FHA To Bring Some Relief?

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Title Insurance with Frontier Title Group, LLC FL DFS License #E015761

President Bush FHA Announcement                                                      

I am curious to hear other's opinions about the proposal made by President Bush to allow FHA to guarantee loans for delinquent borrowers. While I personally don't believe the Federal Government should bail people out for making poor decisions, I don't want to see millions of people lose their homes because of interest rate increases. 

President Bush is quoted as saying, "It's not the government's job to bail out speculators, or those who made the decision to buy a home they knew they could never afford.''   This proposal sounds like it will help a lot of homeowners, but I am interested to see how the determination is made who is to be helped and who is not.

What do you all think?

 

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Rainmaker
458,861
Alexander Harb
Dallas, Texas Real Estate Investing
Knights Investing

From what I read those who have good payment records can refinance...those who don't....well.....

Not good for them....

=-/

September 02, 2007 11:35 PM
Rainer
9,474
Laurie Planamento
Your Florida Title Partner
Frontier Title Group, LLC

Alexander, what I have read seems to contradict itself.  Those who have good credit but have fallen behind in their payments can refinance under the program.  Yet, when you fall behind in your payments, your credit score decreases.  How is a mortgage lender going to determine what the borrower's credit score was prior to falling behind in their mortgage payment?  Is there a way to pull credit "as of" a certain date?  It will be interesting to see how it works out.  I hope it can help a lot of people save their homes. 

Thanks for stopping by!

September 03, 2007 07:48 AM
Rainer
103,109
Armando Rodriguez
Orlando Homes 4 Sale, Real Estate Broker-GRI
QUEST REALTY SERVICES

Check out Michael's blog. It's got some specific info.

I think if the gov't and the big banks can help the big hedge Funds, lenders, etc. for the mistakes they made, then they should be able to help the little guys that really didn't know what they were getting into. 

September 03, 2007 11:11 AM
Rainer
32,916
Tracy Nicole Hamilton
Realtor - Elk Grove CA, Sacramento, CA
I would have to agree with Armando's comment.  What about the deceived and fraud victims?  Not everyone who is losing their homes is based upon fully informed decisions of their own.
September 04, 2007 01:51 PM
Rainer
49,500
Portland Oregon Real Estate | Alecia Barnes - Broker
Unfortunately, some of the folks currently in this situation were not told or were flat out lied to about their loans. I'm glad to see that there will be a means of help for them.
September 04, 2007 06:29 PM
Rainer
9,474
Laurie Planamento
Your Florida Title Partner
Frontier Title Group, LLC

Armando, Tracy, and Alecia, I agree.  I am glad to see that national attention is being paid to this crisis.  So many people that I closed a refinance transaction for came to closing saying that no one told them about the prepayment penalty on their loan that was being refinanced.  And non-disclosure, especially the Neg Am loans, your average consumer didn't understand what they were getting into until it is too late. 

Thanks for stopping by!

September 08, 2007 09:11 AM
Rainmaker
263,238
Jay Beckingham
Premier Nationwide Lending

the program in its current form will have minimal impact.

nice politics.

poor program. 

September 08, 2007 06:36 PM
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Rainer
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Laurie Planamento

Your Florida Title Partner
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