Not Much 'Hope for Homeowners' So Far

In the same boat !!!!

I have tried DESPRESTLY to refinance with no luck - Why is it that we are bailing out that banks with our hard earned tax dollars and they are not willing to help us!!!

That is not even the fist of it with my situation. We were suckered in a house that we could not afford from the start and now I am way over a 33% ratio to qualify for any FHA loan. We can't sell we have had our home on the market for over 6 months and no showings much less an offer. Houses in my neighborhood that were selling for well over 300k are now selling for 250k or less

If I try to do a short sale would that affect my credit or is it just as a foreclosure?

What to do? Any advise?

Maribel of TX @ Nov 06, 2008 14:04:02 PM

No lenders to paticipate!

This program was designed I thought t help homeowners struggling to keep their home. I have not been able to find any lenders especially in MS to participate FHA help hotline keep telling me to go to the list on lenders but none are participating at this time. It seems like everyone gives you inaccurate info.

JGW of MS @ Nov 06, 2008 09:25:00 AM

Agreed

I agree with the stand point. I for one, need to refi or get help, but it is the apparent lack of willingness to help that has stopped me. I have tried a few times, but the response is usually along the lines of:" You need to put such and such down..."( Ummm... can barely afford right now?), "Your credit is not good enough...."(Ummm... like the other million out there, having to pick and choose what to pay.), "Can you get someone to co-sign or loan you 20%...."(No, there in the same boat), etc, etc.

Further more, it seems that most programs require that yuo be behind already instead of being pre-emptive in fore seeing trouble ahead. Basically, you have to gamble.

Good read, thanks!!!!

Brewgoose of TX @ Nov 05, 2008 10:48:34 AM