marta y willie deberian contactar al fha porque el presidente yel congreso paso una ley para tratar de salvar las casas a los ciudadanos de america por el mess en morgage subprime bussines

I want to know what can be done for the people who are in that situation now.

There is a lot of talk about the people with subprime mortgages being deadbeats or not taking responsibility for their actions. I fall under sub prime because my credit score falls just under a prime score. I am not a dead beat, I am not irresponsible, I do have a chronic illness and medical bills. I am out on disability at the moment and my arm adjusts next month. I just barely make ends meet now but I will do everything in my power to keep my house. This may cause some credit card payments to be late hurting my credit score even more. I had no choice but to refinance to make some much needed repairs on my home and to pay some bills but I dont deserve to lose my house. I have never missed or been late on my mortgage payment. The banks should take things like that into consideration but I still cant refinance into a fixed rate.

Explain, why tax payers should help these people. No person helped me buy my home. You make a deal you pay for it, good or bad.

I have never been more scared in my entire life. My home has been my baby. But, things happen. I was laid off from work when a new President came to my company. The very same day that I had to go home and tell my son, my mortgage rate was increased. I am a single parent. I managed to get an undergraduate degree and completed my graduate coursework at Harvard. I also made sure I saved up three months worth of expenses. But, it took 6 months to find a new job. I lasted comfortably for three months. Now that I am working, I'm struggling to climb back up and hoping I can save my home. I am all for personal responsibility. But there are times when hard working Americans can use a little help. I lasted three months on my savings comfortably. I know many people who have had a hard time this year - people who are responsible and hardworking. I think we need to remember that sometimes life gives hard working, educated good people a curve ball and the compassionate thing to do is provide a little help - without judgement.

LET'S SAY TWOELDERLY PEOPLE HAVE EQUIRED LAND WORTH UP TO 125.WE ARE HER AXCECTOR'S ;POWER OF ATTORNEY; TTHE LOAN SHE BPOUGHT HAS GOTEN OUT OF PRINCIPLE TO JUST FLAT PAY OFF ....THE TAX'S ARE HIGH DUE TO THE REGINE AND WE ARRE HEDGING FOR A PROFIT IT'S 3 ACERS IN A FAST ISAY FAST SON FAST OVING MARKET OF GOV &PRIVITE INTERREST..HOW CAN WE IN THE RETIRERD AND WORKING TWOSOME SERVIVE AND KEEP WHAT WE NOW HAVE...TAXES AND ALL....? ? ? SAVE OURSELVES FROM THE ...BUCK'S OVER HUMANITY.

Yes, it will effect me directly starting in Dec. My wife and I bought a house we could afford almost 2 years ago on an "intrest only loan." Now, I guess it's time to pay the piper, so to speak. In Dec the ARM kicks in and goes up almost 2%. We are behind on our mortgage payments by 3 months now, because medical bills that have come due. The house and our car are our only debts, and we are worried that we will not be able to get refinanced before Dec, because we have been late with our mortgage. Any suggested help would be greatly appretiated.

What gets me - the lenders are crying in their soup...what about the PMI paid by these homeowners that is supposed to protect the lender from losses? You hear nothing about that in the news? People paid in excess of $100 per month for that "crap" and the lending industry isn't cashing in? Please...I refuse to believe that!

From someone who going down the road of losing my home these predtory lending practices need to be stopped, not only did they get my $10,000 down payment they increaase your payments for things that should not be included. For those of you out there do not trust Wells Fargo as they sell your mortgage to EMC who has their own rules. Just be careful and think about the future when buying your home and if something would happen if your income goes down because that doesn't stop the arms from rising. I went from a 623.00 per month to a 960.00 per month within in a year!!!!!! Good luck and becareful who you trust.

