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bucketmouth64

stimulus money working?

21 posts in this topic

I just talked to my mortgage company, one who received $50 billion in stimulus money, and they couldn't help me out with my FHA mortgage situation because I fell outside of their income guidelines. Which meant that my income was too low versus my expenses. I work two part time jobs and looking for full time work. I did receive a severance from previous employer. The mortgage company said one option is to go into a pre-foreclosure sale. I am not behind in payments and want to stay. What advice if any would you do? Keep paying until my severance is used up (that's if I haven't found a full time job), put it on the market, or stop paying the mortgage and go into foreclosure? They did say if and when I find a job and have more income I could re-file a loan modification request. They said my income was too low to do any modifications that would help. I'm just frustrated at this whole thing (economy and limited jobs)and all the money given to the banks and I can't catch a break.

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Even though it may suck from your perspective, it sounds to me like they're doing what they should have been doing all along. Had they taken some level of self-preserving action in the first place by looking at the income:expenses ratio of loan applicants, we probably wouldn't be in the situation we're in.

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I agree with Bob, too many bad loans out there. I can simpithize with your case however. I would keep paying as long as you can if you choose to keep your home. Hopefully you will find work and get back on your feet. If not, you can look at a sale then.

Kudos to you for working your tail off to keep your home.

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What sandman said. I hear about all kinds of people just letting their place go into foreclosure and not doing a dern thing about it. It's good to hear that you're willing to work to try to keep your payments up, shows alot of what a man's made of.

Sorry to hear about your situation, too. If you wanna try putting in an application at my work, I can give you a recommendation. It's full-time, but seasonal. My guys make good money mid-March - end-October, then get laid off till then. Right now I starting wage is right around $13/hour, depending on experience, but my guys are working anywhere from 50-60 hours a week, obviously overtime any hours after 40 with very good bennies. If nothing else it could help fill in while you look for something else.

If you're interested email me at jefflynch at trugreenmail dot com.

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Bucketmouth,

What are you trying to do? If you're just trying to lower your rate, income shouldn't matter with an FHA streamline. It may or may not help depending on your rate right now. If it's making the payments, you can look into a bunch options through FHA counseling. You can google FHA and should be able to pull up their HSOforum for that contact info.

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Bucketmouth,

What are you trying to do? If you're just trying to lower your rate, income shouldn't matter with an FHA streamline. It may or may not help depending on your rate right now. If it's making the payments, you can look into a bunch options through FHA counseling. You can google FHA and should be able to pull up their HSOforum for that contact info.

I got an email from the guy who originated my loan and he gave me a number for FHA so I can talk to them and see if they have any options.

Thanks for your replies.

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Many loans are going to be harder to qualify after all the bad loans that have been made in the past years.

I realize this will hurt some but its what needs to happen.

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A good buddy of mine sells boats, and he told me yesterday that unless you have at least a 700 credit score and a solid dept to income, you're not getting a boat right now. He turns down a couple of people a week due to insufficient credit

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Ok, I talked to fha counselor and the news isn't good. The fha loan can't be modified. So even if I found a job it has to pay enough for my mortgage,utilities, and living expenses. If job doesn't pay enough I still won't be able to qualify for any modification. All the stimulus money would do in my case is to get me current on payments if I were behind. And that can't happen unless I'm behind 90 days. Fha said if I do end up losing the house whether I have a job or not I should stay in it and go thru the foreclosure process and not move out until I get an eviction notice. Something to do with not paying taxes on the sale of the house as income. Bank will get their money (for the note) since it is fha insured. And my credit goes in the tank.

So all of this is still frustrating and to think that I need to find a job that will pay enough to stay in the home is disheartening. Employers know they can offer lower wages. All I can do is hope a decent paying job will come. Or maybe win the lottery...but that costs money too.

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Good luck to you on the job search, hop you find something.

Good to see the good old FHA is pushing forclosure. Nice they don't help you out but have no problem paying off a bank note.

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I feel for all that are in this position. This is a tough economy and sadly, many are going to get hurt.

But we cannot come down on FHA or any other lender as they also need to watch out for themselves and there are laws and regs on how loans are made.

Yes, they pay off the bank as that is the way the loans are guaranteed. How can we say they cannot do this when it was written in the loan papers?

