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Anything for people like me from the settlement between the banks and the states

By mrcharlesecurry   2012 Mar 27, 10:12am   1,095 views   2 comments   watch (1)   quote      

The Miami Herald said to call the bigs banks as you might be entitled to something as a result of the settlement. I called and I didn't get anything.

I purchased in Sept 2010 FHA 3.5 percent down paid $305,000 for a 4/4 on a lake with a pool and a large patio and a 12,000 sq. ft. Lot in Miami, Florida. We did have to make some expensive repairs and my savings are pretty much wiped out from that but I still have more expensive repairs to make. I bet I could have gotten this home for $200,000 had the Fed and Banks not lent money to anyone with a pulse.

Am I entitled to anything from the settlement? I would love to lower my $2450 house payment so I can start saving money for my three daughters ages 4,4, and 9. I would love to refi to 3.5% without coming out of pocket.

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1   mrcharlesecurry     2012 Mar 27, 10:14am  ↑ like   ↓ dislike   quote    

Ps I have made all my mortgage payments and my credit score is excellent and both my wife and I are employed full time.

2   zhanka     2012 Mar 27, 10:29am  ↑ like   ↓ dislike   quote    

You're not qualified for these programs; loan must be backed by Fannie Mae or Freddie Mac., and FHA loan is not HARP-eligible. http://themortgagereports.com/259/harp-making-home-affordable-guidelines

http://www.usatoday.com/money/economy/housing/story/2012-03-09/bank-of-america-underwater-loans-relief/53434958/1

There is another program for FHA insured loans, but you unfortunately out of luck like many others whose FHA loan was endorsed (insured) after May 31st 2009 :( http://themortgagereports.com/1604/fha-streamline-refinance-mip-refund

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