar

    susiestar Roll With It

    That sounds different from the making homes affordable program that obama created, that sent the $ to the banks to be used to modify mortgages. That is what i am aware of. We don't have that program in my state. Go for it. The liens mean they get paid out of whatever you get from the sale of the house in the next five years, whatever part of the lien hasn't been discharged yet.
  8. Star*

    Star* call 911

    So that will NOT look like a bad thing on my not so wonderful credit? And my thought is - stay afloat with what pittance I do get from unemployment because we are down to bare bones. I just found out I can get rid of my ATT phone and get a foodstamp phone - OMG I just cry anymore. LOL.....Laugh or cry - Crud who am I talking to Susiestar...I'm sorry. Sigh......But The application just showed up in the mail and I thought well - you already got rid of internet on the phone months ago - so why not this? and I'm assuimng cable is next to go. It's like - watching the Titanic go down in Except you think with your house and life eventually a little of it's going to come back up for air -----or a dingy is going to come by -----or someone will through you a hemmorhoid doughnut or something - and nope - just more sharks. Then this program came up at unemployment when I was turned down for unempleoyment and I proudly siad WELL I HAVE BEEN PAYING MY MORTGAGE......and she said - how's the savings? And I thought - WhAT savings - it's gone. SO she said - Here look at the email and if you think you may need it - fill out the application. There is ONE in EVERY state. Supposedly.

    They also told me to call the mortgage company and see what they offer for unemployment plans. I'm scared to do that. I'd rather they didn't know I'm unemployed. I think they may do to me what they did to you Susie*. Then I have no where. Know what I mean? - and I'm faithful but I keep thinking - LORD if you want me to live in a tent with 5 bulldogs and a cripple man that complains when it's 50 degrees out in SC where it's about 800 degrees all the time/ JUST TAKE ME NOW. Mk?
  9. Signorina

    Signorina Guest

    I have no advice, just please be careful. I understand that people applied for modifications, received "approval", satisfied that requirements of the modifications (made timely payments etc) only to find out months to a YEAR later that the approval was only preliminary and that they in fact were not approved once it went through underwriting (months to a year later) so they were in fact in arrears and then were foreclosed upon.

    The news has been reporting on it. (i know it's old, but it was the quickest link I could find)

    So do not sign ANYTHING unless you understand it 100%. Also, recent news is stating that principal forgiveness (instead of mortgage mod) may be in the works. I hate to say hold off - but it may be worthwhile if you can squeeze out a little more time

    Finally, I really think you will see your unemployment claim go thru. I think badwill is playing a game of chicken and you will win just by showing up. It's a common tactic to dispute every claim and hope the ex-employee gives up or gets another job in the meanwhile. STAY STRONG!!!

    Pulling for you from the chilly WI plains....

  10. Star*

    Star* call 911

    I think I get it now. My loan is forgiven 100% if I live in my house for 5 years. If I move they want the remaining portion of the loan paid back. It's not the same as the ELP loans that ruined and put others into foreclosure but JUST to be sure (AND THANKS SIGNORINA for the insight) because if I went from 640 to 444 and my credit was not soft checked and it caused me to get 30 points I would freak out. I did call them and look over the information and it's a soft credit check they do. HOWEVER if I can make it - or defer a payment I think I'm going to do that or try it this month - and then talk to our realestate atty that closed the house.

    If something is coming for FM? I may want to wait on that. My loan is Fannie Mae. I handn't considered my credit cards interest going up - LORD....that's unreal. That poor woman.
  11. Hound dog

    Hound dog Nana's are Beautiful

    FM is spinning in her grave is all I have to say.

    I dunno Star, I can't answer your questions. But you're not alone, I'm in the same boat. I haven't missed a payment.......BUT. Man I hate that statement. It's that BUT hanging over your head that keep you awake at night.

    Only I'm more than a little leery of such "help". They seem to come with an awful lot of strings attached. So be sure you, in no uncertain terms, are absolutely clear on ALL the strings before you sign on the dotted line. I think they make it confusing as heck on purpose.......and usually when that is the case someone is trying to pull one over on you.

    Good luck getting all the info and such.

  12. recoveringenabler

    recoveringenabler Well-Known Member Staff Member

    Star, can't help you on this one, I have absolutely no knowledge about it, but I do think it's good advice to be absolutely clear before you sign anything. Make sure you understand all the fine print, I agree with Sig and Susie and HD, I don't want you to get hosed here, be careful! Keeping good thoughts and prayers for you to have this all turned around so you get the unemployment, keep the house, get your dream job or just have a windfall of some kind. ....if you just got back all that you give, you'd be rich and happy!
  13. DammitJanet

    DammitJanet Well-Known Member Staff Member

    Star we have that same program here but I wasnt able to articulate it well. I know exactly what you mean and have seen it advertised somewhere...probably the unemployment office. At the time, it meant nothing to me because I was never behind in any mortgage. I did tuck it away for future use but didnt know if other states had the same program. I do think it would be something you should look into considering your circumstances. I am going to take your advice about seeking help from the agencies to get work done on my house. I may even drive down to get you to crawl under my Tony got under there tonight getting the puppies out and its clean as a whistle.

