Rate Freeze Program Faces More Hurdles Than Just A Bad Phone Number

RE:Rate Freeze Program Faces More Hurdles Than Just A Bad Phone Number

Sharon — Sun, 16 Dec 2007 13:00:00 GMT

What will happen to those of us who had to file Chapter 7 or 13 Bankruptcy in order to prevent the Foreclosure from taking place on our Sub-prime mortgaged homes? Will they still give us a re-finance loan?

RE:Rate Freeze Program Faces More Hurdles Than Just A Bad Phone Number

Matt Graham — Wed, 12 Dec 2007 13:00:00 GMT

I'm sorry, but I just don't think it will be that simple to get your rate frozen. You'd have to fail to qualify conventional, fail for FHA, and STILL has good enough credit for a freeze. Even then don't expect the lender to play ball unless you are upside down. Unless the government is going to ENFORCE something, this is all just a PR campaign. HopeNow is set up to alleviate the burden of loss mitigation departments. The inevitable is being spread out over time. I'd LOVE to be wrong on this

RE:Rate Freeze Program Faces More Hurdles Than Just A Bad Phone Number

Anthony — Tue, 11 Dec 2007 13:00:00 GMT

Many posts I have read have a misconception that mortgage lenders are all money hungry, sharks. Reality check, people. I am a branch manager at a fairly small mortgage firm. We take a lot of pride in the great and fair loans we do for people. I make a decent living for myself, wife and child. I don't drive a BMW or Mercedes, and I sometimes wonder how I am going to pay certain bills.

The rate freeze can and will help thousands of families. No one said it was going to "save the market" or help everyone out there. It will help many, including myself. I have a 2 year adjustable rate at 9.5%, and it would most likely adjust to over 10.5%. This freeze will enable us to keep making our payments on time, and many other families too. There are positives and negative with EVERYTHING, but if we do nothing, then nothing will change, and no one will be helped.

RE:Rate Freeze Program Faces More Hurdles Than Just A Bad Phone Number

greg — Tue, 11 Dec 2007 13:00:00 GMT

I called hope now and was told I would have to go through my servicer ....Not behind yet so ...sorry we can't help you ...maybe I should just skip a few payments ..you think? what a joke!!!!

RE:Rate Freeze Program Faces More Hurdles Than Just A Bad Phone Number

uw of the day — Tue, 11 Dec 2007 13:00:00 GMT

You have to love the catch phrases for the so called bail out programs "New Hope" and my favorite"Rescue fund" I cant wait to be "rescued"(for a point or 5 (on the back end of course)-here's a prediction for '08the lenders come up with a great plan to refi their own mess and still make fee income in the processit's a beautiful thingif there REALLY is concernmake neg am illegal & dont prolong the do-do in the systemflush it nowGET RID OF NEG AM

RE:Rate Freeze Program Faces More Hurdles Than Just A Bad Phone Number

Bronwyn Leeper — Mon, 10 Dec 2007 13:00:00 GMT

Great article. This announcement came from the government. That alone raises a red flag for me. Who are they trying to help? The gamers who don't need need it who will jump at the opportunity to take advantage of the system, or the secondary martket-they have to keep the ball rolling somehow? As we all know nothing comes free. So they'll just raise the rates on future loans to make up for it.

RE:Rate Freeze Program Faces More Hurdles Than Just A Bad Phone Number

Adam — Mon, 10 Dec 2007 13:00:00 GMT

This is ridiculous....Larry, the worste thing we could do is lower the rates more. That would just continue the problem just like the rate freeze is going to do. The only shining thing about this so called "solution" is that very few people will qualify. What about the loan brokers who were counting on that adjustable loans to keep them in business? I really have lost faith in our economy. go Ron Paul!

RE:Rate Freeze Program Faces More Hurdles Than Just A Bad Phone Number

Jeff Stern — Mon, 10 Dec 2007 13:00:00 GMT

This program does not and will not work? My question which I have not seen answered anywhere is, what happens in 5 years from now? do they still owe on the negative amortizaion portion of the the loan. I have heard the idea of this program is to "allow the housing market the opportunity to get rid of some of the inventory to allow more peopel to be able to sell down the road" This program will not only NOT do that it would eventually create more properties for sale and drive down the market

RE:Rate Freeze Program Faces More Hurdles Than Just A Bad Phone Number

Larry — Mon, 10 Dec 2007 13:00:00 GMT

Rate Freeze : A very bad idea when what is needed and I and ultimately absolutely necessarry is a humongous rate reduction : any where from two to four points below prime would be good. But the Mortgage corps are sooooooo greedy! The bail out is Sooooooo phony ! Who do they think they are kidding ? Once again hand it to our fearless leaders esp King George to hand us something bogus so he can take credit for something being done when nothing of substance is being done . Diminishing Freedom !

RE:Rate Freeze Program Faces More Hurdles Than Just A Bad Phone Number

Matt Graham — Mon, 10 Dec 2007 13:00:00 GMT

Well Said. Your words have helped me consider some different aspects of this issue. I had been of the mind that this is a "feel good" campaign rather than a practical one. But to think of HopeNow as gatekeepers makes perfect sense to me, especially after trying to communicate with them. I'm seriously considering that their main purpose in this is to redirect as many as possible to other means before there's a chance to inundate the lenders further.