Homeowners, read. - Chit-Chat - Long Island Firearms

Jump to content


Welcome to Long Island Firearms, Long Island's premier source for news and education!

Welcome to Long Island Firearms, like most online communities you must register to view or post in our community, but don't worry this is a simple free process that requires minimal information for you to signup. Be a part of Long Island Firearms by signing in or creating an account. You also have the ability to login with your facebook or twitter account. See the icons in the upper right hand corner.
  • Start new topics and reply to others
  • Subscribe to topics and forums to get automatic updates
  • Get your own profile and make new friends
  • Customize your experience here
Get the latest facts on the new NY SAFE gun laws that effect you!

Photo

Homeowners, read.


  • Please log in to reply
11 replies to this topic

#1 The Architect

The Architect

    The Sysop

  • Junior Member
  • 36800 posts
  • LocationSuffolk

Posted May 30 2009 - 05:23 AM

Many of us on Long Island are homeowners with high mortgages.  A new plan in place called HAMP. Below are some key bullets.  Though its not firearm related, I just thought you'd like to have some knowledge on it.  You can qualify even if your current on your mortgage.  I am not a mortgage broker by any means, just a member helping members of our community :)

Bullet Points of HAMP
Bank brings your payment down to 38% of your front end ratio at their cost. The government matches dollar for dollar to get you to 31%. Lowest rate is 2%, longest amortization is 40 years. Principal balance reduction is an option, but not required. Back end DTI over 55% required Debt Counseling. Owner occupied residences only, no investment or second homes. You can only modify once. If you go delinquent at any point, there is no second chance. Accepting the modification waives all rights to predatory lending litigation. 2nd not holders are offered a buyout by the government when the property has negative equity. Payment fixed for 5 years, afterwards switches to the lowest published Freddie Mac 30 year conforming rate at the time of modification. Industry Reaction and Expectations
Banks despise this program. When they took the TARP money, they were basically allowing the government to impose their will with future policy. Now that the programs are rolled out, they are attempting to give the money back. These modifications are too extreme for the banks to keep their target margins. When compared previous modifications that banks are granting, the TARP payments will be 15% – 50% lower. While this means huge losses to the bank, it produces great benefit to the borrower.

To add to the banks dismay, homeowners who are current can take part in this program. This means that homeowners who have been making their high payments to the banks on time can also greatly lower their payment. Before this program, homeowners who were current had little chance of getting modified. Banks were practically forcing homeowners to go delinquent to even consider a modification application.




# Advertisement

Advertisement
  • Topic Starter

Posted A minute ago



#2 The Architect

The Architect

    The Sysop

  • Junior Member
  • 36800 posts
  • LocationSuffolk

Posted May 30 2009 - 07:52 PM

Official link:

http://www.treasury....n/FactSheet.pdf

#3 ecr

ecr

    Gun Guru

  • Distinguished Member
  • Others: Club LIF Member, Committee Member, Junior Member

  • 4946 posts
  • LocationNorth Great River, New York

Posted May 30 2009 - 10:20 PM

Thank you guys for thinking of us. This is good information to have.

Have a great Sunday! I'm heading off the Island to Port Jervis and the Hawk's Nest on my K75S.

Happy riding and shooting out there guys! Oh. . . and be careful!

Regards,

Eric

#4 peteinsuffolk

peteinsuffolk

  • Club LIF Member
  • 7346 posts

Posted May 30 2009 - 11:01 PM

is the hawks nest the restaurant that overlooks the Delaware? i haven't been up there since i was a kid!

#5 ecr

ecr

    Gun Guru

  • Distinguished Member
  • Others: Club LIF Member, Committee Member, Junior Member

  • 4946 posts
  • LocationNorth Great River, New York

Posted May 31 2009 - 04:03 AM

Actually Peter, it is Route 97 heading west from Port Jervis with pull-overs over looking the river. If you do a Google search, you will find information on it and videos on you tube.  

Sorry to hijack the thread for a short.   We're done.

Back to topic now   ;-)

#6 Johnson

Johnson

    Respected Gunowner

  • Established Member
  • 299 posts

Posted May 31 2009 - 07:06 AM

Actually Peter, it is Route 97 heading west from Port Jervis with pull-overs over looking the river. If you do a Google search, you will find information on it and videos on you tube.  