This isn't just a humanitarian move. This is republicans finally loosing their ability to make money. They've pushed the middle class to the brink of not even being able to afford to eat, buy gas to get to work and many other necessities. Oh, and now no one wins, because they aren't getting the big interest on everyones money. Well great! This isn't a government bail out, it is a government shove to make it better for their buddies in the banking business. If it were illegal to run bad deals in business, then we wouldn't have this problem at all. These humanitarian's business men make the devil look good. We are living in a controlled society that has gone over the edge separating our majority middle and lower class for a few upper class. There is no humanitarian anything. No, I think we need to let the houses go. Let's see what really is the problem.

THIS PROBLEM IS JUST THE TIP OF THE ICE BERG IF FHA OR SOMEBODY DON'T STEP IN NOW AND CONTROL THIS WE ARN'T EVEN GOING TO BE ABLE TO REFINANCE PEOPLE WITH GOOD CREDIT BECAUSE THERE NO MORE PROGRAMS LEFT AND IF THE VALUE OF THE HOMES KEEP GOING DOWN MTA LOANS ARE GOING TO BE IN BIG BIG TROUBLE. THIS FHA HELP IS NEEDED NOW NOT 2,3, OR EVEN 4 MONTHS FROM NOW. WE NEED TO WORK OVER TIME ON THIS MATTER.

The current problem with the subprime rate and the predatory lending and so forth all stem from one thing: greed. Greedy home buyers and sellers, trying to cash in on the backs of their fellow citizens. The whole late-night television campaign of 'Get-it-and-flip-it!' based on foreclosures and bail-outs took root in America. And now we're all paying the price for it.

they'll a) not add to the current overblown inventory

True. But with the overblown inventory of houses, the rates will fall naturally, in response to market pressures, because the housing values will reset to more reasonable, rational levels. When a house that was valued at $175K 5 years ago is suddenly 'worth' $365K, it's difficult for your average family to afford that without finding a magical sounding loan that leaves them in the same boat as the early vehicle lease recipients: holding a huge bag that was never explained thoroughly, and with a durable good that is valued nowhere near enough to cover the expense.

The solution I see is no bail out. I'm sorry, but as an apartment renter, I see no reason whatsoever my tax dollars should support anyone that got in over their heads. It's happened to me in the past, and I dealt with it without using the Government as a crutch. It will cause prices to fall to their actual, reasonable levels, and will help curb inflation in a very real, tangible way. Begging for yet another handout is simply asking for many more years before the Federal Government can even see being financially solvent.

We had refinanced with an ARM a few years ago when many mortgage companies were calling & sending ads to refi & get cash out to consolidate bills etc. We fell for it & then refinanced with a fixed rate a couple of years later (which only took even more away from our equity b/c of closing cost & fees). Then because of some serious health problems we faced, we couldn't afford our mortgage and ended up in foreclosure, then bankruptcy (which we couldn't afford so that defaulted), and we lost our home to foreclosure. Two years ago we left our home and took little more than our bad credit & started over. We pay with cash, we go with out things we would like, we'd prefer a better neighborhood, our kids had to change schools, and we all cried alot, but we've managed.

P.S. We managed with help from our family. Our credit was so destroyed even renting an apartment was impossible. My Mom financed the house we live in now. Our auto insurance was effected by our credit and now we pay higher premiums even though our driving records are good. Mostly we regret the effect this has had on our kids. Emotionally this was very difficult.

The Option One lender has taken full advantage of our family. They raised our morgage 3% the first month it expired and now during the next expiration they raised it .1%. Which seems very suspicious. We were planning to foreclose if it went up another $100. Now with the goverment stepping in we maybe able to save our home. We'll see.

We have an entire development of people who have been victims of predatory lending here in the Poconos of PA. These tend to be people who wanted to escape the city to make a better life for their families in the country and are losing their homes, or are trying to refinance through some of the most unscrupulous lenders I have ever seen. I hope this program will help them in time.

