See If You Qualify For A Mortgage Refinance
04-29-2009, 11:48 AM
#1
Super Moderator
Thread Starter
Clark Howard recommended http://www.mortgagereliefonline.com/ to see if you are eligible for the new gubmint refinancing scams (taxpayer scam, good for the mortgage holder)
We qualify except we don't have a loan with fannie or freddie. Oh well.
We qualify except we don't have a loan with fannie or freddie. Oh well.
04-29-2009, 12:22 PM
#2
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who is Clark Howard? Another 'expert' on finances?
I actually went to that site this morning, and I'm not elligible. I'd really love to refinance right now and get a lower rate, and preferrably switch it to Bank of America. Maybe I'll be able to figure it out.
Stocker - do you have to have the mortgage through Fannie/Freddie? Where does that come into play?
Here's an E-Mail I received yesterday from MyFICO. The website appears legit, and I didn't have to enter any personal information that can link anything back to me:
Stocker - why do you say it's a taxpayer scam? I don't need to refinance, and I'm not in danger of being behind on payments, but I'm eagerly trying to find a way to refi right now
I actually went to that site this morning, and I'm not elligible. I'd really love to refinance right now and get a lower rate, and preferrably switch it to Bank of America. Maybe I'll be able to figure it out.
Stocker - do you have to have the mortgage through Fannie/Freddie? Where does that come into play?
Here's an E-Mail I received yesterday from MyFICO. The website appears legit, and I didn't have to enter any personal information that can link anything back to me:
QUOTE
Mortgage Relief Online (MRO) allows US homeowners to find out if they may be eligible for mortgage relief under the government’s new Making Home Affordable plan. MRO is sponsored by myFICO®, the Home Preservation Foundation (a MHA/HUD approved federal agency), and Money Management International (the nation’s largest full-service nonprofit credit counseling agency). Together, we can help you determine if you may be one of the 7 to 9 million US homeowners that qualify for a loan modification or refinancing under the Making Home Affordable plan.
MRO is completely free and confidential, and you will not be obligated to purchase any product or enroll in a subscription. We understand that many homeowners are not comfortable contacting their mortgage servicer directly, and those that do often get slow or no response. With MRO, you can instantly find out if you may be eligible for mortgage relief under Making Home Affordable, and if so, you will be contacted within 48 hours by a certified credit counselor at MMI who will help you prepare your case and deliver it to your mortgage servicer for you.
We hope you take advantage of this unique and free consumer offering by visiting MortgageReliefOnline.com.
Sincerely,
myFICO® Team
MRO is completely free and confidential, and you will not be obligated to purchase any product or enroll in a subscription. We understand that many homeowners are not comfortable contacting their mortgage servicer directly, and those that do often get slow or no response. With MRO, you can instantly find out if you may be eligible for mortgage relief under Making Home Affordable, and if so, you will be contacted within 48 hours by a certified credit counselor at MMI who will help you prepare your case and deliver it to your mortgage servicer for you.
We hope you take advantage of this unique and free consumer offering by visiting MortgageReliefOnline.com.
Sincerely,
myFICO® Team
Stocker - why do you say it's a taxpayer scam? I don't need to refinance, and I'm not in danger of being behind on payments, but I'm eagerly trying to find a way to refi right now
04-29-2009, 01:28 PM
#3
Super Moderator
Thread Starter
Clark Howard is a personal finances expert. He has a call-in radio show that I sometimes listen to on an internet feed from 870WSB out of Atlanta. He also has a website at clarkhoward.com and a show on HLN (formerly headline news network). He knows his stuff for the most part
The program in question is supposed to 'help' the people who have loans with those two (largest of all) mortgage note holders, Fannie Mae & Freddie Mac. Why would they try to help you out? Because a) your house may be worth less than $0 to them on the resale market, and because b) the government may be giving them thousands of dollars PER LOAN to renegotiate. That is, the government is trying to give the banks money to be able to keep getting more money (interest payments) from someone who would otherwise likely default on their debt.
It's a scam because it takes from the taxpayers of the country and rewards banks (big time) and borrowers who gave and took out loans they shouldn't have. Why the F do I have to pay for somebody else to stay in a house they can't afford? Oh that's right because Uncle is pointing an M60 at me.
I'd like to refinance also, but since we ran our lives in a sensible manner, we don't qualify for the "you totally ruined your finances" type programs. I looked into rolling a credit card into our mortgage and refinancing at a lower rate, but it involved either points or a ridiculous number of dollars for interest (over the long term) so we're just going to suck it up for a while longer.
edit: I don't like the creeping fascism and socialism coming out of the white house any more than the next liberty-minded capitalist (pig), but until the country collapses under its own stupidity, this stuff is The Law of the Land, and you all might save some money in the interim if you only knew you qualified to refinance.
The program in question is supposed to 'help' the people who have loans with those two (largest of all) mortgage note holders, Fannie Mae & Freddie Mac. Why would they try to help you out? Because a) your house may be worth less than $0 to them on the resale market, and because b) the government may be giving them thousands of dollars PER LOAN to renegotiate. That is, the government is trying to give the banks money to be able to keep getting more money (interest payments) from someone who would otherwise likely default on their debt.
It's a scam because it takes from the taxpayers of the country and rewards banks (big time) and borrowers who gave and took out loans they shouldn't have. Why the F do I have to pay for somebody else to stay in a house they can't afford? Oh that's right because Uncle is pointing an M60 at me.
I'd like to refinance also, but since we ran our lives in a sensible manner, we don't qualify for the "you totally ruined your finances" type programs. I looked into rolling a credit card into our mortgage and refinancing at a lower rate, but it involved either points or a ridiculous number of dollars for interest (over the long term) so we're just going to suck it up for a while longer.
edit: I don't like the creeping fascism and socialism coming out of the white house any more than the next liberty-minded capitalist (pig), but until the country collapses under its own stupidity, this stuff is The Law of the Land, and you all might save some money in the interim if you only knew you qualified to refinance.