Reducing mortgage payments

[my3boyz]

I was just watching MSNBC and it says that Obama is going to help those that have mortgage loans that are upside down. They also said he is going to help people whose subprime mortgage payments have increased. What about those that have made their payments as agreed and lost a ton of equity in their house? We put over 70,000 down and now we only have 30,000 in equity IF we could sell our house. We have lost equity just as those that are upside down have lost equity. I hope his plan addresses our situation too.

[madaboutharry]

1. I think lost equity is not in this equation.

That would basically be nearly every house in the country purchased in the last 15 years.

[Demi_Babe]

2. are you interested in selling your house now

[Thrill]

3. Its hard to imagine being able to do something about that

Wouldn't every person in the country try to get help for this? That would likely cost more than the entire second half of TARP

[n2doc]

4. The big thing that would help you (and I)

(cause we are in the same situation) would be to lower refi rates to 4 percent and force banks to actually offer refinance mortgages to people with minimal fees. I've been looking in Georgia for the past month, and basically it is 5% with big fees, no matter what the bank says on its web page.

[Dawgs]

5. Discussion from a few days ago here.

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=5043388

[Fire1]

7. That thread talks about reducing fees for refinancing to a lower

interest rate. I think the OP is referring to renegotiating the loans to the current loan to value, which is what alot of us would like to do b/c, as he stated, our loans are upside down as well. Nothing to do with interest rates. I proposed that at whitehouse.gov. Yes, it would take time, but I think they owe us that much, at least.

[wyldwolf]

6. I just (finally) got approved for 4.875% refinancing. The thing I negotiated was..

.. the mortgage clock. I didn't want it reset for 30 years.

[Thrill]

8. Read this Q&A

* What help is available for borrowers who stay current on their mortgage payments but have seen their homes decrease in value?

Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.

http://www.whitehouse.gov/blog/09/02/18/Help-for-homeowners/

[Fire1]

9. My mortgage is already 'fixed' for 30 years at one of the lowest

rates possible. That does not solve the problem.

[Fire1]

10. My3boyz, I hope you too, will e-mail these concerns at

whitehouse.gov. Click on 'contact us.' Maybe, if more of us speak up, we will be considered.