making home affordable: Making Homes REALLY Affordable? - 04/12/10 04:07 PM
Principal Writedowns + Help for Unemployed Homeowners:HAMP and Making Home Affordable Guidelines updated today are sounding pretty progressive: The much touted PR about Principal Balance Write Downs is being implemented by the first subscribers to the program: notably Bank of America, one of the most "hated companies in America"  according to Huffington Post, right behind GM and Chrysler. If the idea of principal write downs (lowering your loan balance) has any goodguy points be aware that we, you and I, will be paying for this via more bailout funds.Why Bank of America? In their assumption of failed Countrywide Bank, B of A has acquired … (0 comments)

making home affordable: HARPing about HAMP! - 03/06/10 06:47 AM
IS THIS GOOD NEWS? H.A.R.P., The Home Affordable Refinance Program and H.A.M.P., the Home Affordable Modification Program are working hard to earn trust from distressed homeowners. Or so they say. Fortunately, the Stimulus funds for HARP will be extended at least until June 2011. HAMP has been working a bit harder for people with underwater homes -- that is if you owe more than your home is worth up to 25% negative value or 125% LTV.Define underwater: You see, if you owe more than your home is worth, your lender takes a rather dim view of the risk factors for your likely … (4 comments)

making home affordable: OBAMA "Gives and Tells"! - 12/02/09 12:33 PM
Congress has gifted over $700 BILLION to the banks to save themselves and help homeowners avoid foreclosure. So is it working? Obama says not yet and he's going to name names of the banks who are dragging their feet!
Heavens, we are not complaining about a promise of hundreds of Billions in TARP money going to banks to help homeowners avoid foreclosure and modify their mortgages right now! These funds are sorely needed to stop this train now wrecking many American homes. Recent New York Times articles describe in horrific detail the problems with the HAMP and Making Home Affordable programs so touted by Fannie … (6 comments)

making home affordable: 125% Loans = Too Much Too Late? - 07/15/09 04:01 PM
Making Home Affordable 105% Loans were introduced just this spring and the program has simply not been meeting the public need. Will 125% be the magic bullet?Homeowners seeking to refinance their Fannie Mae or Freddie Mac Mortgages quickly found that the new 105% loans were helping a minority of people teetering on the edge of collapse. While it may seem obvious to people in trouble, the limit was increased to 125% Loan to Value recently. But the new DU Refi as it is called is falling short! Here's why:1. Many homeowners simply cannot meet the required 33% debt to income limits necessary … (49 comments)

making home affordable: Hope: The Early Years! - 06/09/09 01:20 PM
Making Home Affordable and Stimulus Refi Programs are now the hot buzz words in mortgage land. But exactly what are they and who qualifies for help? Folks in financial distress need to know they have options. But how do you find out what those options are? Most banks and mortgage lenders are just finding how what to do about the high percentage of folks coming in for whom we have no classic answers. And we just hate saying "No" or worse yet: "I don't know!"  Fortunately, the Obama administration has seen fit to refine the original Bush 'Hope For Homeowners' program. Since the original Hope roll out was something … (0 comments)

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Susan Templeton

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