Making Home Affordable Plan Expected to Help 4-5 Million Homeowners Refinance

367 Comments so far

1. Details Are In: Making Home Affordable Plan Expected to Help 4-5 … | Home Mortgage Austin on March 5, 2009 4:41 am

   [...] payments for all your other debts, like student loans or car loans . Go here to read the rest:  Details Are In: Making Home Affordable Plan Expected to Help 4-5 … This entry was written by admin, posted on March 4, 2009 at 1:15 pm, filed under Object and [...]

2. Your Bank Connection on March 5, 2009 9:24 am

   Listed below are the differences between the Government Loan Modification and Non Regulated Loan Modifications.

   Government Loan Modification Plan

   • You are current on your mortgage payment.
   • Government Plan is fixed for 5 years, then adjusts higher
   • What you owe is equal to or less than the fair market value.
   • Your loan must be owned/controlled by FNMA or Freddie Mac
   • Property must be owner occupied.
   • Unpaid loan balance must be equal to or less than $729,750
   • Mortgage payment must not exceed 31% of your income

   Non Regulated Loan Modification
   • Doesn’t matter how late your are on your mortgage payment.
   • Plan is fixed rate for the life of the loan (Rates are low)
   • Doesn’t matter how Upside-down you are with your loan
   • Loan on your home is owned or controlled by ANY lender
   • Property can be Commercial, Investor, Rental, etc
   • Unpaid loan balance less or GREATER less than $729,750
   • After monthly expenses are paid at least $1.00 Income

   I have listed a very informative website outlining all the current Housing Crisis News.http://yourbankconnection.com/news.htm

3. Rich on March 5, 2009 10:18 am

   Confused about something…

   To qualify for modification, you must provide an affidavid of financial hardship. One of those hardships can be significant loss of income. I recently lost my job and my only income at the present time is unemployment insurance. How does the program work in my scenario? Will my loan be modified to 2%, extended to 40 years and principal forbeared to get my payment down to 31% of my unemployment income (which would reduce my payment from $3000/mo to about $300/mo)? To me, this seems obsurd; how is this situation handled?

   Thanks in advance for any insights!

4. Jim on March 6, 2009 9:04 pm

   good eligibility info here:

   http://www.homeaffordplan.com

5. garry kowalenko on March 6, 2009 9:38 pm

   Our credit is 800+ and we are current with no other debts. My income has declined to $42000 a year and our mortgage is $1550.00 ( $1300. int. only + $250. tax & ins. My income for 2009 will drop to approx. $30,000 or less and will make it hard to make payments of $1550. mthly. Appraisal of our home 2.5 yrs ago was $358,000. in Yuma Az. Is there Gov.funding for us with no closing costs ?

6. Jim on March 7, 2009 9:11 am

   First, is you loan held by Freddie and Fannie?

   If not, you can get mortgage modification, which would be a lower rate for 5 years and incentives such as $1500 for participating in the program and up to $1000/year payment towards principle if you make payments on time,

   There are no closing costs for either part of the program and based on what you’ve said, it sounds like you qualify and I’d call your mortgage lender ASAP

7. tom on March 13, 2009 7:36 pm

   What if my bank is not going to participate in the program..what do I do then????????

8. Jim on March 13, 2009 8:04 pm

   your bank must participate in the program if it took any money under the TARP bank bailout, that’s almost every major mortgage bank so your bank has to participate if it took TARP money.

   so if your bank took TARP money, then you just have to know what kind of modification you are eligible for and you can do that on this site to help you before you talk to your mortgage company:

   http://www.homeaffordplan.com

9. tom on March 13, 2009 9:12 pm

   I am looking for some help.Fifth THIRD SAVINGS TOLD ME THAT THEY WERN’T GOING TO HELP WITHN THIS TYPE OF LOANS,,hOW CAN THEY NOT HELP????

10. wally on March 13, 2009 9:28 pm

    Help Retiree! I have an adjustable mortgage that will adjust shortly.I tried refinancing to a 30 year fixed rate to lower my monthly note through my mortgage co.,but was told my home appraisal came in too low(appraised for $58,000/owe $106,000). In 2002 my home appraised for $192,000.I receive a monthly income from my retirement fund which took a hit in 2008 causing me to reduce my monthly income in the hope of not depleting my nest egg.What can I do to save my home?

11. Jim on March 14, 2009 8:32 am

    If your bank did not take any TARP money, they do not have to participate.

12. tom on March 14, 2009 8:46 am

    I want to get the home modification program, but my bank says they are not signing up for the program. I need some help with this and don’t know where to turn for help..Can they do this?

13. tom on March 14, 2009 8:50 am

    They did not take any money from the the tarp…That is why I need help..I don’t know what to do, or if I have a chance at changing my loan?

14. tom on March 14, 2009 8:52 am

    Is there any other way to get into the program?

15. Jim on March 14, 2009 8:56 am

    Technically, they do not have to participate if they did not take TARP money.

    However, they might be your mortgage company but your loan might still be held by Freddie Mac or Fannie Mae.

    If your loan is held by Freddie or Fannie, you might qualify for a refi or loan mod.

    First, find out if your loan is held by Fannie or Freddie. Contact them here to find out. They give you the phone number to call Fannie and Freddie directly to see if your loan is held by one:

    http://www.financialstability.gov.

    For an idea whether you even qualify, even if your loan is held by Fannie or Freddie, you can calculate your eligibility here:

    http://www.homeaffordplan.com

    I’d also call HUD. I don’t have their number but you go to: http://www.hud.gov

16. Debbie on March 16, 2009 2:31 pm

    To Wally: Looks like your loan to value is at 182%; much more than the 105%limit in the home affordable refinance plan. They haven’t really said how they are going to come up with the appraised value (From what I understand, they won’t be doing appraisals). I would try calling your lender and seeing what program you might qualify for. You might be able to fall under the home modification plan (if you fall behind in your payments and your mortgage is owned by Fannie or Freddie Mac and you are experiencing financial hardship).
    The other thing is to look at your original loan papers you received when you bought your home. Is your adjustable rate tied to the Libor or is it tied to the One Year Treasury index? If it is tied to the One Year Treasury, your payments may not go up as much as you think. Add the margin to the current index (find it at Bankrate.com) to get your new rate. Then, use the mortgage calculator to get your new payment. But do call your lender and see what they can do for you. Best Wishes!

17. tom on March 16, 2009 8:21 pm

    I have a loan with a third federal savings. The balance is $155,000 and the value is $142,000, but the bank says they are not in the home modification program. I have checked with fannie and freddie and my loan is not through them..I guess I am screwed?

18. Chip Hundredmark on March 17, 2009 6:59 am

    Tom,

    No need to worry!