What some people are forgetting are the home owners who were employed in the mortgage industry and mortgage related businesses that at no fault of their own have found themselves in difficult situations due to job losses. Having experienced two different companies go out of business in less than a year, I certainly understand that there are lots of people in the industry that are challenged with a significant loss of income and industry expertise in a industry specific declining job market. As the primary wage earner in my household, my income today is a fourth of what it was in 2003! That is a drop that most people could not manage which has had a significant impact on the number of homes requiring to be sold or foreclosed. So, please know that it is not just consumer's that have been abused through predatory lending or mismanaged funds that just may need a helping hand! Whether we want to admit it or not, our economy is struggling with higher fuel and energy costs impacting the consumer more and more. We need to remember that when things were so bleak in the economic sector after 9/11, it was the boom in the housing industry that gave this economy a huge shot in the arm.

I am a Reverse Mortgage Specialist. We are seeing more and more Senior Citizens who are in jeopardy of losing their homes. They have fallen into traps set by predatory lenders. Some now owe more than their homes will appraise for.
Hopefully something can be done for these poor people. Those greedy lenders need to be punished--not bailed out.

I'd like to get out from under our outragious PIM payment, but I'm afraid with all this going on our lender won't be to quick to allow it.
We live in Seattle, and prices have been going nowhere but up. Will they be reasonable, given our region, or will they throw us in with the rest of the country & be afraid?
I guess we just have to try.

the "crisis" starts with a misnomer: SUBprime.

then it goes to a general "chill" on the market caused by appropriate constrictions on loose credit practices. only when Wall Street is affected do we OVER-react with a wider pall on general housing/realty activity?

we have an ARM we intend to replace with a 1.25% product -- not a bad option, to be sure. but we also hold a Lease-Option opportunity (quite attractive terms, etc) that has languished through the Spring/Summer malaise. In recent days there's been a sharp up-tick in interest -- proving (once again?) it can only get worse if we let the headlines dictate?

our real estate market is still quite strong compared to FL, CA, etc. if an FHA bailout is the answer for them, by all means; but I understand there is another FHA initiative/law already afoot that lenders don't yet know about. perhaps you can shed some light there?

a rash of foreclosures certainly is a bleak perception and reality. and yes, lenders share the blame -- perhaps the cost as well? likewise those selling ARMs they can't/won't administer?

PLEASE WITHOLD NAME, IDENTIFIERS
TC

Hey,
We got caught up in this mess about a year and a half ago. My husband was injured while on duty and even before we filed for disability, we called our mortgage holder. They were kind and understanding--"If you miss two payments we will foreclose on your house." We borrowed, begged and pleaded with relatives and 'saved' the house - month-to-month. Finally, I filed bankruptcy and let everything else go (cars, cell, credit cards,) to save the stupid house. {FYI, if you're in the midst of a Workers Comp lawsuit, you can't file for bankruptcy, until the suit is settled--thus my filing, instead of my husbands.} So, because we were late on payments, when it came time for the ARM rate to change, it did. It went up 5 points. (I know the 'rules' say 3 points, but because of the bankruptcy, 'other' rules came into play)
So, now with a bankruptcy on record it took 9 months and 3 loan guys and submissions to over 150 mortgage lenders to get us out of that mortgage.
If I had to do it over again, I would have let the house go, taken the (MUCH) smaller hit of a foreclosure (Just try to get a credit card, car loan or cell phone with a bankruptcy hanging out there--for 10 years) and moved on.
Quite literally.
As we have the happy fortune to be (barely) living in Michigan, We're now saddled with a rapidly depreciating home in a state that's swirling down the tubes.
We were not 'living beyond our means', we did not get one of those fancy 80-20 loans or better yet, take out 125% of the equity in our house. We put down 25% when we bought the house and made timely payments-- that is until the accident.
If I had one thing to say to anybody living in Michigan (ok, anybody living anyplace but Phoenix) who gets caught up in this mess, it would be-- dump and run. Run to anyplace else and quickly get a mortage on something you can truly afford before your foreclosure shows up on your credit report. Better yet, make a couple extra payments on the ol' homestead and buy yourself 60 days grace period. But run.
You will not win, you can not get a mortgage and nobody gives a flying **** about you-- not the good ol' boy smiling loan officer (Rob? He was let go, in downsizing), not the happy chick in the power suit/corner office at the bank or the chipper voice on the other end of the phone line (in India). They see numbers, not people. They did not care then-- when they made ridiculous loans, under dubious conditions with possibly fraudulent paperwork-- and they do not care now.
Your government will not save you: the middle class, the working poor or the used-to-be-rich. You will have months of depositions, reams of paperwork, years of litigation and in the end it will come down to the same thing: You WILL lose your house, you WILL have a credit rating that looks more like the speed limit than the number of dollars in a paycheck, you WILL lose.
We will all lose. The party's over. Clean up the mess and go...home?

