Can we talk about this American Loan thing?

[Star*]

Have any of you applied already for the American Loan reassessment? I don't need particulars - (NOMB) I called my mortgage company yesterday and they said that OMG this was hysterical - I am 2% above the limit for consideration. That you have to be 31% income to expense ratio. Here's what is getting me confused. IF I were frivilous with my expenses - which I'm not..but if I were? I would be rewarded. If I spent boatloads of money on clothes (I shop Goodwill) If I spent money on a gardener and lawn care (I do my own) If I spent money to have someone fix my car (Um - I turn a wrench when I can) and if I just bought all the groceries I wanted (I budge and buy Angelfood ministries) - I would have qualified like that (snaps finger)

I went into work today - We're being cut back on hours. I called the mortgage Co. Told them - and NOW I qualify. OMG - I got cut ONE day - so for one days wages I qualify to have my mortgage reduced by nearly $150 - $200 a month for the life of my loan? And if/when my hours resume my loan will STILL stay the same? Just probably add on a couple years?

But I can STILL Take the money I'm saving on the monthly payment and put THAT towards the principal and pay my mortgage off in 1/2 the time? If this is the case then WHY didn't someone do this in the FIRST place and allow me to pay off my 30 year mortgage in 15 years. OR allow me to make the necessary repairs to my home 10 years ago instead of living in unfinished hades?

Can anyone explain this?

OHhhhhhh and because of being cut the 1 day? I ALSO qualify for the weatherization assistance progam - for free insulation, heatpump - etc. AND LIHEAP...
INCREDIBLE - I'm giving up 1 day a week and will now get hundreds...THIS is why this country is in such dissaray.

 

[Hound dog]

Yup. You said it.

Now direct me to that loan place. I'm sure with husband out of a job we qualify. LOL I'm going to wait to see what his unemployment will be before contacting the others. We used HEAP once way back when and had a devil of a time paying it back up again, so I don't want to do that until I have to.

 

[flutterby]

Lisa, with HEAP there is nothing to pay up again unless you also do the PIP (percentage of income) program.

 

[Hound dog]

Heather, unfortunately that's exactly what we did. It had something to do with our income at the time.

But I'm glad you said that.......soooooooo maybe it would be a good idea to look into that too then.

 

[flutterby]

You don't have to do PIP if you do HEAP. You can do either one without the other. I do PIP, but there is no way I could afford my utility bills otherwise.

 

[gcvmom]

I'm glad you'll be getting the help, but you're right, it makes absolutely no sense the way some of these programs work.

 

[Star*]

Daisy -

In Ohio (don't know about where you and Flutter are) but there are a NUMBER of programs that are available for FREE to low/no income families.

You have to know where to look.

First of all - you may qualify for the PIP program which I highly recommend to anyone in Ohio that is struggling. Or even not struggling.

Okay - here are a few other things that I have come across as far as electric and weatherization. For those that don't know and if you have some help with the redoing your loan thing you can PM me...thanks.

Each county or surrounding county has a Weatherization project that is funded by the government if you qualify for poverty guidelines. You can Google the words Government Funded Weatherization Program and keep searching - for your county. Sometimes it will be under Community Action Council Weatherization Program for your County. It can - replace insulation, fix broken windows, doors, drafts, water heaters, furnaces, for your home.

There is also an energy loan that you can get which you can be on a fixed 10 year loan at (I think) 13% interest (not the greatest) but the payments are very affordable to replace things in your home if you don't qualify for the Weatherization program. You have to get a contractor to come out and write up an estimate to make your home "energy effecient" from the list of their approved contractors, fill out an on line credit app and then go from there. I'm going to try for that one too.

LIHEAP will help you pay for one fuel bill a year - if you qualify for poverty guidelines. 2 person home in our area can't earn more than 16,000 a year. You must make an appointment and be near a cut off date.

Hope this helps someone if you need specific web addresses or google info I'll try to be more specific later.

 

[Hound dog]

You have to know where to look.

That's the biggy around here. The county tends to "hide" these services......finding them in the phone book takes tons of patients and lots of creative thinking. For instance, one doesn't find Health and Human Services under the listings for either county or the town itself, it's not in the yellow pages, nor in the white pages. It's in a teeny section at the front of the phone book you need a magnafying glass to see.

WIC isn't even listed........anywhere! Nor is the Health dept. I had to call another city dept to get their number and address cuz they moved.

And I've as yet to find the county health clinic other than the one located in the county hospital. There is supposed to be one........I just can't find the darn thing. It's like a doctor office.

It's hard to find these types of services around here. They're there, it's just finding them. ugh

OK so HEAP is the one time deal and PIP is longer. I'll try PIP.......but last time we had to pay them back or the light/gas co back and OMG it took forever. So if we'd have to do that again.......I'd only do it if we have no other choice. Our lights and gas bills liked to killed us last year.

Thanks for the info Star. This is going to come in handy!

 

[witzend]

I just wish I'd stop getting robo-calls from jerks who want me to call them back so they can help me with the "american loan" program.