Zillow Advice: Loan Modifications - Guidance from the Government: "Making Home Affordable Refinance and Modification Options"

i have my loan backed by ...

Thu, 23 Apr 2009 16:40:00 GMT

i have my loan backed by freediemac and after talking to counrtywide(my lander) i found that i would be only able to roll in 2500 closing cost into the loan. while fannie allows to rool in all the cost. since this program is backed by government why there is a difference? any idea?

Totally unfair to those (the ...

Thu, 09 Apr 2009 15:15:00 GMT

Totally unfair to those (the responsible majority) that play by the rules. Once again the Obama, Pelosi, and Reed administration, the do as I say, not as I do crowd, are making another attempt of destroying this country and what we stand for. It is like I am watching a bad play, and a bunch of Lemmings following the head lemming over the cliff.

I believe it will help stabilize ...

Wed, 08 Apr 2009 20:09:00 GMT

I believe it will help stabilize the real estate market.

I see a lot of people asking ...

Fri, 27 Mar 2009 05:22:00 GMT

I see a lot of people asking questions here that the Treasury probably couldn't answer.I spent a lot of time developing a script according to the detailed guidelines of this plan. Currently, it provides more info than the Treasury eligibility calculator. Treasury's calculator, among other things has bugs and doesn't highlight some of the major incentives to borrowers under the mod and refi plans.

Please feel free to compare and contrast. I believe my eligibility results are more specific than Treasury's on:

www.homeaffordplan.com

I welcome any questions or criticism of my calculator and also hope it is useful to people here. Most of the questions I see here could be answered by plugging a few numbers into the eligibility calculator I've developed.

Good luck out there.

Frank,The 105% Loan-To-Value ...

Fri, 06 Mar 2009 13:55:00 GMT

Frank,

The 105% Loan-To-Value limit (or to put it another way, 105% of appraised value) applies to the 1st mortgage only, for the refinance program. So you are correct in your assumptions and what you have read.

Your second mortgage, even though it was purchase-money, cannot be included in the new 1st mortgage. Is it expressly forbidden, at this time. The servicer of the second mortgage is going to have to agree (subordinate) to allow the new 1st mortgage to get priority, should you qualify for the refinance program (remember, Fannie Mae or Freddie Mac 1st mortgages only for the refinance program).

Regarding your value, Countrywide probably used one of several different Automated Valuation Models available currently, which would use comparable sales in your zip code to get a value estimate for your property. It's basically an electronic guess of your current value.

I would go ahead and wait the two weeks, and then try calling back Countrywide. You probably won't get the same person on the phone again, and hopefully that institution will have the information properly disseminated to their staff by that time.

Best of luck to you Frank.

Andrew,Can you speak in full ...

Fri, 06 Mar 2009 12:45:00 GMT

Andrew,
Can you speak in full words? I do not know what you said.

Hi.I completely feel for ...

Fri, 06 Mar 2009 02:17:00 GMT

Hi.

I completely feel for you situation.

I would strongly recommend speaking with your bankruptcy attorney, the one that handled your initial bankruptcy filing.

Any advice given on zillow is going to be, in my opinion, a "best guess."

Bankruptcy law is currently undergoing certain revisions, in particluar to your situation, regarding "Mortgage Cram-Down" legislation. I can't go into specifics, but one of the benefits to the homeowner is that a bankruptcy judge may have the power to modify the terms of an existing mortgage, based on your verifiable income, to make the terms more affordable, so long as all of the steps are followed.

As you are currently in a repayment plan, you would want to speak with your bankruptcy attorney.

This probably was not the direct answer you were hoping for, but I feel it is the most prudent advice I can pass on to you, given the information you have provided.

Best of luck to you and your family. Sounds like you are certainly doing everything you can to try to make it work. Hang in there!

hi i need someone to give ...

Thu, 05 Mar 2009 18:33:00 GMT

hi i need someone to give me factual advice. my husband and i are in an active bankruptcy for over a year now. our payments have not always been on time due to our situation. the reason we ended up in bankruptcy was because our 3rd child was born with multiple health problems and disabilities. his needs require one parent to be with him. so i could no longer work due to these circumstances. my husband has a good paying job in which we can pay the mortgage but as time is going on we are struggling with the trustee payment badly. we have tried to refinance twice over the year and have paid for an appraisal 2x same guy, same guy trying to refinance me denied both times 2 different reasons. i contacted a legal number and was told i was never going to be refinanced only the bc judge can do a loan mod. is this true? we need help desperately otherwise we will loose our home..we are not asking for money just 1payment,more yrs on house, poss, lower rate our debt does not exceed the value of our home. someone please guide me and direct me so i don't loose my home. I have 3 kids one very sick and disabled where will we go? please help

A 2nd mortgage cannot be ...

Thu, 05 Mar 2009 02:47:00 GMT

A 2nd mortgage cannot be rolled into the 1st mortgage under the refi plus or the DU Refi plus program. If the 2nd lien holder will subordinate there are no CLTV limits.

Appreciate it if we could ...

Thu, 05 Mar 2009 02:44:00 GMT

Appreciate it if we could close/turn off this particular discussion, as it seems to have drifted off-topic. (Good neighbor policy).

I am in receipt of Fannie Mae and Freddie Mac Seller's guidance regarding the Home Affordable Refinance (HAR) program.

The real details are in the Fannie Mae and Freddie Mac guidance, which I received copies of late this afternoon; whereas the Federal Government guidance is more generalized and vague, but covers the important features of each program and was released early this morning.

I'm sure that there are currently several more discussions about this very same topic.

Thank you for your comments and interest.

Warmest regards to everyone,

Rob Robertson.