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 patricia
Joined: 16 Jan 2008
Posts: 133
0.94 Dollars($)
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
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larry
Joined: 27 Jun 2007
Posts: 3322
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patricia
Joined: 16 Jan 2008
Posts: 133
0.94 Dollars($)
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patricia
Joined: 16 Jan 2008
Posts: 133
0.94 Dollars($)
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
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patricia
Joined: 16 Jan 2008
Posts: 133
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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Posted: Tue Feb 19, 2008 12:37 pm Post subject:
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i think rebates are a smokescreen and a failed attempt (at least they made an attempt) to eliminate or provide a solution to the existing problems. i am aware that it was suggested we take our $600 and go shopping in lieu of paying bills, which is, of course, ludicrous.
what we are seeing is a lot of "too little, too late" to make any inroads in the issues that many people are facing. i understand that there is serious bureaucracy involved in making changes, and i salute those who are trying to make these changes, but much of what has already transpired and much of what is on the docket is inadequate to provide the assistance where needed. and that's not even including the devastation still haunting those who live in the mississippi delta!
one of the items i noted this week is that a handful of lenders are holding their foreclosure actions in abeyance for a 30-day period. for those who are 3-6 months behind, this is merely a holding pattern. if someone is 3 or more months delinquent now, the likelihood that an additional 30 day period will provide solutions is pretty doggone slim. here again, the intent to help is there, but the method isnt viable.
color me a skeptic - the fha program has already proven that it will not accommodate a large percentage of the delinquent/troubled/facing foreclosure population. we have a program in connecticut that mirrors the fha program, and it is most difficult for people to qualify for.
i recognize that large numbers of people who had no business getting mortgages were getting mortgages and that this represents a large percentage of those in trouble now.
i remember when alt-a came out (aimed at creditworthy people); then it got expanded to incorporate those who were not so creditworthy. the first incarnation of the ninane loans were for those with 620 scores! can you imagine, a 620 (poor-to-mediocre) score and you didnt have to disclose assets, employment or income?! what a ridiculous tool the mortgage market created to take care of itself. what's it all about? greed. did people know they had no business taking these loans? of course, they did; but they also had loan officers all over the place falling all over themselves trying to convince them that they could afford it after all.
it usually doesnt take much work to convince someone who lacks expertise that a loan officer can work miracles on their behalf. and we all know that this is what happened to far too many people in far too many situations.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
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Posted: Tue Feb 19, 2008 1:14 pm Post subject:
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okay...that previous post was my diatribe about the current situation - i still think the sky is not falling, despite all the chicken littles out there (i even have some in my office!).
now....patricia...you might just have to twist your husband's arm when it comes to refinancing. you said you have an adjustable rate loan (did not state the rate), and i am hoping that the current rate isn't onerous. also, i hope you two took the time to review the adjustable and ensure that it isn't one that will fly much higher in the near future.
based on your post, it seems that your loan was taken long enough ago that rates were more favorable, as were those products; and that your next change in rate won't do a real number on you.
as for "your bank" not offering the right product for you to refinance; i know you know, from wandering around these forums all this time, that there are far more alternatives than just that one bank.
rates have increased of late - the last week or two has seen almost daily changes upward - but that doesn't mean that you might not benefit from moving ahead with a refinance to a fixed rate loan now. if you can save yourself some money - and of course, you could do so by extending the loan term to reduce the payment amount - it would be beneficial.
from the tone of your post, it seems that the payments you are making at this point are higher than what you would like to afford. i agree with you that it is a good time and a good idea to investigate a refinance to see how you might best rearrange your finances.
please keep us posted. 
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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patricia
Joined: 16 Jan 2008
Posts: 133
0.94 Dollars($)
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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patricia
Joined: 16 Jan 2008
Posts: 133
0.94 Dollars($)
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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patricia
Joined: 16 Jan 2008
Posts: 133
0.94 Dollars($)
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Mortgage Forums 
Why are the people being foreclosed ?Are they loosing their jobs ?I know they cost of gas is more than we can afford. We spend I know over 100 in gas a week for 2 vehicles.
