A good friend could not send in his mortgage payments and was part of the Freddy Mac Fanny May or whatever they are called :D To make a long story short, he received a call yesterday and as part of the new Government plan , they will lower his payments for the first 5 years and make it a new 40 year mortgage .

Good idea :wid:, he will be 99 years old in 40 years


VB

If he doesn't have any dependents, maybe he can apply for a "reverse mortgage" and spend his time enjoying himself, and leave the house to the bank when he goes.
That way he can live "rent free" and .... oh hell, those are just another scam like the sub-prime martgages.
Let's face it, we're screwed. Royally screwed and the banks that screwed us are reaping all the benefits with bailout bucks and their own little "perks".

I wish him luck!

all the banks are raising all their fee's

Remember...All you're going to be left with is"CHANGE".

home owners afordability stability plan
or HARP

seems like they change the friggan name every week

Hey, If you can refi do it. I got 4.75% locking in a few weeks ago. That extra $$ buys a lot of plugs...

How abput this call your bank that holds your mortgage ask them for the float down rate.
I did it with Wells Fargo they dropped me from 5.75 to 5% NO COSTS, that is 0 not cost what so ever!! why spend 4 or 5 k on a refi!!!
The only down side is they re-wrote it back out to 30 yrs no big deal though I always make extra payments.

just came out tonight

for mortgage bailout

on CNN

just came out tonight

for mortgage bailout

on CNN

There are 2 plans out there now for home owners,
One is a modified plan,this plan is for people that are missing payments & are in real need of help.

The other allows people to re fi and it brings your mortgage payment to today's market values,shaving off $100's Im sure in some case's $1000's.


has anybody looked on Zillow and watched how much there home has lost value in a 30 day time frame
Man it's crazy to watch this balloon pop:crying: