I am really scared right now and need to vent.....we might lose our home

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I have tried and tried to do the link thingy, I’ve even read some instruction:( but I can’t get it to work. My ex and I had a US-RDA loan, but I’ll find out the name of the program he went through. I think it was the NeighborWorks America /Hope program that a previous poster mentioned. They provide legal counseling, too. They have a website.

As for the temporary mortgage moratorium for the holidays, it was mentioned on my local tv station, but MortgageLoan.com/bush-offers-holiday-gift-for-suffering-Americans-2718 says the same thing. He extended unemployment benefits and put a moratorium on mortgages through the New Year.

You are right about the Obama moratorium being only three months. In the Miami Harold on December 8, he stated that if the Bush administration didn’t do something about it, he would. He said it would be one of his top priorities after January 20th. I think that banks will wait and see what Obama proposes before moving forward on foreclosures. I am trying to offer a little bandaide of hope.:o

Obama proposes that during the moratorium, banks should be made to offer low interest refinancing to people who are in danger of being foreclosed on. He stated that many people are making monthly payments, but they just can’t afford the whole payment.
Anyway, God Bless the original poster, I’m keeping her in my prayers.
 
To do a link:

1.) Go to the place you want to link.
2.) Right mouse click on the link up there in the “address” sapce.
3.) Choose “Copy” with the left mouse button.
4.) Go right back to the post-to-be in CAF.
5.) Hold down your CTRL button on your keyboard at the same time you press the V key.
6.) If the link is listed but doesn’t work, click on the globe with the chain in front of it under the smiley emoticon and to the right of the lines with a right arrow. Hold down CTRL and V at the same time. Press the OK button.

I hope you didn’t think I was angry with you, Galnextdoor- far from it. I wanted the links so I could give them to other people going through this. Masondoggy is hardly alone right now.
 
Use the HOPE website, this is the best bet…I read what you said, but I do not think this is accurate.
 
NonCatholic said:
Use the HOPE website, this is the best bet…I read what you said, but I do not think this is accurate.
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That’s what I read on the HOPE website…unless I’m misunderstanding it.

I’m planning on asking the counselor about it when they call me back. Hopefully I’ll hear from them on Monday.
 
Here it is. Click on the red highlighted portion and it goes into detail about it. It’s really disturbing, imo…

hud.gov/hopeforhomeowners/consumerfactsheet.cfm

OK, I could understand some sort of equity sharing if you sell within 5-10 years of getting help from the gov’t. But from what I’m understanding is if the homeowner sells 20+ years later, they still have to split HALF of the equity in their home, that they paid for and sweated over, to the gov’t. This isn’t China, for pete’s sake, this is AMERICA.

Honestly, if this is my only option, forget it. We’d be better off starting over from scratch. At least whatever we work for and wind up with will belong to us.

ETA It doesn’t look like we’d qualify anyway because it says your mortgage payment has to be higher than 30% of your monthly income. We’re nowhere near that. We’re probably closer to 20%.
 
masondoggy said:
Here it is. Click on the red highlighted portion and it goes into detail about it. It’s really disturbing, imo…

hud.gov/hopeforhomeowners/consumerfactsheet.cfm

OK, I could understand some sort of equity sharing if you sell within 5-10 years of getting help from the gov’t. But from what I’m understanding is if the homeowner sells 20+ years later, they still have to split HALF of the equity in their home, that they paid for and sweated over, to the gov’t. This isn’t China, for pete’s sake, this is AMERICA.

Honestly, if this is my only option, forget it. We’d be better off starting over from scratch. At least whatever we work for and wind up with will belong to us.

ETA It doesn’t look like we’d qualify anyway because it says your mortgage payment has to be higher than 30% of your monthly income. We’re nowhere near that. We’re probably closer to 20%.
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It might be worth a try anyway. They may not figure your gross income the way you do. I think you are allowed to take insurance and medical bills out before you figure your gross income. Another thing is that the new loan will be for 90% of the current market value. (If you haven’t put a lot of sweat equity into the house, you could still come out on top. You could be paying less interest and paying significantly less for the house than when you originally bought it.)

Before deciding to walk away, I would check rental properties to see if I would have to pay the same or more in rent than I currently now pay on my mortgage. A foreclosure could remain on your credit for years, but if you can refinance, your credit may just look a little bumpy.