    You can still get help by using a reputable modification service. There are two things that will make a lender/bank take notice and restructure your loan. The first is having a Forensic Loan audit done on your current mortgage. This will look for any RESPA violations that may have occurred during your application, disclosure and closing of your mortgage. (Statistics show that 1 in 5 loans contain errors. The second is having a mitigation attorney contact your lender. You can get approved for a loan modification free of charge with http://www.yourbankconnection.com. 98% of their approved client’s receive a loan modification.

    I hope this helps.. Good Luck

19. Wally on March 17, 2009 2:52 pm

    Debbie, Thanks for taking the time to reply.

20. Imee on March 19, 2009 4:40 am

    I think the Making Home Affordable program is one of the best and most awaited steps ever taken by the Obama administration so far. I’m not 100% convinced of it yet, but I believe it’s a necessary program Americans need right now. It breaks my heart to see people ending up homeless or living in tent cities because of the current economic crisis.

21. Melissa on March 19, 2009 10:54 am

    I’m wondering if I will qualify for any of the Obama programs. I was trying to refinance last month and was told that my loan-to-value was too high to refinance.

    I have Wells Fargo as my mortgage company - my loan is Fanny Mae. My APR rate is 6.625% on a 40 year fixed. I bought the home 11/9/07 for $168,500 (it appraised for $189000). Now, I’m guessing the house is worth $165-$170,000.

    I still owe $167,388.48 on the loan because only $76.99 of my monthly payments goes toward the principle and $924.55 goes to interest ($82.85 goes to PMI).

    My total monthly payment is $1366.84 ($76.99 principle, $924.55 interest, and $365.30 escrow). I have never missed or been late on a payment. According to Wells Fargo, my estimated loan-to-value is 99.3% which is too high to refinance my loan the normal way.

    I make $65,000 annually so my monthly payment is less than 31% of my gross. Does that mean I will not qualify for any of the programs? The documentation on Obama’s plans say that you need to provide an affidavid of financial hardship…. I have not lost my job (knock on wood) but I’m wondering if there are any programs that will help someone in my situation. This is my first house I was being young and dumb and I didn’t realize that only $76 would go towards my principle each month… I really would like to refinance at a lower interest rate in a 30 year fixed but Wells Fargo said no last month. Are any of the Obama programs available for someone that has not lost their job but has a mortgage where they pay a sick amount in interest making the loan- to- value impossible to go down?

22. Sarah on March 19, 2009 11:29 am

    I called citi today to ask about refinancing with them (our current mortgage lender). We qualify for the affordable refinance program, but citimortgage told us they were not processing any refinances. It doesn’t make sense because they are on the list of mortgage companies, but refusing to refinance mortgages. How can this be lawful? Can I refinance under the Home Affordable program through someone else.

23. Chip Hundredmark on March 19, 2009 11:32 am

    Melissa,

    Listed below are the requirements for eligibility to the “Making Home Affordable Modification ”

    Home Affordable Modification, you must:

    • Be an owner-occupant in a one to four unit property, and have
    • An unpaid principal balance that is equal to or less than $729,750 (for one unit properties and higher for two to four unit properties (consult your servicer),
    • A loan that was originated before January 1, 2009,
    • A mortgage payment (including taxes, insurance, and home owners association dues) that is more than 31% of your gross (pre-tax)monthly income and
    • Have a mortgage payment that is no longer affordable, perhaps because of a significant change in income or expenses.
    • Mortgage balance must not be over 5 % of the homes value
    • Total (DTI) debt to income ratio must be less than 55% or HUD counseling is required
    • Steady reliable income is required

    For more information on the Pro’s and Con’s of the “Making Home Affordable” refinance and modification programs visit http://www.MakingHomeAffordable.com

    You do have options just be careful when using a loan modification company. If you choose this option make sure they have licensed attorneys you can research, do not collect a fee upfront, and have a 100% refund policy if you do not receive a loan modification offer.

    Good Luck I wish you the best.

24. Melissa on March 19, 2009 11:48 am

    Thanks Chip. But I wouldn’t qualify for the Home Affordable Modification because my mortgage payment is not more than 31% of my gross monthly income. My payment is 25% of my gross monthly income. Also, I have not had a significant change in income or expenses. Which options were you referring to that I would have to refinance? I appreciate your help.

25. Chip Hundredmark on March 19, 2009 12:18 pm

    Melissa,

    You have a few options.

    The first is to contact your lender and request a loan modification. You will need to gather the following documents; proof of income (97, 98 tax returns all schedules), modification application, hardship letter,(an adjustable or high fixed rate compared to current market rates is a hardship), a recent residential appraisal with comparable property’s within a 1 mile radius of your home, the phone number for the mitigation department of Wells Fargo, and a whole lot of patience and time.

    Another option is too have a reputable loan modification company complete and mitigate the mortgage modification for you. They will charge a fee but if you do not have a lot of time on your hands its worth it. You can see if you qualify free of charge at http://federalmodifiedloans.com/contact1.htm Your Bank Connection has a 98% success rate with homeowners who receive an approval via a automated underwriting system.

    Try doing it your self first, and then use a mortgage modification company as a second option.

    You can find a list of Mortgage Lenders migration department phone numbers here;http://homeloansmodification.blogspot.com/

26. Jim on March 19, 2009 2:54 pm

    Melissa, another part of the Plan is for people with high “back end” debt. Basically, if your income is less than 55% of your TOTAL debt (includes credit cards, car payments, etc.) You might qualify and I would contact your bank and apply for that part of the plan. Don’t give up, keep at it with your bank.

    If you want to get an idea of your eligibility using a calculator, I made an interactive form where you put in basic info and it will give you eligibility results here:

    http://www.homeaffordplan.com

27. Melissa on March 20, 2009 6:45 am

    Thank you so much for the info! I DO fall under that catagory.. My income is less than 55% of my total debt. I’ll Thank you so much for the info! I DO fall under the category of people with high “back end” debt… My income is less than 55% of my total debt. I’ll give them a call and push for a refinance.

    It has been so frustrating being told that I cannot refinance under a new program because I still have a job and also being told that I cannot refinance the normal way because my loan-to-value is too high. Stuck in the middle paying tons of interest… I’m trying to be proactive and make my home affordable before I default on payments.

    Thanks again for the information. The website you created is very helpful!

28. John Michaels on March 22, 2009 5:18 am

    Try http://www.making-homes-affordable.com, I was on it day and found some great information pertaining to the Making Homes Affordable Program.

    Good luck everyone we’re going to need it

29. Jim on March 22, 2009 11:01 am

    John, what was the great information on that site that is not already available on the Treasury website. I looked at your site and it looks like you cut and pasted from the Treasury’s website.

