Sometimes you should know the answer and, if you don’t, it’s downright embarrassing. But you are not alone.
A month ago, my trainer (also named Jim)—hey, when you’re trying to be a young-looking 54, you need a trainer—happened to catch the special my friend Erin Burnett and I did with Sheila Bair, the amazingly hardworking and whip smart head of the Federal Deposit Insurance Corporation (FDIC).
He heard her talk about Obama's mortgage adjustment program and he, like everyone else, is struggling with a mortgage that might be pretty close to the 100% loan to value level, and with an interest rate that’s way too high. He needs help and was wondering if the program could work for him.
He gave me the particulars and asked me what I thought. I replied that the he should go online and check out what the government had to say. Well, sure enough, he goes online, and he says: “Hey, Jim, I can’t figure this out for nothing.”
What do I do? I go myself, and find it’s not giving me all the answers I need.
But I wasn’t going to give up. I met with the BankingMyWay and MainStreet design teams and I said, “Give us a calculator, something that my friend Jim can input his particulars into to find out if he has a fighting chance to be able to stay in his hard-earned home with some government help."
So, Jim, here you go! For Jim and everyone else in the same boat: this is the best way to find out if you qualify for the help Americans so desperately need!
If you do qualify, read our guide on how to get your mortgage modification rolling.
If you found this calculator helpful and would like to embed it on your web site or blog, please e-mail email@example.com with the subject line 'Mortgage Calculator Embed' to get the accompanying code.