One other thing I would think about, you may find it difficult to buy a new place. Meanwhile, you could be renting for years and not even get 50% back.😦

It seems like they are taking advantage of people’s misfortunes, which irritates me, but it is an option to consider.:o

I’m still praying for you. God Bless.
 
Galnextdoor said:
It might be worth a try anyway. They may not figure your gross income the way you do. I think you are allowed to take insurance and medical bills out before you figure your gross income. Another thing is that the new loan will be for 90% of the current market value. (If you haven’t put a lot of sweat equity into the house, you could still come out on top. You could be paying less interest and paying significantly less for the house than when you originally bought it.)

Before deciding to walk away, I would check rental properties to see if I would have to pay the same or more in rent than I currently now pay on my mortgage. A foreclosure could remain on your credit for years, but if you can refinance, your credit may just look a little bumpy.

One other thing I would think about, you may find it difficult to buy a new place. Meanwhile, you could be renting for years and not even get 50% back.😦

It seems like they are taking advantage of people’s misfortunes, which irritates me, but it is an option to consider.:o

I’m still praying for you. God Bless.
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I’m not giving up yet. The last thing I want to do is walk away. But I just can’t sleep at night knowing I’m paying for something that the gov’t owns. That’s just wrong.

I think there are other options out there. Right now, we’re looking into NACA. They help with stuff like this but it’s not a gov’t bailout or run by the gov’t.
 
masondoggy said:
I’m not giving up yet. The last thing I want to do is walk away. But I just can’t sleep at night knowing I’m paying for something that the gov’t owns. That’s just wrong.

I think there are other options out there. Right now, we’re looking into NACA. They help with stuff like this but it’s not a gov’t bailout or run by the gov’t.
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Good for you!!😃 I’m glad to see you aren’t going to take this laying down.:nunchuk: It’s too bad that you don’t have a switch that you could flip to turn all these worries off at night.😦

Anyway, lots of :hug1: and :signofcross:
 
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masondoggy:
ETA It doesn’t look like we’d qualify anyway because it says your mortgage payment has to be higher than 30% of your monthly income. We’re nowhere near that. We’re probably closer to 20%.
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Something is not right here, if you are using less than or equal to 20% of income for mortgage, then you are doing as good, if not better than most folks…none of my business, but where is the $$$$ going?

I sense I am missing some of the facts or didn’t read the entire story at the beginning correctly…anyway, none of my business.
 
NonCatholic said:
Something is not right here, if you are using less than or equal to 20% of income for mortgage, then you are doing as good, if not better than most folks…none of my business, but where is the $$$$ going?

I sense I am missing some of the facts or didn’t read the entire story at the beginning correctly…anyway, none of my business.
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The trouble comes in when they ran into some medical debt and got behind in their mortgage and the bank refused to help them get things back on track. If they has their original mortgage they would be nowhere near financial ruin but some bad luck has really thrown them for a loop.
 
NonCatholic said:
Something is not right here, if you are using less than or equal to 20% of income for mortgage, then you are doing as good, if not better than most folks…none of my business, but where is the $$$$ going?

I sense I am missing some of the facts or didn’t read the entire story at the beginning correctly…anyway, none of my business.
Click to expand...
Well for one, medical bills, then taxes, health insurance, car/home insurance, property taxes, car payment, gas bill, electric bill, water/sewage, trash, cell phone(DH has to have for work), etc. Rising food/gasoline costs X’s 6 people. A garage door that literally fell off the hinges and needed replaced, a bathroom with mold that needed fixed.

And on top of that DH’s income used to be on commission and a slow period added to the mix killed us. He makes more now as a manager with a salary on top of commission.

And I haven’t added it up yet, but we gave the bank A LOT of money in the past year just in FEES to stop the first foreclosure filing. IIRC, we had to give them an initial down payment of almost $5K just to stop the foreclosure, and a few weeks later I think we had to give them another chunk of cash. Our house payment is $1100. But for three months we had to make a $2400 payment after all of those fee’s. And then there were several $1800+ payments after that. THAT is where all of our money has gone. We were set up for failure. There was no way we could recover from that. Our gas actually got shut off over the summer due to this madness. It was at that point that we had to stop paying on the payment plan and get our other bills caught up and now here we are.

If the bank had initially cut out the fee’s and taken that chunk of money towards our past due, *we wouldn’t be in this situation right now. :mad: *
 
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