    My point is there are a lot of scams out there. This plan is for “at risk” people who have already been badly taken advantage of, God bless them.

    If you qualify for this plan, you should only be talking to your mortgage company and going through their application process. You should not have to pay anybody if you qualify.

    That being said, I just wanted to make two points.

    Treasury now has an eligibility calculator on:

    http://www.makinghomesaffordable.gov

    I wrote a script for my website that is also an eligibility calculator under the plan, when the Plan came out.

    Treasury took a little longer than me and their calculator is worth using but here my take, trust but verify. These people at the Treasury are the same people who got us in this financial mess in the first place.

    Problems with Treasury’s calculator:

    1) They don’t ask the threshold questions that give the user the information as to whether or not they qualify for a Modification OR a Refi — the user must fill out both paths to see if they are eligible for either one. The homeaffordplan.com calculator offers a single path which differentiates this for the user automatically.

    2) They don’t let on about the $1500 and $1000/year incentives for being current.

    3) There seems to be an inaccuracy with respect to the refi — the treasury docs specify a worst-case LTV of 105% (underwater by 5%) but the gov calculator indicates ineligibility if the user indicates the possibility of being underwater by ANY amount (answer’s “NO” to “Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?”)

    4) They do not give the specifics of the benefits available under the plan based on a given users numbers. The obvious deficiency is that they don’t give an estimate of what the modified payment will be.in the case of a modification. Another glaring omission is whether or not the modified payment is likely to be permanent or might have to increase over the 5 year period.

    5) They do not disclose the detail about the possible requirement for credit counseling — this is another consequence of not asking for specific numbers.

    6) They actually have software bugs — to see this, leave the answer to the question on the modification form about prior to 1/1/2009 blank — they then assume “NO” instead of prompting the user to answer the question. The calculator at homeaffordplan.com doesn’t proceed until all answers are given (test it out, leave something unselected).

    So use it but I would suggest “trust but verify.”

    My calculator is on homeaffordplan.com.

30. Macci on March 23, 2009 1:13 pm

    Help.. I am in a weird position.

    We are retired Military. We bought our home appx 3 hears ago..thankful we have never been late on our mortgage. But it has been a challenge… I would like some information how the new progrom going to help borrowers who homes is not worth what we paid for.. we are currently in a fixed rate and looking to lower our monthly rates, however based on the fact we owe a lot more on our home than its worth over 105%. My husband is making alot more money than he did 3years ago. I want to lower our interest rate,we had take a higher % (we stated our income) to qualify for the loan at that time. Our current interest rate 6.125 there are alot better rates now but we cant get finance be the house is not worth it.. Do you know any plan that may be assist us with refiancing or thru a military program.

31. Jim on March 23, 2009 1:26 pm

    contact VA

32. gillian g. on March 24, 2009 12:02 pm

    This site is unusually helpful on the topic of loan modifications, since other information online (in many cases direct from the U.S. Treasury and related websites) is on-point but still either biased towards hyper-technical readings of the Plan or a watered-down version intended for an uneducated public. I also found a site HomeAffordPlan.com which really seems to bridge the gap!

33. Refinance dilemma on March 25, 2009 8:01 pm

    I have a 30 year Fixed mortgage at 6%. I want to avail the lower interest rate (no cash back) through refinancing. The question is should I proceed with regular refinancing or the refinancing under Home Affordable program? My equity will be more than 20% at current apprised value so PMI is not a concern. In a regular refinancing there are typical closing costs. Are there any closing costs associated with Home Affordable refinancing? How would the interest rate compare? I am getting a quote of 4.75% (0+0 points) from the regular refinancing broker. Sorry for asking so many questions. I have tried to research myself and asked many people but haven’t received any definite answer.

34. Jim on March 25, 2009 8:27 pm

    Refinance dilemma

    I think your answer is that because your equity is greater than 20% of your home’s value, you do not qualify for MHA refinancing or an MHA Loan mod.

    Assuming you qualified for whatever reason, you can only get a refinance if your loan is held by Fannie or Freddie and the government owns Fannie and Freddie so under the MHA, in theory, the government is paying your refinance costs.

    If your mortgage is privately held, you could get a temporary 5 year loan modification but not if your equity is greater than 20% of your home’s value.

    It is contemplated that if you have greater than 20% equity, you can get a better refi in the private market.

35. Suz on March 26, 2009 5:32 am

    I believe we qualify for the Making Home Affordable Refi Plan but when I called our lender (yes, bank took TARP, ys, our home is Freddie-owned) they said they didn’t have any “details” on the program and couldn’t process any of these programs until April 4. What is this all about? Rates could conceivably have a sharp uptick by then, thus erasing much of the possible benefit!

36. Pat on March 26, 2009 7:58 am

    Jim,

    Where are you seeing that you can’t get a Making Home Affordable loan modification if your equity is greater than 20%?

    I’ve read all of the official MHA info, and don’t recall seeing that anywhere.

    Thanks,
    Pat

37. Jim on March 26, 2009 10:42 am

    Pat, you’re right, the 20% equity test only applies to refis and not modifications. You can’t get a refi is you have more than 20% equity but you might be able to get a modification but not likely with that much equity.

    The policy of the plan is not aimed at people with over 20% equity. There is a way to qualify for a modification if you have more than 20% equity but it is not likely unless your mortgage payment is greater than 31% of your income or your mortgage payment is greater than 55% of your back end debt.

    Suz, don’t worry. Most banks don’t even have an application yet for the plan. Citibank and Washington Mutual have applications online. Most other banks are still trying to figure out what they’re doing and stalling. I wouldn’t worry. Your bank should have its application within a month or so and if you qualify and get accepted two or three months from now, you are still gonna get the rate you would have gotten today.

    Persistence pays off!

38. Pat on March 26, 2009 11:19 am

    Jim, thanks for your reply. What you’ve just said is my understanding.

    We have probably about 45% equity ($180,000) after deducting what’s owed on our 7% 30-year fixed rate mortgage and equity credit line. Which was affordable until my husband lost his job and is now only able to get part-time work. We’re current on our mortgage, which we’ve had for 20 years, and other bills as well, but it’s been tough and we’re close to maxing out credit cards.

    Our current mortgage payment is at least 50% of our gross income most months, so I don’t think we’d be able to refinance using the normal process. But I’m hoping we’ll qualify for an MHA modification.

    As of now, there’s no indication if my lender, Chevy Chase Bank, will participate, though. They were bought recently by Capital One, which is a TARP recipient, but they took the TARP funds prior to March 4th.

    One thing that may work in our favor is that Chevy Chase owns our mortgage themselves, or at least they did two years ago. I guess time will tell…

39. Refinance dilemma on March 26, 2009 1:37 pm

    Thanks Jim. I have also applied under MHA with my current lender, but most likely I will end up refinancing through private broker, as I suspect the turnaround time for MHA program would be quite slow, and I would have closed by the time they process my MHA application.

