FHA Question

[redheadedhussy]

We recently refinanced our home, FHA loan. I have since been laid off of job. Someone told my husband that there is a "Forebearance" program that allows you to defer the mortgage payment for an agreed upon amount of time. Has anyone had any experience with this? If so, can you point me in a starting direction.
Thanks

 

[MISTYM1223]

We recently refinanced our home, FHA loan. I have since been laid off of job. Someone told my husband that there is a "Forebearance" program that allows you to defer the mortgage payment for an agreed upon amount of time. Has anyone had any experience with this? If so, can you point me in a starting direction.
Thanks

I would contact the bank who carries your loan. You probably will not be approved for forbearance unless you have a job lined up.

You can check into the FHA Home Affordable Modification Program.

Good Luck.

 

[Sydney]

There is an FHA Forbearance plan. You must contact your servicer to see if you qualify. This is for a temporary hardship with a 3 month repayment plan.

 

[dawn]

You have to be delinquent in your payments for the FHA forbearance program.

A better idea would most likely try to get some of your other creditors to give you a month or two off for some relief.

I get offers all the time from my car/boat/credit card companies to see if I want to skip a payment for a charge (think it is $29?) and that payment (plus interest of course) added to the end of my loan.

Yes, the bank will not work with you unless you are 90 days behind when you have a FHA loan..... at least that is with Bank of America.

 

[redheadedhussy]

Thanks for the advice. It sounds like we have to be behind in the payments before we can get some help. Backwards system, but not suprised.

 

[Chasey_Lane]

Lots of retailers are hiring for seasonal help, and I'm sure the pizza chains wouldn't mind extra drivers.

 

[FED_UP]

We recently refinanced our home, FHA loan. I have since been laid off of job. Someone told my husband that there is a "Forebearance" program that allows you to defer the mortgage payment for an agreed upon amount of time. Has anyone had any experience with this? If so, can you point me in a starting direction.
Thanks

May be off the subject a bit but are you really a hussy 1: a lewd or brazen woman 2: a saucy or mischievous girl 3: 1. a shameless or promiscuous woman 4: loose woman 5: jade 6: fornicatress 7: trollop 8: strumpet ?

 

[kwillia]

Lots of retailers are hiring for seasonal help, and I'm sure the pizza chains wouldn't mind extra drivers.

I hope she doesn't have plans of becoming a flight attendant...

100,000 apply for 1,000 New Flight Attendant Jobs

 

[redheadedhussy]

May be off the subject a bit but are you really a hussy 1: a lewd or brazen woman 2: a saucy or mischievous girl 3: 1. a shameless or promiscuous woman 4: loose woman 5: jade 6: fornicatress 7: trollop 8: strumpet ? [/QUOTE

Why......Have we met? Do I sound familiar to you?

 

[onelove6366]

I apologize in advance for typing errors. I have a huge band aid on my middle finger and am trying to type it all at the end of my lunch hour.

Do whatever possible to stay current on your loan. Have you applied for unemployment? This is done online or on the phone anymore - no showing up at an unemployement office - you need to do this right away.

If you have bank of america - good luck getting any help - we didn't. I tried to apply for the Home program whatever it's called and you have to have closed on your loan BEFORE 1/1/09 in order to qualify. We refinanced on 1/18/09 and did not qualify - but I feel if you refinanced under the streamline program as I suspect you did and is what we did that the rule should be waived but nobody cares what I think.

I used 401k, and Universal LIfe Insurance policy that has mutual funds tied to it to get the money together to get current. Sadly, you no longer are exempt from penalties for withdrawings from your 401k to save your home so I ate that one. At this time - I am sending 1/2 the payment in every 2 weeks and they are getting the full monthly payment but just not by the 15th. I don't answer their calls - I just do it and they are going to have to suck it up until the new year when we can get to pay on time thanks to my christmas bonus.

There are new requirements for mortgage companies to adhere to when foreclosing on a home loan. Look it up on Maryland Judiciary or maybe someone else here can point you in the right direction.