We have a mortgage loan and a construction loan on an addition and were then going to refi into one loan. Now we are being told our payment will go through the roof on the new loan. Funny, even banks don't protect their customers. We took the loan because we were quoted reasonable interest rates. Now we have to move. Eat that one!

It's sad to see so many angry people complaining about helping others when we all know that if we were the one in need we would have another opinion. We have so many government programs that we already pay for and know nothing about. The money to help these homeowners should be taken from these programs. Just because we are not aware of these programs doesn't meen they don't exist. Do you all wonder why they aren't commercials are some sort of advertisements about these programs. It's because someone's pocket is getting fat. These are the concerns we should have as tax payers. Have a heart people because what goes around comes around.

I got caught up in this mess 2 years ago because my daughter's husband decided that he wanted to travel without his 4 kids and "have a life". (deadbeat). Anyway, When I went to settlement, after selling my 1st home, I was bait and switched with Fremont Investment mortgage company right at the settlement table. It's has not been nice since then. I was laid off from work 8 months after we moved in, they would not work with me. I went back to work, received a workmen's comp settlement for surgery which I couldn't have because I had to pay up the mortgage all at once. They held the certified check making sure that my payment was 90 days late so they could notify the credit bureaus and added another $260.00 onto my monthly payments, without explanation. OK, can't afford to fight them, so Everything was fine until my daughter got laid off. Still they would not work with us. Nasty phone messages and if you don't we will letters. They even sent a courier to my house on a Saturday morning and yelled at me on her personal phone to pay them or else my grandchildren would be on the streets. I contacted 2 people to help save my house from forclosure. When they called Fremont they were treated like dirt also. The vice president of Fremont even hung up on my legal counsel. Hence, my house goes up for foreclosure tomorrow and myself, my daughter and 4 grandchildren are looking for a place to rent. I agree with Tom above, which I will quote "You will not win, you can not get a mortgage and nobody gives a flying **** about you-- not the good ol' boy smiling loan officer (Rob? He was let go, in downsizing), not the happy chick in the power suit/corner office at the bank or the chipper voice on the other end of the phone line (in India). They see numbers, not people. They did not care then-- when they made ridiculous loans, under dubious conditions with possibly fraudulent paperwork-- and they do not care now.
Your government will not save you: the middle class, the working poor or the used-to-be-rich. You will have months of depositions, reams of paperwork, years of litigation and in the end it will come down to the same thing: You WILL lose your house, you WILL have a credit rating that looks more like the speed limit than the number of dollars in a paycheck, you WILL lose.
We will all lose. The party's over." unquote. Sometimes I wonder why I am so proud to be an American. Maybe I should go over the borderline and I might get treated better. All my years of hard work, 57 of them, are not worth crap.

I am not currently affected by this type of mortgage. I do believe in personal responsibility, but I want to say what I always say about any similar situation. Our government is spending millions and millions on these illegal immigrants with medical care and food stamps. Then there are the things people don't generally think about. For example, who do you think is paying for all of these translators that are now required in every government office in the country due to illegal immigration--they are also in the schools. I don't know about where you live, but where I live the crimebeat in our local newspaper is filled daily with Hispanics who have committed all types of crimes, but mostly drugs and do you know that the drug problem in this country has escalated tremendously since illegal immigration has been out of control and that most drugs in the US come from or thru Mexico. This is costing untold billions. The cost to our American way of life is even higher. So that having been said, I do believe in personal responsibility, but if the United States government can spend our tax dollars for all of this, we should be taking care of our own first. We need to get these people out of here and out of our welfare system. We need to pass laws about predatory lending. It should be a crime with grave punishment. We need to put American tax dollars to work helping Americans...legal, hard-working, law-abiding Americans. Our own need us now!!! We do for everyone else. Let's help our American neighbors now.

