Will the new mortgage bill help families who have already lost their homes to foreclosure?

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It says it will help homeowners who currently are in peril of losing their homes, but what about those who have already lost their homes this year? Will this bill help them to obtain a loan to buy another home? Or are they just out of luck due to timing?
Oh, but let’s go all out to help Fannie Mae and Freddie Mac, right? What a joke…

9 Comments
  1. Reply
    PJ
    May 2, 2011 at 6:39 am

    Out of luck. And I think people that bought too much home and didn’t pay attention to the terms of their mortgage deserve foreclosure.

  2. Reply
    Biggie @ Arbor Mortgage
    May 2, 2011 at 6:47 am

    Pretty much out of luck. But not to worry! This bill has nothing to do with the guidelines that are increasingly more required by the lenders, so there won’t be that much relief.

  3. Reply
    Soul 4 Real
    May 2, 2011 at 7:07 am

    No, it doesn’t help if you already lost your home unfortunately. They should have kept the faith just a little longer.

  4. Reply
    ~Bella~
    May 2, 2011 at 7:42 am

    The reason the housing sector is in the crapper right now is because people took out mortgages they couldn’t afford. Out of luck, sorry.

  5. Reply
    Pat from Ohio
    May 2, 2011 at 8:14 am

    Why should the taxpayers subsidize buyers and lenders who made very bad financial choices ?

  6. Reply
    chatsplas@sbcglobal.net
    May 2, 2011 at 8:45 am

    NOPE
    not ex post facto
    too complicated, or maybe they figure those who already lost were in too precarious a financial situation to save, that they shouldn’t have been given loans in first place and couldn’t financially manage home ownership
    bad timing abounds with this mortgage mess

  7. Reply
    Pengy
    May 2, 2011 at 9:14 am

    It will help some with preconditions as in you could easily afford it before a hugh rate increase. Most do not fit in that category as they purchased more than they could afford unless their was no interest. To obtain a loan you need a good credit score (if you are in foreclosure that is gone) and the income to cover the payment. Has nothing to do with timing, many people bought on ridiculous terms thinking they where going to strike it rich because of the increase in home values, something that could not be maintained being wages where not rising at that pace. Sorry to those that lost but you took the gamble seeing diamonds in your eyes and lost. If you lost in the stock market should the Government bail you out of that? If your 35K truck is now worth 10K should the Government bail you out of that? We make our decisions and should be responsible for them, we make a mistake we pay not everybody pay because I screwed up. Socialism is not the rule of government in this country. Capitalism is

  8. Reply
    Elizabeth N
    May 2, 2011 at 9:18 am

    The nos have it on this one. Once you’re behind by three months or more you are pretty much out of luck in being able to refinance or get a new mortgage. Your credit rating will be sinking below levels that any lender will accept for at least the next three years, and at least 7 years if you’ve already lost the home to foreclosure.

    Your best bet for the next several years are to work on things that will boost your credit– pay bills on time and get your credit balances down under 30% of your loan limits. Also, if you’d like to buy a home, look for an owner who will do a contract for deed or lease-purchase option. Make sure if you accept a lease-purchase that you have enough time to eliminate the foreclosure from your credit rating before you need to exercise the option.

  9. Reply
    Mr Financial Freedom
    May 2, 2011 at 9:44 am

    Once the home if foreclosed it either goes back to the bank or was bought by an investor at the foreclosure sale. If the bank took the property back, they will have sold it as quickly as possible, so either way a private individual now owns your home. Judges are very reluctant to ever overturn foreclosure sales, so I concur, you’re out of luck.

    Under existing underwriting guidelines, you will have to wait 3 years to get an FHA or VA loan and up to 5 years to get a loan underwritten with Fannie Mae of Freddie Mac guidelines. These 4 entities now make up 90% of the mortgage market.

    State Income, No Doc and No Asset loans are all but gone and with Fannie and Freddie you may need a pretty good credit score (680+) to get a loan with less than 20% down. FHA and VA have no FICO score requirements.

    So save your money, clean up your credit and wait for 3 years before you can buy again with an FHA loan.

    Mr. Financial Freedom
    http://www.5stepstofinancialfreedom.com

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