They can only help out if the goverment changes their programs. That does not happen in a few months.

If we let these loans ride or change them to less interest, how is that fair to all the others who pay monthly payments now?

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I agree Harvey, but to tell him to let it forclose and live there until he is evicted so he doesn't have to pay taxes? That whould be against the law and if you are going to go that far than you might as well break the law and pay his bill.

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Stimulus plan ? crazy

If it was not designed to help this guy, then who was it designed to help ?

Has it helped anyone ?

It has cost more jobs than it created !

This is just the first of the trillion dollar boondoggles to come down the chute.

More to come in the next three and half years.

Remember how congress had to pass this carp bill immediately ? (Most signed without even reading it).

Sound familiar ?

Sound like the health care bill being rammed through Congress as we speak ? wink

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I would let the sucker go...depending on your family status. If your single and have a vehicle (so you won't need to finance one) and no kids/dependants, to hell with it. These are the ramifications when business's continue to cut wages. PERIOD. It certainly does not bother Trump to file bankruptcy, or GM to file or AIG etc.,etc.,etc.,etc,.etc. So why do we bemoan the average guy when they fall into trouble?? Stop making payments and put that money into savings and let the chips fall. Hell it may take 6-9 months to get you out. Lots of money can be saved by then..

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I agree Harvey, but to tell him to let it forclose and live there until he is evicted so he doesn't have to pay taxes? That whould be against the law and if you are going to go that far than you might as well break the law and pay his bill.

I never stated that he should go through forecloure. How in the world did you come up with that Sandmannd?????????

Please do not put words in my mouth.

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not an expert but I think what the FHA guy says makes sense, ideally if you get the short sale it may not affect your credit that horribly, and in a perfect world some short years from now this will be a known problem and maybe be overlooked. Sorry your in the situation dude

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Stimulus plan ? crazy

If it was not designed to help this guy, then who was it designed to help ?

Has it helped anyone ?

It has cost more jobs than it created !

This is just the first of the trillion dollar boondoggles to come down the chute.

More to come in the next three and half years.

Remember how congress had to pass this carp bill immediately ? (Most signed without even reading it).

Sound familiar ?

Sound like the health care bill being rammed through Congress as we speak ? wink

Exactly! I've posted the same on other websites. I have called and written our congressman on the same!

Barry rammed the whole thing through Congress so fast. Heck, our congressmen didn't even read the stimulus bill and voted for it. (esp. Nobalz Walz) (They ALL should be held accountable and voted out.) What was the hurry to spend, spend, spend so much money so fast when it will take years to to turn things around? Something is rotten in DC!

The health care bill that Barry now is trying to ram through is another example. Slow down and get it right. If another senator or conressman from MN votes for a bill without reading it... Well, I guess it is typical of these clowns.

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as i see it the stimlus for the road work just kept the guys working that had jobs which is good

but i dont see no big addition in jobs including myelf with lots of excperience

plus not sure how mndot spent some of it but thats politics i guess

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Originally Posted By: Sandmannd
I agree Harvey, but to tell him to let it forclose and live there until he is evicted so he doesn't have to pay taxes? That whould be against the law and if you are going to go that far than you might as well break the law and pay his bill.

I never stated that he should go through forecloure. How in the world did you come up with that Sandmannd?????????

Please do not put words in my mouth.

Sorry, you miss-took what I said. The only part that purtained to you was agreeing with your post. The rest I took from what he said FHA said to him. If you read his original post he stated they said to let it forclose and live there until he gets evicted. That makes no sense to me that the FHA would tell someone that.

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I should clarify that the TARP money were designed for conventional loans. FHA loans are not included. This was brought to my attention that I didn't know. Although, the lady said that could change too in coming months. But that will take time to be put thru and activated. Not saying that there is something in the works, but if something does happen it will take a few months to get it going. Thanks for the replies.

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FHA's are already Govt backed, which is why they were not included. Unfortunately, that's probably why the bank won't really work with you, as they are guaranteed the money if you go under. (not sure the amount/%)

These are Govt backed to allow people to purchase a first home that would otherwise not qualify. (smaller down payment and loan caps) So you have already received some Govt aid, unfortunately it doesn't help you much now!

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