40. Jim on March 26, 2009 3:01 pm

    Well, the refinance plan turns out to be a little tricky. Frannie has a new .pdf for refinance FAQ’s and among note:
    1) lenders don’t have to participate, unlike modification program, even if loan is held by Freddie or Fannie (this was a big surprise to me and doesn’t depend on TARP money like mod program)
    2)your credit situation will determine your score, you could get a better refinance with a higher credit score
    3) they’re putting out detailed LTV calculations to determine the refi rate.
    4) they have updated and more detailed factsheets on efanniemae.com, good .pds there

41. Jim on March 26, 2009 3:07 pm

    Sorry to do a multiple post but I forgot to mention it is noteworthy that to get a refi, you will probably need an appraisal showing that your home has dropped in value such that your debt/equity ratio in house has decreased due to market conditions. (efanniemae.com)

    and I hate to cut and paste, this is from Fannie, a government source and they say your refi rate will be calculated by:

    The following general guidelines will apply:

    * For existing loans with original LTV ratios at or below 80 percent and no existing MI coverage, the new refinanced loan will not require MI coverage.
    * For existing loans with original LTV ratios over 80 percent that currently have MI coverage in force, the new refinance will require the level of insurance coverage in force on the existing loan or our standard level of insurance coverage. The lender is encouraged to use its best efforts to obtain MI coverage that provides the lowest cost option available to the borrower.
    * For existing loans with original LTV ratios over 80 percent that do not have MI currently in force due to prior cancellation or termination in accordance with the Selling Guide or the Servicing Guide, the new refinance will not require MI coverage.
    (efanniemae.com_

42. Jennifer on March 27, 2009 8:50 am

    For all of you that are looking to mod and/or refinance that aren’t qualifying under the program guidelines or are dealing with a bank that doesn’t participate in the program (which mind you, is a GOOD thing if they didn’t take TARP and are in good standing). You do have options, all banks regardless of this program should have their own refi and mod programs in place. So you aren’t all “up the creek, without a paddle” so to speak.

    What a lot of the general public doesn’t realize is that this loan mess does not necessarily stem from the smaller banks, so the smaller banks shouldn’t be looked at as bad guys for not taking TARP funds or not participating in these programs. These programs can be very, very costly to a small community bank regardless of the gov’t incentives.

    So, before you all start griping about FI not participating in the program, perhaps you should understand why they aren’t participating. For those of you that are stuck…its going to be a long road once all of these start going through. I can imagine that you will be waiting for answers for a LONG time.

    Educate yourselves. Don’t assume.

43. Jim on March 27, 2009 11:29 am

    Or you could go to Citibank’s website, download the .pdf and apply for the program today. You might just qualify.

44. Juli Mullane on March 28, 2009 7:17 am

    Hello,

    Does anyone know ANYONE who has received help from the Making Home Affordable program? I’d be interested in hearing at least one succuss story.

45. J. shrock on March 30, 2009 1:39 pm

    Just like all the other help for people losing their homes, this is B.S.

46. michaela on March 30, 2009 6:46 pm

    3/30/09
    I’m trying to determine if I qualify for Hom Aff Loan Modif. My loan is fannie mae, my servicer is Wachovia. I have an ARM and have fallen behind 2 mos. Loan balance is $181,000 house is worth about $450,000. Due to financial hardship (medical). Payments are $1125 currently income is: $2200/mo. Home is owner occupied and was initiated in 2002. I have no other debt. Wachovia says they can’t help me now because loan is fannie mae and that fannie mae isn’t going forward with modifications. Fannie mae says it’s up to Wachovia to offer a modification. Do you think I would qualify for Home Affordable Program?
    Thanks.

47. Adam on March 31, 2009 6:50 am

    Just when will this plan go into action? I’ve been calling each week since it was announced, and Countrywide told me to call back 2 weeks. I called back in 2 weeks and they’re still not ready.

48. Matt on March 31, 2009 7:24 am

    I currently have a Fannie Mae loan financed through Wells Fargo in late 2007 at 5.75%. Our original LTV ratio was between 80 and 85%. At the time, wells offered lender paid PMI for 1/8 of a point rate increase. Everything I can dig up shows we qualify for the MHA program and our loan officer acknowledges we may be a good candidate but they are not ready to take applications or give details yet.

    Does anyone know how a lender paid PMI option (like we have) would be impacted through this new program? The only info I can find is that I will have to work with the same lender. Any other information would help a lot.

    Thanks

49. Randy on April 1, 2009 7:14 pm

    Does anyone know if the MHAP loan mod’s or refi’s are taking into consideration any prepayment penalty?

50. Terri on April 2, 2009 11:28 am

    We just bought our house in August of 2008 but we got a 6.375 rate so I am really interested in refinancing. However, I am so confused about which route to go. I tried calling my lender (Flagstar) and they don’t know enough about the plans yet and told me to wait a few weeks. I am anxious b/c I see the rates going down and I don’t to miss out and them go back up. My house sold for $124,000. We put 10% down so we owe about $110,000. According to Zillow.com, it’s worth about $127,000. So, would we still qualify for the Home Affordable Plan if we don’t owe more on our house then it’s worth? We are struggling to make our payments so a lower rate would surely help but we’ve never missed a payment.

    I’m just not sure if the cost of refinancing would be worth it if we only plan to stay in the house forever. One answer I can’t find anywhere is do you pay closing costs under the Home Affordable Plan? Do you have to pay points or fees?

    Also, we don’t currently have PMI which is why we have a higher rate. I read under the Home Affordable Plan, your not required to get PMI if you don’t currently have it. I was thinking this would be the better route b/c if I do a regular refinance, we probably would have to pay PMI. I just can’t figure out if we qualify or not. We do have a fannie mae loan.

    I am just so confused and stressed and want to do the best thing for my family.

51. Kristi B on April 4, 2009 5:21 am

    I have the same question as above regarding closing costs. Our lender just did a workup of a refinance under the Home affordable refinance program and wants to charge us $5,600 for closings costs! Something we can’t even come close to affording!
    Is this standard? Our loan is owned by fredddie mac, so we cant’ seek another lender.
    Help!

52. Jim on April 4, 2009 8:45 am

    No, they shouldn’t be able to charge that because Freddie is already receiving a government subsidy, that if it is under the Making Homes Affordable plan, Freddie should not be charging you closing costs.

    It’s still early in the program so maybe this person doesn’t know what they’re talking about. I would not agree to pay those closing costs until you talk to a HUD-certified housing counselor about those fees, because it doesn’t sound right at all.