I DON'T CONSIDER MYSELF AS A DEADBEAT! Not only am I suffering from Hurricane Katrina and the lack of funds to repair my flooded home, but I was forced to retire from the military just 4 months after the storm due to service limitations. The ARM was chosen due to the limited time at each duty station, we had purchased the home exactly one year before the storm. And due to the storm and the lack of finances to fix and sell the still gutted home, we were unable to move before the rate hikes ballooned, now at 10%. To make matters worse, the credit card interest rates that are maxed out due to late payments. I am about to go into forclosure after painfully attempting to repair for 2 years now. The cost of providing for 2 households due to the mold in the HVAC system and home prevents my wife and son from returning and are still evacuated to a rental in Tennessee. (Mold not covered by flood or home owners insurance, go figure) The loss of my wife's job, and the 11 months it took to find a company to hire her (afraid she was moving back to NOLA we guess), and the cost of maitaining both residences, I'm still here in New Orleans working full time at a new job, odd jobs, and home repairs are ultimately destroying my supposingly "new life and career" after serving 20 years in the Marine Corps. And the separation is also ripping my family apart. So, am I a deadbeat I ask? And by the way, you'd think after 20 years of sacrifices, my retirement check would be more than $652 a month after all deductions. GO TO COLLEGE, and don't be enlisted.

I have not been personally affected by the preditory lending schemes, but I have been affected by this presidents tenure in office. This has been the worst 7 1/2 financial years in my adult lifetime. There's a questionable (to say the least) war going on, all of a sudden American buildings are being attacked(?), the job market is shaky, layoffs are at a all time high, medical cost are astronomical, gas prices are 4 times what they were before our president took office, preditory lending was being allowed, people are losing their homes... I feel that the government does owe a measure of releif (right now) to it's citizens, after all as a citizen you are required to file taxes, pay for medicare, pay taxes, carry varying insurances etc... Where's the money suppose to come from? Printing money is only legal if you are the government, the rest of us must use what we have been privlaged to. God bless, in him there's hope.

Look, Most people in trouble now simply paid way to much for their homes,period. Any financial bailout is only a band aid to the inevitable. It`s not going to reduce the huge amount of principle they owe,regardless of interest rate. Set the rate at 0% and most of these people are not going to make it. I had a home that was built in 1920. From 1920 through 2000 the house achieved a value of $100,000. From 2000 until 2003 the value went from $100,000 up to $300,000. WHAT?? I had people waiting in line to buy it at this price. I saw person after person,no money down,low incomes bidding against each other to buy it. "I`ll give ya`$310,000! I`ll give ya`$320,000!". I thought to myself "where is this arrogance coming from??" I knew these people were not going to make it. If you make $10 dollars an hour,you can`t afford a $300,000 dollar house,period! Banks provided the funds. Arrogance fueled the borrowing. Ignorance is fueling the crash. This is a free economy and you have to let it play out. Those who foreclose provide a house on the market at a lower price that people who can actually afford it can now purchase at a reasonable price. We must let the system correct itself.

How come the government can bail out the banks, savings and loan, especially when there was Bush involved in that and they bailed out the oil companies but people can't see helping out people that might lose their house by maybe lowering the mortgage rates. When we bought our house, we didn't know my husband would have to have an operation on his ankle and then diagnosed with diabetes and finally with stage IV cancer. He also didn't think the post office where he works would finally start cutting hours after working 6 days a week for 12 years. So we have had a lot to go through. We have lost over a 1,000 a month from his postal check and we had a lot of expenses for his cancer.
Is it better to let the mortgage company to take back the house but if it is selling now and hasn't every year we have had, it doesn't look like it will sell without them losing a lot more money than they would have by lowering their interest rate.