The mortgage bailout help?

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I bought a house two years ago at the market top. According to rough estimates, Zillow, and donors, without any real assessment, I lost over 80k on the value of my house. I an effort 80/20, and now im Interest Only 6.875% of 80 and 20% of the MRA, which is less than 5.5% today. Road is 10.5%. I have an interest rate of 4.5% fixed locked when I re-fi, and down to 90% loan to value ratio using my VA benefits. I would have to re-fi 110k. This is not me. I have not missed any payment, but on paper, my mortgage payments are about 54% of my gross monthly income. I rent my extra bedroom to come, which will contribute significantly, but I do not want roommates for the next 28 years. I do not know the details of this shit and I do not rescue even as the idea of bailouts. However, when I get my tax dollars to actually benefit me for the first time I’d be happy to bail. Within three years of my 80% loan will adjust and my payments increase significantly. He does it every 5 years thereafter. I did not bother to make their payments, but if I do not have tenants, it will be very difficult to find, especially after the adjustment. who knows what will my loan of 20% if interest rates begin to rise. Do you know anything, and bail if it sounds like I am eligible? Please do not mistake me one-on-holes, who bought a house in a crappy credit and no income. I bought a house with a friend, not realizing the market crash, or the separation of six months, we wouldnt be friends anymore and I am solely responsible for any of the house. I have great credit and make good money, but since I bought for his friend, he saw a few years, its implementation and to sell rather than throwing money at least rent, now I’m stuck in a rather crappy.

  1. Reply
    Mo Fayed
    February 21, 2011 at 10:29 am

    The mortgage bailout will benefit the banks who made the bad loan in the first place. You will still have to pay it back.

    The good news for you is that if you can get a fixed rate on your loan, in a couple of years you should be laughing. The amount of money which has effectively been printed by the government is bound to result in a huge inflation jump, and the amount you owe will dwindle in real terms.

  2. Reply
    Nash P
    February 21, 2011 at 10:53 am

    Contact your lender, ask about modification. The Obamaloans, or HASP loans require you to meet minimum debt ratio criteria and most lenders wont accept room rent as a form of income. Best bet is to call and find out but the Obamafication will not work unless you owe between 95-105% of your property’s value and it looks like its depreciated further than that. There are some modification options available besides for the federally sponsored ones. Best of luck to you.

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