53. Iowa Loan Modification on April 4, 2009 6:03 pm

    You can use this link to locate a HUD certified counseling agency.

54. Kristi B on April 5, 2009 6:01 am

    Thank you very much

55. Sara on April 6, 2009 7:25 pm

    Has ANYONE actually gotten a loan mod through this new program yet? My home loan has been in work out status since FEB and Countrywide keeps telling me to call back! I understand that this new thing just passed etc etc. but I’d feel a lot more secure knowing at least one success story.

56. Terri on April 7, 2009 6:35 am

    My lender has also told me they’ll be in touch when they know more information.

    I still can’t find out if closing costs are required under the Home Affordable Plan. I read one article that stated “To be clear and avoid scams, there are no closing costs or fees of any kind for participating in the mortgage modification program or the refinance program for Fannie and Freddie Mae mortgages. You should, to the extent possible deal directly with your lender and you should be aware of and avoid any kind of scheme where a broker might try to charge you fees to participate in this program.” But then I read somewhere else that closing costs are required so I just don’t know what to think. I’ve tried asking my lender but I don’t think some of the employees know what they’re talking about. One person told me to call back once they got more information on the plans and when I called back a few weeks later, another person told me they had’t heard of the plan! I am getting frustrated as well b/c I want to get this done while rates are low.

57. Pat on April 7, 2009 7:22 am

    I think I read on the MHA or Treasury website that the refinance program allows the lender to charge the homeowner closing costs, but the modification program doesn’t allow them to.

    Someone at my lender, Chevy Chase Bank, said they hadn’t decided yet if they’re going to participate, but probably will. He said info would be available in another week or two.

    My understanding is that lenders didn’t get full info until early in April, so it’s still early for them. The contracts they have to sign weren’t available until this month, either, and it could be not all lenders have them yet. If I were a lender, I don’t think I’d want to decide whether or not to participate before seeing the contract and having my legal and financial people go over it with a fine tooth comb. So it makes sense to me that it’s taking a while for most lenders to make the decision and get going.

58. JM on April 7, 2009 10:59 am

    My exitsing loan is through Wells Fargo and back by Freddie Mac. I called and they were able to lower my rate, but the closing costs were extrememly high, $11,380 including a 1.875 loan orignation fee. I think thats a total scam. I still save $400 a month after the roll that amount back into my mortage, but seriousloy, sounds like a scam for these banks to make money off us yet another time!

59. Pete on April 7, 2009 2:08 pm

    I was trying to do a refi with Citi. After the appraisal, I was told with closing costs I would owe 98% on my house they require no more than 95%. Somehow my house actually went up in value by $3500. All I want is to be proactive and get a lower rate, I believe it is very possible I will lose my job and we could get be if we could cut our payment by a couple hundred dollars. I fear that I fall in the middle between a traditional refi and a MHA refi. Is this possible?

60. Jim on April 7, 2009 2:14 pm

    For JM, there shouldn’t be closing costs associated with the plan. Servicers and lenders receive incentives from the government under the plan that are meant to cover those kinds of costs for a Making Homes Affordable Modification.

    For Pete, ultimately, the decision to modify or refi is up to the lender but if the incentives outweigh the costs of foreclosing on you, you are more likely to be approved for the plan.

61. Renee on April 7, 2009 4:31 pm

    My bank says i don’t qualify for the Obama Modification, due to my debt to ratio income, but i may qualify for JP Chase modification progam. They want me to sign an agreement declining to be considered for the Obama Modification program. Is this legit?? Also, because i am very much in default like 12 months in default, they want me to put down a $4,000 down payment on the loan. Can they ask for money??

62. Jim on April 7, 2009 4:37 pm

    well, you’re 12 months in default, so yes, they can ask you for money. And no, you will not likely be approved by your bank even if you did qualify for the Making Homes Affordable because you are so far in default. If they’re asking that to not put you in foreclosure it might be worth it but it sounds like they’ll try to get all the money out of you that they can and then still foreclose.

    As far as what they can ask for, check your local real estate laws or talk to HUD-counselor, somebody posted a link to a list of HUD-certified counselors above, I would start there.

63. Pat on April 7, 2009 4:52 pm

    Jim, I just checked and unfortunately closing costs can be charged on MHA refinances, but not on MHA modifications…

    “8.
    What are the interest rate and other terms of this refinance offer?
    The rate will be based on market rates in effect at the time of the refinance and any associated points and fees quoted by the lender. Interest rates may vary across lenders and over time as market rates adjust. The refinanced loans will have no prepayment penalties or balloon payments.”

    http://www.makinghomeaffordable.gov/docs/borrower_qa.pdf

64. Renee on April 7, 2009 5:54 pm

    They want to modify the loan as follow:

    $600 in interest plus tax and insurance possible payment $1240 a month with a interest rate of 3% for three years. The rate adjust to 5.70% in the sixth year, and does not go any higher. However the loan amount is for $197,000 and a balloon payment of $397,000 in 40 years. I am upside down, but i don’t want to lose my house.

65. Jim on April 7, 2009 6:48 pm

    Pat, as usual the fact-checking I appreciate.

    Renee, I’m gonna go totally Rambo with my advice here and suggest you just walk from the house after living in it as long as possible while being foreclosed on and save money for a down payment and when you have to leave, buy a house in the same area for $100k and a low fixed rate

    just start over :o)

66. Renee on April 8, 2009 9:24 am

    Is that possible with a foreclosure on your credit report??

67. Jim on April 8, 2009 10:27 am

    Renee

    Don’t rely on anything I say for advice. I’m not a HUD-certified counselor. I’m just an attorney who got to know the Making Homes Affordable Plan.

    But yes, it is possible to walk from your note and purchase another house. Even more so as the credit markets loosen.

    But let’s say you’re in foreclosure and living in the house and not paying your mortgage. You should be able to save a significant amount. Your credit report will show you are delinquent.

    You may find a house that you can put 20% down on and explain to the new lender your situation. In some areas, walking away is becoming common and you might find a lender catering to walk aways who got caught up in the bubble but can now afford a reasonable mortgage. And houses are cheap.

    Basically, if you show a lender your income and they think you’ll pay the new mortgage, you’ll probably get one, even if you’re delinquent or in foreclosure.

    The more money you can put down, the more likely you are to get a new mortgage. Especially if you show the new lender what you are walking away from. They might even agree that walking was a good idea.

    So yes, it’s possible but please call a HUD-certified counselor and you can talk to them for free and ask them all about the consequences of delinquency and foreclosure and all of the consequences of walking and double check anything I’ve said here.

    At the same time, you could contact lenders in your area who are willing to deal with walk-aways.

    Good luck.

