President Obama urges millions to refinance

mtgfixit · Joined: 13 Apr 2009 Posts: 73 27.91 Dollars($)

News Flash - Obama says of low rates "People Can really take advantage of this"

He also warns to be cautious of scams, if you are asked for any upfront money, be very careful, he says " If somebody is asking you for money upfront before they help you with your refinancing, it's probably a scam"

The President also encourages those in trouble to take advantage of the following website:
makinghomeaffordable.gov

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.77 Dollars($)

But there is nto much news about how mnay people have been able to take advantage of this.

If you call the banks they say, we do nto have full guidelines, please call us back in 2 weeks.

Any oen here got help due to this

Guest

I used the plan - thanks Obama!

We bought our house in 2007 and put 20% down to avoid PMI. Our rate at that time was 6.5% on a 30 yr fixed. I just signed the paperwork to refi today @ 4.875% on a 30 yr fixed using the Obama plan. The kicker here is, our house has dropped in value (probably 20-30k in the last two years) so now our refi will be > 80% LTV. With any other refi program we would have to pay PMI, but with the Obama plan we don't have to pay PMI. It's a great thing!

All in all, we will be saving over $200 per month on mortgage payments.

jameshogg · Posted: Wed Apr 15, 2009 8:22 pm Post subject:

Hey Chris, Thanks for sharing your experience here. Smile

It's great to hear that you would be saving around $200 every month.

mtgfixit · Joined: 13 Apr 2009 Posts: 73 27.91 Dollars($)

That is great news Chris!!! I hope more people can take advantage of this program too!

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.77 Dollars($)

Thats great news.

Please share if any one else has been able to take advantge of this.

smo65d11 · Joined: 25 Mar 2009 Posts: 9 4.56 Dollars($)

but what about those of us who don't qualify for refis because of jobs (self employed, cash/tip based wages like waiters etc) ... anyone know of any programs coming down the pipe for us?

Caron · Posted: Sun Apr 19, 2009 8:33 am Post subject:

Hi smo,

Well if you're unable to meet our mortgage payments, try negotiating a loan modification with your current lender. However, there are certain criteria involved for loan modification. You must be aware that President Obama has declared a special mortgage modification program through which he plans to help out distressed homeowners. Just try finding it on your own at http://makinghomeaffordable.gov/modification_eligibility.html if at all you qualify for such a loan modification program as announced by President Obama.

Good luck to you. Smile

smo65d11 · Joined: 25 Mar 2009 Posts: 9 4.56 Dollars($)

I tried to get loan modifications on both of my properties last year, and was denied because they said I did not make enough money to afford the modification.

smo65d11 · Joined: 25 Mar 2009 Posts: 9 4.56 Dollars($)

I spoke to both of my lenders, and was told that even though my loans were Freddie Mac loans, I do not qualify for either of these programs (modification or refinance) because I do not have FHA loans. Anyone know anything about that?

JKennedySLG · Posted: Thu Apr 23, 2009 6:31 am Post subject:

Stated is still available for Self-Employed in NY, NJ & PA. Rates aren't quite in the 4's, but they are excellent rates in the 5's.

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