“It is useless to attempt to reason a man out of a thing he was never reasoned into”

Jonathan Swift
"The Democrats have moved to the right, and the right has moved into a mental hospital." - Bill Maher
"The city is crowded my friends are away and I'm on my own
It's too hot to handle so I gotta get up and go

It's a cruel ... cruel summer"

Monday, April 06, 2009

Clusterf*&!@ to the Poorhouse

I love that cartoon. Tom Toles nails it . . .

Kudos to President Obama. The making home affordable act is really a great idea. A big idea. With every big implementation, there are always a few kinks. A few millions in this case.

No job yet (1 .5 months and counting), and by far my mortgage is the biggest monthly cost, so I set out to see what help I could get. The program really is designed for the folks that are about to be foreclosed on, or are 30% underwater. Neither of which applies to me at this point for full disclosure.

Your home loan must be owned by Fannie Mae. Go HERE to check.
You must have SOME income, even unemployment

Turns out, maybe a little help can be had though. Here is how it works:

1. Contact your mortgage servicer, mine is Chase, tell 'em you need help.
2. You fill out a 6 page form, but you actually fax it to FNMA.
3. Wait 2 months. Yep, TWO MONTHS. Millions need the help. Thanks Shrub.
4. Call your lazy, taxpayer funded check-casher (Otherwise known as your Republican congresscritter).
4. . . . dunno . . . waiting to hear.

Per FNMA's news release, "Participating in the program may reduce interest rates, lengthen the payment time frame or take other steps, such as principal forbearance, to bring the monthly payments down to as low as 31 percent of the borrower's gross (pre-tax) income."

So, you could get put in an low interest ARM, a 40 year fixed, etc. So it is help, but Caveat Emptor. Negotiate, negotiate.

This Gods-damn economy is brutal, but this program IS helping. And it is helping the little guy.

-Prodigal Son