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Updated almost 15 years ago,
TARP, P-PIP.
I got a letter in the mail about TARP, P-PIP, and how a firm here in Vegas could buy my loan from the mortgage company then use TARP money to subsidize a reduction in principle/negative equity of my mortgage. I called to find out the firm wanted $6000.00 to start the proceedings. The firm then told me it would be 30 days to find out if they could get a deal done. If the firm could get the deal done it would be another 4-8 months to finish the deal.
Needless to say I didn't give them any money. I am current on all payments even though my home is valued at $100K, I owe $200K, and my neighborhood is becoming inundated with thugs, Section-8's, and gang members.
Is this P-PIP program a scam or is anyone getting any deals done? If they are getting any deals done, would anyone be able to provide some info on FAQ's of the program. I would love to have the gov't subsidize the negative equity in my home so my loan could be restructured. Or is that a pipe dream?
Any information would be greatly appreciated!
vegasworkerbee.