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Does Making Home Affordable require using an automated tool- "Home affordability Agency Valuation"?

Profile picture for superdoubledan
I have a loan that is serviced by Countrywide and owned by Freddie Mac.

I bought it for $142,000 in Dec. 07 and put a 1100 sq ft addition on to it.  I have an appraisal from Oct-08 of $312,000.

When I called Countrywide today, they said that they have to look it up in an automated tool called the "Home affordability Agency Valuation" and use that value, which was $120,000.  I owe $247,000 on it so they said that it was not eligible.

Is this true?  Does it all have to go through this automated tool?
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April 23 2009 - Cincinnati
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Answers (1)

Profile picture for Chad Melin
It sounds like they used a value estimator to determine your home value. Every major lender has different tools to determine your home's estimated worth. Chances are, that this did not even include your recent addition.

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April 23 2009
 

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