    Though you will get tickled at this one considering we were talking about snakes. Tony, Puke and Cory went fishing today on the Cape Fear river. Where they go is really rocky and brushy but its where the fish are. Tony says its really snake infested. Inevitably sees at least 3 or 4 each time he goes. Today they were fishing and a water moccasin was sunning itself on a rock. Big old thing. Cory was fine with it until it started moving a bit down toward them and then he was hitting Tony on the arm going "daddy, kill it! Kill it now!! Daddy!!! Daddy! DADDY. KIll It. Its COMMING! KILL IT!!!!!!!!!!!!!!!" Tony said he never laughed so hard. Tony reached over with his longest fishing pole and flicked it in the head and it moved off in the other direction. LOL. I told Tony, they dont ever have to worry about me going fishing with them.
  14. donna723

    donna723 Well-Known Member

    Too bad that Uncle Buck couldn't have "accidentally" fallen out of the boat!
  15. JJJ

    JJJ Active Member

    We are refinancing under the new Obama program. Hopefully we will close by the end of the month. It will cut our payments by roughly 20-25%. We are trying to cut down as many of our fixed bills as possible (just in case). Cars are paid off. So that leaves the house, the 2nd mortgage and some credit card debt. I'm hoping to pick up some part time work next school year and that money will go 100% toward getting rid of some of the debt. We just can't live this close to the edge -- one missing paycheck and we are tumbling down.
  16. DammitJanet

    DammitJanet Well-Known Member Staff Member

    Star, you have to keep your internet at least. You can get a roku for TV or simply use netflix and hulu. With internet you can also use magic jack for your house phone as long as you have internet. You would probably be surprised at how easily you could get by without a cell phone and only magic jack unless you are completely dependent on that cell phone. Because you said you have cut out internet on the cell phone, a smartphone is pretty much useless to you except for some games. Even doing gps on it uses the internet. Like I said, with the way we worked out the three phones on the low income phones, that should give you enough minutes for a month. That would be 750 and if you are careful in using them that should last you all month. They auto renew each month.
  17. Star*

    Star* call 911

    Thanks all - I appreciate your input.

    And DONNA!!!!!!!!! WOW never thought to hear something like that come out of YOU! -------Now if you had said PUSH uncle Buck into the water out of the boat it would have been....BELIEVABLE. rofl. Just kidding..

    Personally these are things I would want to know in advance - ALMOST like a pre-fishing questionaire - with a clipboard....

    So BUCK - I have a few questions here before you take off with your uglystick and your night crawlers.......

    1.) Can you swim? (If answer is no - skip to question six, then return to question 2)
    2.) Have you checked the boat for floation devices?
    3.) Do you have a fear of snakes?
    4.) HOW far out on the Cape away from civilization and a cell dead zone do you plan to be?
    5.) Do you have any allergies? Peanutbutter sandwiches, Bees? Shellfish? Zanax?
    6.) You go to church; you've studied our Lord and Savior Jesus Christ. Do YOU think you can walk on water?
    7.) Exactly at what point DID you decide to return my Mother's silver??

    Then I'd walk away probaby in that outifit I picture SUsiestar in when she ridded herself of her neighbors in what she wanted them to believe was a moc satanic ritual. And begin drawing childlike squiggles and designs on his door and stoop in chalk. (I learn so much on how to scare the smack out of people from the women here it's amazing)
  18. everywoman

    everywoman Active Member

    Ex is currently going through SCHelp program. I'm not sure what they do---I gave him the information. I do know he is 3 months behind on HIS mortgage---which is still in my name also and he has tanked my credit score. I'm hoping he gets things straight soon---Ugh. The divorce papers stipulate he is responsible for the house. The deed is not in my name---I hope he gets the help.
  19. DammitJanet

    DammitJanet Well-Known Member Staff Member

    Im surprised my frame didnt appear too you
  20. donna723

    donna723 Well-Known Member

    Star, great minds must think alike! One thing I would do before the fishing trip, just to freak him out a little, make him nervous and a little more likely to go over the side of the boat ... go rent some movies! A good choice would be the original old "Cape Fear" movie with Robert Mitchum, just to get him in the mood! Or the newer version with Robert DeNiro is equally terrifying! Then when they're all in the boat and near the snakey places, Tony and Cory could take turns saying things like, "OMG! I think I just saw him!"