68. Laura on April 9, 2009 7:27 am

    Countrywide…the worst ever and the biggest scam artists…called last night and said for 6400$ they would refi the loan.
    Market rate for closing costs is 1600-2000 with a 4.875. They also want a rate with a APR of 5.7 and wont provide a GFE…we live in Colorado…who do we contact?? They are really messing with people!

69. Jim on April 9, 2009 9:41 am

    you should first talk to a HUD-certified housing counselor, there is a posted link to such counselors in the string above.

    Is it a regular refi or is Countrywide doing it under the Making Homes Affordable Program?

    If yes to the above question, contact the Treasury Dept. They have oversight over the Making Homes Affordable Program.

70. Stephanie on April 9, 2009 5:16 pm

    I just got a call back from my bank today, I qualify for a loan mod. We are going from 2050 int only with escrow to 1298 for principal, interest and escrow. I am really excited. They are going to send my a packet in the mail, but sounds like that is it, that will be my payment for the next five years. I am a little concerned about the late payments on my credit report during the “trial period” I was told during the first 4 months is the trial period and I will get rolling 30 day late payments. Does anyone know how badly this will affect my credit score. I currently have ~775, I’ve never had a late payment.

71. Mak on April 9, 2009 5:17 pm

    I believe we qualify for the MHA Refinance plan. Our loan owned by Freddie Mac, serviced by BAC. Our Loan amount is about 95% of the home value. However, BAC representative said we do not qualify because the closing cost were paid by BAC. Is this one of the requirements for eligibity under this plan. Please advise and Thanks in advance!

72. Jim on April 9, 2009 5:25 pm

    It’s not in the guidelines for the refi program that I’ve ever seen. After talking with a number of lenders, they are reporting that under the current guidelines, they are having trouble doing refis under the plan, because they’re having trouble meeting the parameters.

    Countrywide rep told me that he expects a new batch of regulation on the refis because the banks are either stupid or the plan is stupid, or both.

    Either way, what banks are doing is steering you from the Obama refi to a private refi and right now, for example, I do not qualify for an Obama refi (even though my loan is held by Fannie) but I do qualify for a an FHA streamline loan refi and bringing my rate down from 6.24 to 4.875 - probably a better deal than if I did qualify for the Obama refi plan.

    I just thought that was interesting.

73. Elaine on April 10, 2009 4:45 am

    I have a Freddie Mac owned loan thru Coutrywide, called about the goverment refinance and was told I do not qualify because tool they use to appraise value of home goes way below actual values of homes in my area…example A Short sale is listed for 369,900 and that is the lowest price I’ve seen in my neighborhood, my house is same size, has extra bedroom but according to their tool it appraises for 319,000 putting the LTV over 105% .The rep could not give information about it other than “this is coming from Freddie MAc”. Can’t find any information on their website either. I do not see how someone would qualify if the values come that low…I’ve put 20% on the house when purchase and this makes no sense to me. I’m current on mortage and just looking for lower fixed rate than current 6.5 I have right now. Because I also have a HELOC is not possible to just get this done thru re
    other lender, too hard to qualify. Any advice?

74. Sally on April 10, 2009 8:32 am

    Please does anyone have information regarding Jennie Mae
    are they part of the Home Affordable Refinance. I have
    an FHA Jennie Mae loan. I am current on my mortgage but
    my interest rate is high 6.5. I would like to get a lower
    interest rate. I purchased my home for $292,000 and have
    lost close to $60,000 of home value. I purchased my home
    about 7 months. ago.

    I tried calling my mortgage company countrywide but they said
    that I do not qualify as they are working with only Freddie &
    Fannie loans.

75. Bob Dobalina on April 11, 2009 12:10 pm

    Well I got my call from Countrywide that I have been waiting for.. They looked at my current payment and did a quick (2 second) appraisel on my property. They put me on hold for about 5 minutes and told me I qualified for a 5.875 mortage with a max 2500 closing cost (no points, includes 3rd party) which could be rolled into the loan. I would save less than 100.00 a month with this deal. Has anyone experience a better rate or sweeter deal than they laid out for me? I did ask to buy down the mortgage with points which did make my situation a little better in the longrun. My credit score surpasses 750 in all 3 bureaus. Are all banks using this high rate or just Countrywide. I wasn’t expecting a 4.875 no points loan or anything but is this the best the program will offer?

76. Jim on April 11, 2009 12:35 pm

    To get the streamline refi from Countrywide of 4.875, you probably need a real appraisal and not an internet appraisal.

    And you sound like you should get it.

    By the way, we’re out of Making Homes Affordable territory again, because apparently nobody understands the MHA refinance guidelines and I haven’t heard of one single MHA refinance going through.

    Get a different rep or supervisor at Countrywide. I eventually found somebody who talked straight and was honest. Tell them you want to talk to somebody about an FHA or conventional streamline at 4.875, no closing costs and be persistent about talking to a supervisor. When you hear the Countrywide person talking about you needing an appraisal for the 4.875 percent, you are on the right track.

    You are less likely to get this refi if you live in an area where home prices have declined drastically as a result of market conditions.

77. Trang on April 11, 2009 1:49 pm

    I called Wells Fargo on the other day to check if I’m qualify for the HAFP refinance, and I was told that I’m not b/c I currenty have PMI. Is that true? I haven’t found any infomation that’s related to this yet.

78. Jim on April 11, 2009 1:59 pm

    No, the refinance plan anticipates borrowers who have PMI and it is not a disqualification under the Making Homes Affordable Program. I am referring to a Treasury document online called “Refinance FAQs”

    They can reject you if you owe 105% more than the value of your home but not because you have PMI.

79. stan on April 12, 2009 2:51 pm

    What rates and programs are you seeing out there under the new halp refi plan?

80. Jim on April 12, 2009 4:33 pm

    Personally, I don’t know of any refis that have actually taken place under HAP or the Making Homes Affordable Program or whatever you wanna call it, Treasury is calling it the Making Homes Affordable Program.

    It would be great if anybody, anybody, anywhere has gotten a refi under the plan, please leave a post here.

    (deafening silence)

81. Clint on April 12, 2009 8:59 pm

    I just lost my job and according to all of the elgibility requirements we would qualify for Making Home Affordable Loan Modification using my wife’s income. What happens if after we apply but before the modification takes place I would get another job?

82. Jim on April 12, 2009 9:04 pm

    there’s no disclosure requirements that I know about regarding income change during an application. just get the mod and take the job.

    and if you get a mod, please post it here, anybody, anywhere, if you’ve gotten a modification under this plan, please post it here.

