Posted on: 02nd Mar, 2009 03:41 pm
i have just had to file bankruptcy my mortgage pmt accts for more than 48% of my monthly income. I am struggling to make my pmts but want to stay in my home and am current at this time. Is the new stimulus plan going to help me with lowering my pmt or will i not qualify because of the bankruptcy?
hi guest,
the new stimulus plan introduced by the government would help those borrowers who owe more than 80% of their property's value to refinance and reduce their monthly payments. the lenders won't refinance people who have less than 20% equity in their property. however, it should be noted that those borrowers who are current on their mortgage payments and whose loans are held or guaranteed by fannie mae and freddie mac are eligible for this plan.
as you have already filed bankruptcy, i doubt whether you will qualify for the program.
thanks
the new stimulus plan introduced by the government would help those borrowers who owe more than 80% of their property's value to refinance and reduce their monthly payments. the lenders won't refinance people who have less than 20% equity in their property. however, it should be noted that those borrowers who are current on their mortgage payments and whose loans are held or guaranteed by fannie mae and freddie mac are eligible for this plan.
as you have already filed bankruptcy, i doubt whether you will qualify for the program.
thanks