If you get behind 90 days - they can start the foreclosure process and you will be at square one applying for help. I applied foe the home assistance program over 6 months ago and STILL have not received an official notice that I don't qualify - I found out on my own. In fact, I've NEVER received an official response other then a notice that they need more time (then the 10 days they are supposed to respond in) to review my application. THEY Are in violation and who will do anything about it? Nobody. We are on our own in my opinion - do whatever you can to keep your home. Look for PT work - you can get a couple of PT jobs as well. I have one full time and 2 PT jobs and we are still struggling to make it.

If you have a room to rent out in your home maybe you could consider that. We did but decided against it - things aren't that bad yet that I want to give up our privacy.

I'm sorry tosound so negative but the mortgage companies don't give a #### and neither does the government about keeping people in their homes. Don't expect any real help and if you are the ONE person who actually gets any - please let me know becuase I'd love to hear a success story!

EDUCTATE YOURSELF - KNOW YOUR RIGHTS BECUASE THE MORTGAGE COMPANIES WILL TRY TO BULLY AND SCARE YOU. I had a lady from BOA call me on the 15th of the month telling me I was one month behind. I had sent 1/2 of that month's payment and told her no I'm not a month behind in fact, today is the 15th so tecnically I'm NOT late at all so screw you and you will get the rest of the payment on X date - click. YOu have to be just as asnine with them as they are with you or they will bowl you over and scare the hell out of you.

We recently refinanced our home, FHA loan. I have since been laid off of job. Someone told my husband that there is a "Forebearance" program that allows you to defer the mortgage payment for an agreed upon amount of time. Has anyone had any experience with this? If so, can you point me in a starting direction.
Thanks

 

[redheadedhussy]

Lots of retailers are hiring for seasonal help, and I'm sure the pizza chains wouldn't mind extra drivers.

Yes, I am aware of those positions. However, I am a bookkeeper and what I am receiving on unemployment right now is more than I would recieve at these positions. Thanks for the suggestions.
I've been sending resume out everyday and have knocked on doors. Unfortunately 300 people are interviewing for one position. I went on an interview last week. The woman told me she had over 150 resumes for one A/R position. First time I have been out of work in 15 years.

 

[onelove6366]

YOu can work PT while collecting unemployment. Your unemployment check is reduced by the amount you earn from the PT job but you don't lose your unemployment benefits and if you don't work PT - you get full benefits. It's a weekly reporting thing online - I've done it before so I do know what I am talking about.

Yes, I am aware of those positions. However, I am a bookkeeper and what I am receiving on unemployment right now is more than I would recieve at these positions. Thanks for the suggestions.
I've been sending resume out everyday and have knocked on doors. Unfortunately 300 people are interviewing for one position. I went on an interview last week. The woman told me she had over 150 resumes for one A/R position. First time I have been out of work in 15 years.

 

[redheadedhussy]

I apologize in advance for typing errors. I have a huge band aid on my middle finger and am trying to type it all at the end of my lunch hour.

Do whatever possible to stay current on your loan. Have you applied for unemployment? This is done online or on the phone anymore - no showing up at an unemployement office - you need to do this right away.

If you have bank of america - good luck getting any help - we didn't. I tried to apply for the Home program whatever it's called and you have to have closed on your loan BEFORE 1/1/09 in order to qualify. We refinanced on 1/18/09 and did not qualify - but I feel if you refinanced under the streamline program as I suspect you did and is what we did that the rule should be waived but nobody cares what I think.

I used 401k, and Universal LIfe Insurance policy that has mutual funds tied to it to get the money together to get current. Sadly, you no longer are exempt from penalties for withdrawings from your 401k to save your home so I ate that one. At this time - I am sending 1/2 the payment in every 2 weeks and they are getting the full monthly payment but just not by the 15th. I don't answer their calls - I just do it and they are going to have to suck it up until the new year when we can get to pay on time thanks to my christmas bonus.

There are new requirements for mortgage companies to adhere to when foreclosing on a home loan. Look it up on Maryland Judiciary or maybe someone else here can point you in the right direction.

If you get behind 90 days - they can start the foreclosure process and you will be at square one applying for help. I applied foe the home assistance program over 6 months ago and STILL have not received an official notice that I don't qualify - I found out on my own. In fact, I've NEVER received an official response other then a notice that they need more time (then the 10 days they are supposed to respond in) to review my application. THEY Are in violation and who will do anything about it? Nobody. We are on our own in my opinion - do whatever you can to keep your home. Look for PT work - you can get a couple of PT jobs as well. I have one full time and 2 PT jobs and we are still struggling to make it.

