Refinancing Out of Reach for Many Americans

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Reverse Mortgage of NY 10:40AM January 25, 2013

hmmm many are upside down and struggling at every level. I am in a situation where I have a great deal of equity in my home. I had a successful construction business for many many years. Now I find myself on unemployment, which in my state is not enough to qualify for any of the so called special programs. I owe less than 50% on my home and still it is at risk. Refinancing is not an option unless I can manage to rebuild my income quickly enough. No problem for an energetic resourceful entreprenuer in the past economic environment. In this market, not so attainable. I have a applied for many programs and keep getting told I do not fit profile. hmmm I currently have an attorney keeping my existing lender at bay but my home is in jeapordy with no real solution on the horizon. This economic meltdown is not specific to any one group. It has affected everyone. The last program I applied for was worse than any of the previous ones. I made it through the first 2 qualifying steps only to be told the day before the submission to HUD that I did not fit the profile. The agency later told me that of the 135 applications they prequalified that only 3 actually were submitted. Everyone else was denied.

JkW of MO 1:13PM November 16, 2011

HA HA HA MAKING HOME AFFORABLE DOESN'T WORK IF YOU MAKE $50,000 A YEAR. I HAVE TO CHOSE BETWEEN MEDICATION, FOOD AND MAKING AN ON TIME MORGAGE PAYMENT EVERY MONTH. IT ONLY HELPS PEOPLE AROUND THE POVERTY LEVEL. DON'T THEY TAKE INTO ACCOUNT ANYTHING ELSE WHEN THEY DECIDED TOGIVE YOU THE SORRY YOU MAKE TO MUCH MONEY. WELL OUR HOUSE IS LITTERLY FALLING DOW. WE CAN NOT AFFORD TO FIX THE FOUNDATION. THEY CAN COME AND TAKE THIS DUMP IF THEY WANT IT. THEN FIX IT UP AND TE SELL IT. OR THEY CAN HELP US SO WE CAN AFFORD TO FIX IT UP BEFORE IT FALLS TO THE GROUND. HOPEFLLY WE ARE NOT HOME WHEN THAT HAPPENS. THANKS ALOT OBAMA FOR NOTHING.

JEANETTE PAGANO of PA 11:02AM November 16, 2011

Where is my government money for buying a house I could afford and saving enough to buy it in the first place.
All this bail out is WRONG and killing the country.

Tom of TX 8:11AM November 16, 2011

When you have had your mortgage for a long time, it is not a good idea to Refinance, let me stress again, DONOT refinance if you have your mortgage for long time, to avoid mistakes, use "123 Refinancing" articles.

saralewis77 of CA 4:36AM September 09, 2011