So my dad loses his job back in May. Thirty-one yrs with the same company. So much for loyalty....Single provider, paying a mortgage he was well able to afford while he was employed. 40 acres, out in the country, living out the typical American dream.
While he's pounding the pavement, we run across this Federal Program:
Making Home Affordable
"An official program of the Departments of the Treasury & Housing and Urban Development"
So they go thru the paperwork. And just this past week, finally find out they're ineligible:
"You are not eligible for a Home Affordable Modification bcause we are unable to create an affordable payment equal to 31% of your reported monthly gross income without changing the terms of your loan beyond the requirements of the program. In other words, to create an affordable payment for you, the investor (owner) of your loan would be required to delay collecting too large a portion of your principal balance until the loan pays off, beyond what the Home Affordable Modification Program allows."
let's see...31% of his monthly gross income would have been zero. All over the website I see "Obama Administration" and wonderful stories of folks who lost their jobs and got help (albeit a bit propaganda-ish). I'm only assuming their monthly gross income would also have been zero...oh well. Thanks for nothing.
So the race continues. Keep looking for a job, and also now check into a "forebearance program" which they suggest further down in their letter.
Times are pretty friggin hard right now. My wife and I feel blessed that we are both currently employed, but still share the pain w/ my side of the family. I see the government willing to help the infrastructure of the economy (or more specifically, our businesses and industries) but not it's citizens. Or maybe selectively. I am not happy.
While he's pounding the pavement, we run across this Federal Program:
Making Home Affordable
"An official program of the Departments of the Treasury & Housing and Urban Development"
So they go thru the paperwork. And just this past week, finally find out they're ineligible:
"You are not eligible for a Home Affordable Modification bcause we are unable to create an affordable payment equal to 31% of your reported monthly gross income without changing the terms of your loan beyond the requirements of the program. In other words, to create an affordable payment for you, the investor (owner) of your loan would be required to delay collecting too large a portion of your principal balance until the loan pays off, beyond what the Home Affordable Modification Program allows."
let's see...31% of his monthly gross income would have been zero. All over the website I see "Obama Administration" and wonderful stories of folks who lost their jobs and got help (albeit a bit propaganda-ish). I'm only assuming their monthly gross income would also have been zero...oh well. Thanks for nothing.
So the race continues. Keep looking for a job, and also now check into a "forebearance program" which they suggest further down in their letter.
Times are pretty friggin hard right now. My wife and I feel blessed that we are both currently employed, but still share the pain w/ my side of the family. I see the government willing to help the infrastructure of the economy (or more specifically, our businesses and industries) but not it's citizens. Or maybe selectively. I am not happy.
