I can’t refinance because I don’t have enough equity…only about 5% due to falling market–has anyone read anything about Obama planning on not just lowering 30 year fixed rates but making it easier for someone with less equity to refinance?
I was hoping anyone reading this with half a brain would get that I didn’t think Obama would personally lower the mortgage rates himself…
And regarding my equity–I used to have a fair amount of equity because I have paid every single one of my payments on time and sometimes I’ve paid more so I could pay down the principle. However, due to “this mess” my property value has plummeted, and thus has my equity. So…..I don’t really feel responsible as you imply…
Okay, I did not make myself clear. I can make all of my payments. I am not having trouble with that. My ARM is up, and I can get a new one for an even lower rate than I originally got one for but I would rather get a fixed rate mortgage which is hard to do with the little equity I have left thanks to the market drop. Does anyone get what I’m saying? Finally, check out this article
http://www.mortgage-foreclosure-litigation.com/obama-treasury-mortgage/
This is what I’m referring. to. Thanks.
sugaree
May 10, 2010 at 1:35 pm
obama can’t lower mortgage rates, that is not in the job description of president of the united states.
as lisa a said, what is proposed in that article is exactly what caused the “mortgage crisis” we have today. it started with the respa act of 1999, so anyone with half a brain that was paying attention should have seen it coming. the only difference laid out in the article you cite is the government buying loans, many on the edge, at lower rates than written for. and all with our tax money. ultimately that will cause the housing and mortgage market to plunge even further than it is now. not a very good idea.
Lisa A
May 10, 2010 at 1:47 pm
What you propose is exactly what got the economy into this mess in the first place.
You should not be able to get a mortgage of any kind with only 5% equity. With that little equity, you can go underwater very easily. It’s been proved that once under water, people have no scruples, no pride, and will lie, steal, and cheat to work things to their advantage. And when they do this, they are really stealing from all of us. Hence my miserable 401(k) value.
mzJakes
May 10, 2010 at 2:14 pm
Interests rates are at historic low and the indices on which mortgage rates are based are approaching zero…..ie you can’t get much lower than it is now and these low rates are not necessarily good for the economy.
Crazydaisy
May 10, 2010 at 2:17 pm
lmao when did he say hes going to lower mortage rates,,,
He has stated that he is raising taxes by 20 percent.
he has no control over prices
stone
May 10, 2010 at 3:07 pm
No. He can’t. The US Democratic Congress got us into this mess and we’re stuck with it. Meanwhile~~here’s an idea for you. If you are genuinely on the tightrope making your mortgage payments, you should try to renegotiate with your lender for a lower rate. This can work if you have a good credit score. If not, It will be more difficult.