Posted by Calnotary on 3/4/09 8:51am
Msg #279425

Obama administration launches housing plan

Does this means we will get more signings in the future?


http://news.yahoo.com/s/ap/20090304/ap_on_bi_ge/obama_housing

Reply by MW/VA on 3/4/09 8:52am
Msg #279427

You beat me to it. I was about to post this. Let's hope this will be the landslide of loan mods we've heard about.

Reply by Notary/Guy on 3/4/09 9:55am
Msg #279436

Borrowers are only allowed to have their loans modified once, and the program only applies for loans made on Jan. 1 2009 or earlier

Reply by PMI/NM on 3/4/09 12:05pm
Msg #279451

Are these loan modifications through companies like 21st Century that ask for three checks, two post dated?

Reply by ChristineHI on 3/4/09 1:25pm
Msg #279473

I am hoping so. There is also a program to help people refi who owe more than 80% of the value of their home so we should be seeing more regular refis as well. I am actually going to try for myself since my value has decreased so much in the last 2 years so I have not been able to get a refinance due to the LTV now. I want to get one of those 4% rates! My 6.25% was great before but now that is high. :-)
I think it will be good for business, as long as people will be able to qualify. As a loan processor I am a bit sceptical, but I do hope it happens for many people's sakes.

Reply by MW/VA on 3/4/09 3:37pm
Msg #279510

Wow! It would be fantastic if we could benefit by being able to refi w/the decrease in value.
Too bad I can't qualify for 1st time home-buyer--$8,000 credit that doesn't have to be paid back.

Reply by NancyP/Mass on 3/4/09 3:36pm
Msg #279509

Here is the link to- Guidelines Home Modification Program

http://www.ustreas.gov/press/releases/reports/modification_program_guidelines.pdf

Reply by Susan Fischer on 3/5/09 12:32am
Msg #279549

Another link: HUD.gov - all kinds of info.

http://www.hud.gov/