If you have a room to rent out in your home maybe you could consider that. We did but decided against it - things aren't that bad yet that I want to give up our privacy.

I'm sorry tosound so negative but the mortgage companies don't give a #### and neither does the government about keeping people in their homes. Don't expect any real help and if you are the ONE person who actually gets any - please let me know becuase I'd love to hear a success story!

EDUCTATE YOURSELF - KNOW YOUR RIGHTS BECUASE THE MORTGAGE COMPANIES WILL TRY TO BULLY AND SCARE YOU. I had a lady from BOA call me on the 15th of the month telling me I was one month behind. I had sent 1/2 of that month's payment and told her no I'm not a month behind in fact, today is the 15th so tecnically I'm NOT late at all so screw you and you will get the rest of the payment on X date - click. YOu have to be just as asnine with them as they are with you or they will bowl you over and scare the hell out of you.

Thanks for your help and suggestions, I am on unemployment. Our mortgage company is looking into programs we may qualify for. Hopefully, I wont have the problems you are having. If I find out anything I will let you know. Good Luck to you.

 

[MISTYM1223]

I apologize in advance for typing errors. I have a huge band aid on my middle finger and am trying to type it all at the end of my lunch hour.

Do whatever possible to stay current on your loan. Have you applied for unemployment? This is done online or on the phone anymore - no showing up at an unemployement office - you need to do this right away.

If you have bank of america - good luck getting any help - we didn't. I tried to apply for the Home program whatever it's called and you have to have closed on your loan BEFORE 1/1/09 in order to qualify. We refinanced on 1/18/09 and did not qualify - but I feel if you refinanced under the streamline program as I suspect you did and is what we did that the rule should be waived but nobody cares what I think.

I used 401k, and Universal LIfe Insurance policy that has mutual funds tied to it to get the money together to get current. Sadly, you no longer are exempt from penalties for withdrawings from your 401k to save your home so I ate that one. At this time - I am sending 1/2 the payment in every 2 weeks and they are getting the full monthly payment but just not by the 15th. I don't answer their calls - I just do it and they are going to have to suck it up until the new year when we can get to pay on time thanks to my christmas bonus.

There are new requirements for mortgage companies to adhere to when foreclosing on a home loan. Look it up on Maryland Judiciary or maybe someone else here can point you in the right direction.

If you get behind 90 days - they can start the foreclosure process and you will be at square one applying for help. I applied foe the home assistance program over 6 months ago and STILL have not received an official notice that I don't qualify - I found out on my own. In fact, I've NEVER received an official response other then a notice that they need more time (then the 10 days they are supposed to respond in) to review my application. THEY Are in violation and who will do anything about it? Nobody. We are on our own in my opinion - do whatever you can to keep your home. Look for PT work - you can get a couple of PT jobs as well. I have one full time and 2 PT jobs and we are still struggling to make it.

If you have a room to rent out in your home maybe you could consider that. We did but decided against it - things aren't that bad yet that I want to give up our privacy.

I'm sorry tosound so negative but the mortgage companies don't give a #### and neither does the government about keeping people in their homes. Don't expect any real help and if you are the ONE person who actually gets any - please let me know becuase I'd love to hear a success story!

EDUCTATE YOURSELF - KNOW YOUR RIGHTS BECUASE THE MORTGAGE COMPANIES WILL TRY TO BULLY AND SCARE YOU. I had a lady from BOA call me on the 15th of the month telling me I was one month behind. I had sent 1/2 of that month's payment and told her no I'm not a month behind in fact, today is the 15th so tecnically I'm NOT late at all so screw you and you will get the rest of the payment on X date - click. YOu have to be just as asnine with them as they are with you or they will bowl you over and scare the hell out of you.

Onelove, you can now apply even if you refinanced your house after 1/9/09 as long as you have had your loan for over 12 months.

 

[MISTYM1223]

Thanks for your help and suggestions, I am on unemployment. Our mortgage company is looking into programs we may qualify for. Hopefully, I wont have the problems you are having. If I find out anything I will let you know. Good Luck to you.

Contact Southern Maryland Tri-County Community Action 301-274-4474 ext. 262. They are a HUD approved housing counselor and can help you figure out which process would benefit you before you contact your bank.

