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What is the difference between a reduction and a short refi? Maybe different as far as forcing you out of non recourse terms, that could be a big deal? I know there is a drastic difference between those and modifications.

So reduce principal and take a loss, or forclose and make a claim?

Gary, a principle reduction is (in my own experience) usually associated with a modification, it is a voluntary thing from the bank. With a short refi, you are refinancing the loan for less than the original amount. I think the reason they are playing ball with the H4H program is that the loans are toxic loans. If the loan does not work out, the only step left for the lender is foreclosure, the only relief for the HO is bankruptcy.

I have been told this is a much better deal for the banks, saves them a lot of money not having to go through the Foreclosure process.

I have explained the crap list of supposed Lenders from FHA on their website and they have promised to contact HUD and with their supposed (very good contacts ) are going to send me a legit lender to contact on Monday. They have also offered to open a case to contact HSBC on my behalf. I Also met this week with Modification and Bankruptcy attorneys this week. I would rather be in a house with bad credit than in a motel six room with great credit.

I totally hear you, but have told SPS they will never, ever see the inside of this house, ever. To my knowledge, they are the ONLY lender so far to actually close a loan with H4H. Hold off on the 400 also, I know how long LA is taking, trust me. But they are swamped, and we are measuring our progress by the inch with them over here, trust me. But it does seem to get done, somehow, someway....... I took a 4K reduction in salary making the regular mortgage payment not possible... What you explained was my understanding of the loan differences. The principal reduction is like a modification because it is done in house, the same lender keeps your loan, just new payday loan lenders no credit checks reduces principal. The short refi is a new lender offering to to payoff the old loan (at the reduced amount) and take the risk of the new loan. I still think many lenders are not doing reductions because they have insurance get loans now on the loan that covers the loss if they have to forclose. I payday loans oceanside ca also think that one loan is more beneficial to the lender than the other. They have no interest in principal reduction as they then have to realize the loss.. I asked about short sales, they said that could be an option.

They did tell me everything short of telling me directly to stop paying my second. I asked about the mortgage insurance, they referred to it as back end mortgage insurance.

I told them it seemed like ch 13 bankrupcy might be a better option for me, letting the judge reduce the principal!

Spoke with HUD today, was told there are rumblings of a H4H redo.


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Of all the transactions I have ever done, this is the most frustrating, the hardest, most completely mindless, dumbest process I have ever encountered. This is a company that you can literally measure their progress on this loan by the inch every day.

For those of you who have thought about doing this, I will tell you right payday loans oceanside ca now, it takes a LONG time, more patience than you ever thought you had, and more tenacity and will and drive than you will ever know is inside you. If they ask a question, answer it, over and over and over.

This is the best advice I can give anyone on here, never, ever give up, never stop, always push them, let them get mad, who cares? Tell them over and over to get it done, call them every single day for an update, never let them forget your name, stay on them, push push push. We are in final underwriting, I am hoping to get the commitment sometime this week, and I can tell you all, it has been hell doing it... Also a new change to the H4H program in section 202 of PL 111-22 applies to the program. I have no idea but do realize there is a lot of changes to the program and very few loans issued yet through H4H.

Talk about of worthless and ineffective and awash laws, Congress is full of ineffective and worthless legislation regarding correcting our economy and helping cheap unsecured loans homeowners stay in their homes.

And what new updates may or may not be coming up soon??

Basically the pdf for the legislation for PL 111-22 refers to section 202 with a statement - Sec. Mortgages, allow bankruptcy judges to modify terms which is nowhere to be found in the bill which eventually became retitled At least I am now highly exposed to what bureaucracy is. We can safely challenge politicians to align in a circle and wait for any of them to accomplish anything successful. If we placed money on nothing ever being accomplished, the odds would be in the trillions to one and none of us would have housing problems if we wagered against DC doing anything except ruining the economy, allowing more people to lose their homes, removing jobs for Americans to do related to production, letting our auto industry go belly up and banks slushing on future earnings, if any from our online loans instant decision future Americans with debt financing. When PL 111-22 gets published, there may be something in the legislation related to H4H or maybe the title for section 202 can be removed so as not to confuse people who try to make sense of the public laws created. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. We purchased a home at the height of the market in 2006.


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We have been looking around and in our area you can purchase a house similar to ours for much much less.

Does anyone know what the criteria is for purchasing a new home if you still have a current home? There is no way we would be able to sell our current home as we owe so much on it. Houses that sold for 500k originally have now been foreclosed on and sold for less than 300k. The comments by me and the materials available at this web site are for informational purposes only and not for the payday loans in massachusetts purpose of providing legal advice. Most of the information you find here is easily available on the internet. You cheap small loans personal loans maryland should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Please Read our Try talking to your bank, see if they are willing to agree to a short sale of the house, a LOT of banks are, you might be able to also. Since 2007, the LoanSafe forums loans for rent have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. I was wondering how much your principal is being reduced and if you are doing this by yourself through your current lender? Piscesgirl - Not sure how much they will reduce the principal until the appraisal is complete - just got that done today. Alexis Piscesgirl - forgot to answer your other question: yes we are doing this ourselves. ASC turned us over to H4H, who after asking a few questions told us we were eligible for the program.

Now I just need to figure out a way to make it happen for me! I think I may be getting a small glimmer of hope back... They can always verify the comps through tax records as well...

Newman - a couple questions: are you getting a copy of the appraisal? When I complained they said it could change once all the paper work is done. I too will go over the county and appeal my taxes after this is over and done. I see us refinancing maybe in a couple of years just to get Uncle Sam off our backs, or just never ever selling this house. Every time we call, they tell us they need more paper work! The mitigation company that was handling my H4H negotiations has continued to call soliciting their pay service for modification, I keep telling them no, telling them I could do a modification myself. They apparently took some of the forms from the mitigation company and started a modification. They need current finical statements, but they thought I could get a fixed rate for 40 years at 4. I continued to tell them that a principal reduction seems to be my best choice at this time.


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They said Freddie Mac is not doing principal reductions, I should stop entertaining that idea.

I told them I felt it was the best option for all parties, and explained the reasons. I got their information, and told them to call me when they had the details of the Obama plan. I told them I was not going to rush anything, and wanted to make the best decision. Funny how payday loans oceanside ca payday loans oceanside ca people have told me I could not get a modification with out being late? I always told them I could get the modification, I know there is no formal offer, but it looks like I could get it if I want it.

Seems to me that getting a better rate, making it affordable at the moment, might be an option, as opposed to walking away and just losing everything. I would try for a mod, get a rate you can live with, even of you buy it down, (if you can on a mod) and try to wait out the downturn... The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem.

The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our I received the info from my Aurora QWR today.

My credit is still great, getting a house at current prices and rates would be a better option for me if I can do it? The laws for home loans must have been made by a community of lushes. Anyway, I hope you get the requested loan modification. I personally think this H4H is nothing but a smoke job. I filed my application back in Feb, that seemed to be the ones on the forefront to getting these types of loans closed.. Was told today that all applications are now in a file on hold..

Letting AIG go bust would have helped out more than the H4H program has so far. No default insurance payments would have meant the lenders would modify rather than stall until foreclosures take place while they get default insurance revenue. I am for people getting accepted for this program and hope Gary and Newman get their loans modified according to the H4H program intentions. As far as fannie mae guideline show that principal reductions are prohibited.

Have you looked at freddie mac guidelines in detail? Obama plan does allow for principal reductions but fannie does not.

Reductions are unheard of moneylender and simply will not occur realistically under these conditions.

Where would I find these Guidelines for Freddie Mac? I am just trying to use the simplest, best options first, before I make a decision that is going to benefit just me.