    And there should be a lot of people posting because this was supposed to help 9 million homeowners, what was that BS all about

83. Justin on April 13, 2009 10:14 am

    Trang

    I also got denied for the Home Affordable Refinance from WellsFargo because I had PMI. I argued that most people eligible for the refinance would have PMI and that this is stupid. They told me that they are working this and to keep checking with them as they will have a refinance tailored to those that have PMI. They also told me that it is due to government regulations in this program that they cannot refinance loans with PMI at this time. I also do not see anything like that in the rules.
    Can anyone help with this? It seems really shady and no one can really give a straight answer at WellsFargo on why this is not offered at this time. I believe them telling me that it will be offered in the future and to “keep calling” was just a brush off…

84. Stephanie on April 13, 2009 10:49 am

    Does anyone know about the effect the MHA Loan Modification will have on your credit? I was told by my lender, Aurora, that my modified payments will show up as rolling 30 day lates on my credit report during the trial period… Can anyone confirm that that is correct information, a part of the Making Home Affordable load modification program?

85. Cody AZ on April 13, 2009 10:54 am

    My home was appraised for 165k, I owe 185k. I meet all the criteria for the making home affordable plan and am willing to pay my mortgage down the to 105% LTV. Wells Fargo still will not allow this, does the refinance plan not allow the mortgage to be paid down to qualify for the 105% LTV requirement?

86. Sara on April 13, 2009 12:08 pm

    OK… sorry for my impatience but I’m starting to think this entire plan (the loan mod and the refinance) is complete BS. I’ve Countrywide working on my loan mod, a HUD counselor, and my private mortgage insurance company and I’m not getting any answers! I understand there’s so many of us that need this help and we need patience, however I’m not getting straight answers from anybody *sigh*.

    HAS ANYONE ACTUALLY GOTTEN A LOAN MOD????

87. Terri on April 13, 2009 12:15 pm

    I understand your frustration. I haven’t heard of one person actually getting a loan mod. My bank told me they would contact me when they got more information and that was weeks ago. I haven’t heard anything. I still cannot find out if closing costs are required under either the Home Affordable Plan or Home Modification Plan. It sounds like this great idea Obama had is not as great as everyone has made it sound. So far it doesn’t look like it’s helped anybody.

88. Stephanie on April 13, 2009 4:11 pm

    I have Aurora and I was contacted and told that I do qualify for a loan modification and told my modified payment and told that my loan modification paperwork is in the mail. I was told that just on Thursday 4/9 and should be getting my paperwork this week. Has anyone else gotten this far? So all I have to do is be able to make it through my 3 month trial and then it will be official…

89. Stephanie on April 13, 2009 4:14 pm

    Terri, I would try contacting your bank again… My lender has a message on their website that says they will let people know when to contact them. When I logged into my online account on Monday of last week, I noticed a message saying I may be eligible and I called Tuesday and heard back from them on Thursday. I would be persistent.

90. Tommy on April 13, 2009 4:34 pm

    Do I qualify for the loan mod program? The loans are not Fannie Mae or Freddie Mac. Problem is there are two loans, one is a Heloc. When I purchased the house about 3 years ago the First Horizon loan guy set up both loans. I’m not sure why but I think he was stretching to qualify me. I now make “two” mortage payments a month. Due to health problems my income is down. Income is about $3200 a month with payments $1550. It’s killing me slowly and I will not be able to continue.
    I have read the making home affordable documentation concerning modification of only 1 loan. That would be ok with me if the payments from both loans could be used in calulating eligibility. Any insight would be apprecited. Thank you.

91. Melissa on April 14, 2009 8:00 am

    Each time I call Wells Fargo it seems like I cannot get two people to tell me the same information. I kept checking their website and saw the “Be patient we are gathering the requirements and will accept applications soon” which is still on there! I finally ignored the message and tried calling again. I called and spoke to someone last week who told me to fax them: #1 Four weeks of pay stubs, #2 a “hardship letter” basically giving a brief synopsis of why I’m applying for the refinance and #3 a list of all of my bills I pay each month. Before I got off the phone I asked him what the next step is. He said someone would call me back within 48 hours to discuss the Obama MHA plan and that someone else would contact me within 4 days to discuss other refinancing options I might qualify for. That was on 4/7/09 and I have not received any call from Wells Fargo…so I called again today, 7 days later.

    The guy I talked to today said he could see they received my fax of info on 4/7 and said he could see my account has not been assigned to an Account Rep yet. He said once it is assigned to an Account Rep they will call me. He said that will take between 45-90 days!!!!!!! I was very upset and let him know it is very unprofessional for everyone to be giving out different information and timelines for the application process. He put me on hold and came back and asked me if I could read him my list of bills because he said he didn’t have visibility to that page of my fax (only the account rep that will be assigned can see it). I listed everything off my monthly bills document and he asked me about other bills I didn’t include that I didn’t know I could (grocery, gas, car maintenance, utilities). He said that he is mailing me a packet to look through and fill out and send back. He said that I should be proactive and call back each week until my account is assigned to someone. So now, I’m back to the waiting period….

    After reading some of the above posts I’m getting really worried. I also pay PMI. Am I going through all of this for nothing? I hope that they will still work my application regardless of the fact I have the PMI. I’ve never been late on a payment the entire duration of my loan (2 years). That should hopefully help me out.

92. Pat on April 14, 2009 11:58 am

    Melissa,

    This is what the official MHA guidelines say about PMI for a refinance…

    14. Will I need mortgage insurance?

    If your existing loan has private mortgage insurance, you will need the same amount of insurance coverage for the refinanced loan. If your existing loan does not have private mortgage insurance it will not be required as part of the Home Affordable Refinance.

93. Melissa on April 15, 2009 8:09 am

    Thanks Pat. Then I should be okay because I think the PMI is already included in my escrow. I wasnt expecting the escrow portion of my pymt to go down, only the interest. And hopefully a larger portion go towards principal.

    Thanks!

94. Terri on April 15, 2009 1:13 pm

    I was told the following about the Home Affordable Plan from a mortgage company. “These programs are for people that don’t have PMI and put down 20%”

    Well, I didn’t see anything on the home affordable website stating you had to have put 20% down on your home to qualify. Where did this come from? I don’t have PMI but I only put 10% down when we bought the house b/c we couldn’t afford to put down 20% down. So, since when is this 20% down a requirement? This is crazy. People keep giving me different rules and regulations and everyone is telling me conflicting information. I don’t see why they would require you to have put 20% down to qualify. A lot of people can’t afford to do that so how is this helping. If I’m paying my mortgage on time and have never been late, have a credit score over 800 and have no PMI, why would I get denied just b/c I didn’t put 20% down. I just don’t get it!

95. Sara on April 15, 2009 7:40 pm

    What a mess this is! I still haven’t heard of a single person whose gotten an actual, real, honest-to-goodness, loan mod. through this program.