Sorry to hijack the thread for a short.   We're done.

Back to topic now   ;-)


I miss my place that I had in Stamford, NY, it was great country, although some of the local residents were a bit scary, but land, land everywhere !  Nothing like target shooting off your back porch, again land, land everywhere, God I miss it.  :(

My first rifle was purchased at the Big Bore Gun Shop, route 10 Hobart, NY.

Sorry, back to topic now ;)

#7 Johnson

Johnson

    Respected Gunowner

  • Established Member
  • 299 posts

Posted May 31 2009 - 07:41 AM

Many of us on Long Island are homeowners with high mortgages.  A new plan in place called HAMP. Below are some key bullets.  Though its not firearm related, I just thought you'd like to have some knowledge on it.  You can qualify even if your current on your mortgage.  I am not a mortgage broker by any means, just a member helping members of our community :)

Bullet Points of HAMP
Bank brings your payment down to 38% of your front end ratio at their cost. The government matches dollar for dollar to get you to 31%. Lowest rate is 2%, longest amortization is 40 years. Principal balance reduction is an option, but not required. Back end DTI over 55% required Debt Counseling. Owner occupied residences only, no investment or second homes. You can only modify once. If you go delinquent at any point, there is no second chance. Accepting the modification waives all rights to predatory lending litigation. 2nd not holders are offered a buyout by the government when the property has negative equity. Payment fixed for 5 years, afterwards switches to the lowest published Freddie Mac 30 year conforming rate at the time of modification. Industry Reaction and Expectations
Banks despise this program. When they took the TARP money, they were basically allowing the government to impose their will with future policy. Now that the programs are rolled out, they are attempting to give the money back. These modifications are too extreme for the banks to keep their target margins. When compared previous modifications that banks are granting, the TARP payments will be 15% – 50% lower. While this means huge losses to the bank, it produces great benefit to the borrower.

To add to the banks dismay, homeowners who are current can take part in this program. This means that homeowners who have been making their high payments to the banks on time can also greatly lower their payment. Before this program, homeowners who were current had little chance of getting modified. Banks were practically forcing homeowners to go delinquent to even consider a modification application.



When it comes to lower rates, it seems the 30 year are only included, it would be nice to get a 3% 15 year, I'm currently at a 5.8% 30 year with 19 years to go, it's hard to find a 15 year with a same or lower monthly payment.

#8 Recoil

Recoil

    Gun Guru

  • Donated Member
  • Others: ,
  • 2894 posts

Posted June 01 2009 - 06:48 AM

Can't you just use a mortgage calc to calculate the payment as a 15 year and just send the extra as principal each month? I have been doing this for many years now and it looks like I am on track to have it paid off within the 15 years.

#9 ecr

ecr

    Gun Guru

  • Distinguished Member
  • Others: Club LIF Member, Committee Member, Junior Member

  • 4946 posts
  • LocationNorth Great River, New York

Posted June 01 2009 - 07:08 AM

UnSub . . . paid off in 15 years!? . . . Nice!  
I really must make the time to read this thread. lol

ecr

#10 Recoil

Recoil

    Gun Guru

  • Donated Member
  • Others: ,
  • 2894 posts

Posted June 01 2009 - 07:55 AM

Well, not yet. But I am on track to do so. I bought the house 12 years ago before the prices started to rise. I hate debt.

#11 Johnson

Johnson

    Respected Gunowner

  • Established Member
  • 299 posts

Posted June 01 2009 - 08:41 AM

Can't you just use a mortgage calc to calculate the payment as a 15 year and just send the extra as principal each month? I have been doing this for many years now and it looks like I am on track to have it paid off within the 15 years.


Yes I have been doing that, purchased in 2003, so 11 years paid off in 6-7 years, but it would be nice to reset that to a 15 year with a lower payment.



#12 borisny

borisny

    Respected Gunowner

  • Established Member
  • 262 posts

Posted June 01 2009 - 09:48 AM

Well, not yet. But I am on track to do so. I bought the house 12 years ago before the prices started to rise. I hate debt.

debt is good, debt makes money.





0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users