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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Can someone fill me on Obama and the interest rates and new housing plan?
My father keeps talking to this about me EVERYDAY and I am ready to scream  He keeps telling me I should be refinancing. I tried to explain to him #1 I can't refinance if my house doesnt assess for what I paid for it in 2006 #2 I dont think I qualify for these "special" rates under Obama's new plan b/c I am not late and have not missed any payments. He did mention something about if you mortgage is a % of your income, your applicable for lower rates, etc. Is this true?
Apparently my brother, who lives in NC, is buying a house with no money down, a low interest rate of 4.8% and getting the $7500 credit.
Why, I a responsible homebuyer and not applicable for these new lower rates. Meanwhile these people who aren't paying their mortgages are and the reason they can't pay their mortgage is b/c they dont have a job and even though their rates aer lowered, their still not going to be able to pay their mortgage
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Posted 3/4/09 5:45 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Can someone fill me on Obama and the interest rates and new housing plan?
there are a few programs available now for people that aren't late
FM me you bank- so I can give you accurate info
you mortgage payment needs to be 31% + of your take home to qualify
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| Posted 3/4/09 6:22 PM |
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PRETTYPINK
LIF Toddler
Member since 7/06 393 total posts
Name:
A
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Re: Can someone fill me on Obama and the interest rates and new housing plan?
I called my bank today. My circumstances have changed since I bought the house. We only have one income now and a
So they ask a lot of questions, what the income coming in is and all the expenses. They take up to 30 days to review and then call or write you with available options.
This is for people who are currently not deliniquent on their account.
I figured it was worth a shot. They were very nice. My mortgage is through Wells Fargo.
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| Posted 3/4/09 7:46 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Can someone fill me on Obama and the interest rates and new housing plan?
any talk on raising conforming rates? that 417-750K mortgage shouldn't be so high in rates!
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| Posted 3/5/09 12:45 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Can someone fill me on Obama and the interest rates and new housing plan?
So what do people who bought in at 20% down... still have equity... and locked in a great rate get under the Obama Administration?
Probably nothing.  It sure pays to be a responsible homeowner.
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| Posted 3/5/09 1:05 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Can someone fill me on Obama and the interest rates and new housing plan?
Posted by ave1024
Probably nothing. It sure pays to be a responsible homeowner.
I know initially it stinks, but we don't want the economy diving anymore than it has...the last thing any of us should want is hoovervilles. It will indirectly have an effect on us.
Message edited 3/5/2009 3:11:56 PM.
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| Posted 3/5/09 3:11 PM |
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butterfly20
Party of 5 - 2015
Member since 4/06 7390 total posts
Name:
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Re: Can someone fill me on Obama and the interest rates and new housing plan?
Posted by ave1024
So what do people who bought in at 20% down... still have equity... and locked in a great rate get under the Obama Administration?
Probably nothing. It sure pays to be a responsible homeowner.
yup- and on top of it the housing market dropped after we bought- so there is very little invested based on current market price
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| Posted 3/6/09 8:25 AM |
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snowbunny
LIF Infant
Member since 11/08 146 total posts
Name:
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Re: Can someone fill me on Obama and the interest rates and new housing plan?
Posted by Beth
there are a few programs available now for people that aren't late
FM me you bank- so I can give you accurate info
you mortgage payment needs to be 31% + of your take home to qualify
31% of gross, not net
Lender will reduce your monthly mortgage payments to 31% of your gross income, generally through intrest rate reductions but they can't go below 2%
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| Posted 3/6/09 11:36 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Can someone fill me on Obama and the interest rates and new housing plan?
Posted by Erica
Posted by ave1024
Probably nothing. It sure pays to be a responsible homeowner.
I know initially it stinks, but we don't want the economy diving anymore than it has...the last thing any of us should want is hoovervilles. It will indirectly have an effect on us.
The economy is already in the toilet.
I normally don't get into politics discussion, but I will jump on this since it's related to finance.
These bailouts to irresponsible homebuyers just aggrevates me and makes my blood boil.
I did all my research and due dilligence, and I get nothing. Somebody who bought beyond their means and made stupid decisions... gets all kinds of aid.
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| Posted 3/6/09 5:16 PM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: Can someone fill me on Obama and the interest rates and new housing plan?
Posted by ave1024
So what do people who bought in at 20% down... still have equity... and locked in a great rate get under the Obama Administration?
Probably nothing. It sure pays to be a responsible homeowner.
ITA!!!!!
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| Posted 3/6/09 5:32 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Can someone fill me on Obama and the interest rates and new housing plan?
Posted by ave1024
I did all my research and due dilligence, and I get nothing. Somebody who bought beyond their means and made stupid decisions... gets all kinds of aid.
I'm right there with you - we won't get anything either, but I can't spend my life being angry. Look at the silver lining: we are living in houses and not worrying about facing foreclosure - I'm sure that situation could break anyone. The situation is what it is and it needs to be dealt with.
Message edited 3/7/2009 5:39:41 PM.
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| Posted 3/6/09 9:42 PM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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Re: Can someone fill me on Obama and the interest rates and new housing plan?
does anyone know where to get info. on this? is there a website??
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| Posted 3/7/09 9:47 AM |
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chellynyc
LIF Infant
Member since 4/06 164 total posts
Name:
Michelle
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Re: Can someone fill me on Obama and the interest rates and new housing plan?
www.financialstability.gov
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| Posted 3/7/09 10:40 AM |
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