 

[onelove6366]

I contacted them. Left messages. and followed up but nobody ever called me back. I guess I can only advise to be persistent. Maybe somebody else will have better luck.

To the other poster - thanks for the info about being able to apply if you've refinanced after 1/1/09 but I think we will muddle through - we are both working and I am tired of messing with it. I may need the information later on though - hopefully not.


IMHO - the banks just want to unload the property - they get a write off and move on. They have no interest in helping you to save your home.

Contact Southern Maryland Tri-County Community Action 301-274-4474 ext. 262. They are a HUD approved housing counselor and can help you figure out which process would benefit you before you contact your bank.

 

[ProfMoneyWise]

Thanks for your help and suggestions, I am on unemployment. Our mortgage company is looking into programs we may qualify for. Hopefully, I wont have the problems you are having. If I find out anything I will let you know. Good Luck to you.

Making Home Affordable - Beware of Foreclosure Rescue Scams - Help Is Free!

See link above and be vigilant. Does not sound like you are backed against the wall yet but always remember if something sounds to good to be true it is just that.

Explore all options via your current lender. Good idea and keep them over-informed of your situation.

Go to General Quarters on your budget and spending. Increase income and/or decrease expenses whenever possible. Sell things that are not nailed down or at least start looking at what can go and be prepared.

Prioritize your expenses down the left side of a sheet of paper. Start with shelter, then food, utilities, basic transportation. Continue the list from there of all things that relate to your spending.

Down the right side of the paper start assigning what the cost of each is.

You can only go to $0. Don't use credit at this time. The worst time to take on more debt is in an emergency.

If it comes to it let the credit cards lapse and/or any other unsecured loans. Don't let them bully you into paying them before you pay your priority items first.

I've seen it happen. Collectors, lenders, can be very persuasive. The house is gone but by gosh VISA is happy.

 

[redheadedhussy]

Thanks for all the help and suggestions, I will keep you informed of procedures we have followed and results, just in case anyone else needs the information.

 

[Sydney]

onelove6366 if you don't mind me asking, how did you get so far behind? Do you also lose your job? I know there are many out in the work force that can't seem to find a job now.

 

[onelove6366]

We were not 2 full months behind and I got things caught up. BOA used their "creative accounting" to say we were 90 days past due and issued a notice to accelerate but that was not the case at all however instead of battling it out I just used what resources I could and got it straight.

My husband worked 32 hours for ALL of 2009 and there were several days that added up to weeks where they just didn't work at all due to no work. With lay offs coming at the onset of the new year - he took another job. Longer commute and less money - more expensive benefits but he's had 40 hours every week and even some OT. With raises he's close to where he was before but it's still rough. The day that he started the new job - everyone at his old place was laid off - the whole shop. Corporate office is in Western MD - his was a satellite shop.

We also had a problem with our well that cost roughly $2500 to have fixed in 09 along with the rest of life's twists and turns that you don't expect. There were other circumstances that involved my step-daughter that we don't need to go into but the result was we spent money correcting things and trying to help her have a fresh start with the health care and basic things she needed and it didn't work out. These things pile up and the effect is a snowball that keeps growing larger while you are trying to get caught up the entire time.

We bought in 2008 - paid too much I know. I love my home but know that we were victim to the conditions of the market at the time however, we were in a situation where this could not be avoided.

We co-owned with my mother and SF another house and owed less then $70 grand on a 15 year note that I was paying down bi weekly. My SF had a gambling addiction and bankrupted himself and my mother. Him and I were on the mortgage. He filed bankruptcy and even though I fought it in the bankruptcy court - he was discharged from the debt. I needed them to remove their names from the deed because the house would be counted as their asset (the portion they owned on the deed) for any liability of theirs in the future. Even with an agreement of lifetime stay in hand - they refused. I offered buyout and they countered with more then double my offer so we sold and got out. I would have had that house paid off in less then 5 years at this point - now I've started all over again and my mortgage doubled. Needless to say I don't talk to my mother very much and never to my SF. They went to SC.

You don't have to lose a job to get behind on things.

onelove6366 if you don't mind me asking, how did you get so far behind? Do you also lose your job? I know there are many out in the work force that can't seem to find a job now.