    For those of you confused about the PMI issue, I’m no expert and I’m getting the runaround from Countrywide, but I just wanted to say that my PMI company contacted me and said they could put in my paperwork for the loan modification, so to me that means having PMI shouldn’t affect anything, however, what do I know and besides, I’ll probably get a different answer tomorrow because all I’ve been getting since I tried to apply for this help is runaround and stress and a migraine. Seriously, maybe the kinks and small print should’ve been finalized before they got all of our hopes up that there would be relief in sight.

96. stan on April 17, 2009 10:11 am

    I just got approved for a “OBAMA” refinance with Countrywide. Good base rate but I bought down. This process was easier than it started out being. Haven’t closed yet though..

97. Juli on April 17, 2009 5:41 pm

    CONGRATULATIONS!!! You are the first one I have heard of getting an approval. Please keep us posted and let us know when you close. Best Wishes.

98. Preston on April 18, 2009 10:56 pm

    My servicer sent me documents today. Reading through them, they say that they’re going to report my mortgage as delinquent during a ‘trial period’ for a modification. I want a refi as to not screw me…grr.

99. Dawn on April 20, 2009 12:05 pm

    I was told today 4/20 by my mortgage company First Horizon that the 3 month trial period you enter into once your application is processed will have a negative effect on your credit rating. Put bluntly - “We are here to help you stay in your home, not save your credit”.

    This is the deal - during the 90 trial period you get a reduced monthly payment. The difference between your original monthly payment and the new lower payment is considered late and you then go into a “default” type status and subsequently, your credit is negatively affected. Ask first, stay informed! You worked hard for a 780 - keep it!

100. Bible Money Matters on April 20, 2009 1:43 pm

     I’m currently working with Countrywide to get a MHA refinance. Going from a 6.5% to a 5.25% loan with around $3000 in closing costs, plus pre-paid interest.

     Because of the MHA I won’t have to start paying PMI even though my LTV has dropped from 80/20 down to 90/10. That is what stopped me from refinancing a few months ago - since I would have had to start paying PMI.

     We’ll see if/when the paperwork/closing actually go through. This whole program has been implemented poorly from the start.

101. Jim on April 20, 2009 2:10 pm

     Hello Bible Money Matters:

     Under the Treasury guidelines, there are no closing costs associated with a Making Home Affordable modification so you might wanna look into that.

102. BON on April 20, 2009 7:41 pm

     I do have a Fredie Mac loan. I do qualify for the loan modifcation. Problems is my bank. Every time I ask about it I keep being told we are looking into it. I will get back to you and nothing. Its been 2 go over the paper work on the program yet. Freddie Mac says you have to go thru you bank. What do I do?? Can I complain to Freddie Mac or Hud?
     Thanks

103. BON on April 20, 2009 7:48 pm

     sorry error. I have been asking my bank for 2 months and nothing. They guy I deal with in collections is always too busy. Can I complain to Freddie Mac or Hud that the bank peopl are not trying to help or just pushing people off?. I really do not want to lose this program because of a couple of people that are “just to busy”.

104. BON on April 20, 2009 8:23 pm

     update.My Bank was one that took the gov bailout in 12/2008. Is there any place to report them to?

105. BON on April 20, 2009 8:25 pm

     My bank did take a Gov bailout in 12/2008,

106. Jim on April 20, 2009 8:31 pm

     they must participate but the lender can ultimately deny your application for a mod or refi under the plan anyway. they have to review the application but they have no duty to improve it.

     Thanks Treasury Dept!

107. Jim on April 20, 2009 8:35 pm

     substitute approve for improve up there

     I’ve noticed that a number of private lenders are coming up with their own plans (probably cause they can’t figure out the MHA program.) The FHA streamline refi is very popular now and very favorable if you are not underwater and you are above 6% and can get it. The new bank refi and mod programs, some are reactions to the Making Home Affordable Plan by providing their own plans. All I see on MHA mods and refis is misinformation and the banks don’t have their .. stuff together.

108. Steve on April 21, 2009 8:48 am

     I just talked to my bank and yes I qualify, however they want $3000 in closing costs to save me $45 a month on my payments, I can finance $2500 of that, but it seems to me the banks shouldn’t be able to profit so excessively for a program designed to help struggling homeowners. So they should change the number of people it will help from 5 million to 4,999,999 cause it doesn’t help me at all

109. Jasmin on April 22, 2009 1:55 am

     same thing here. My bank also told me that we are qualified for a 5.5 mortage with a 3000 closing cost Don’t understand why the rate through this program is much higher than the the regular financing’s.

110. Sarah on April 22, 2009 8:15 am

     Hi Jim,

     I thought lenders who chose not to participate in the MHAP will not receive
     future TARP money, rather than lenders who received TARP money are required
     to participate in MHAP?

     My lender, Downey Savings, now part of US Bank, received federal assistance
     when US Bank bought it last November. US Bank claims it’s implementing “an
     FDIC modification program” which is similar to MHAP (DTI of 31%, floor rate
     of 3% for 5 yrs, caps at current market rate, extending loan to 40 yr and
     partial principal deferrment to achieve 31% DTI) and therefore NOT
     participating in MHAP.

     They are offering me loan modification terms based on this “FDIC
     modification program”, should I accept it or push for the MHAP to get the 2%
     rate for 5 yrs and the up to $5K from the government? The last time I spoke
     to an US Bank loan workout person, I was still told they are NOT
     participating in MHAP. Please advise. Thanks.

111. Pat on April 22, 2009 9:54 am

     Sarah, I’ve read that only lenders who accept bailout money after March 4th have to participate in the MHA program. If they accepted funds before that date, there’s no requirement.

112. April Campbell on April 23, 2009 6:42 am

     Making Home Affordable a joke. See my letter below.April 22, 2009
     Dear President Obama,

     I’m writing you today to plea for your help in what is fast becoming a fatal flaw in your program,“Making Home Affordable.” As you know, this program and the other, “Hope for Homeowners,” have been heavily hyped in the media and on politicians’ web-sites as proof of the government’s commitment to stem the tide of foreclosures. The web-site for “Making Home Affordable” is particularly enticing —young families, their faces beaming with hope at the prospect of being able to keep their homes and refinance at a lower rate. But once the process of applying begins, hope quickly fades. For the fact is, even if you meet all the requirements for a loan refinance under this program, you will be denied. How can this be? Well, let me tell my own story.

     My partner and I own a home in Ann Arbor, Michigan. We’ve lived in Michigan most of our lives, and how this economy has battered the spirit of the people here is something to behold. Ann Arbor long thought itself resistant to economic downturns, but not this time. The hometown paper will officially go under in July. Home values in Ann Arbor are down 20-25%. People are living on the streets and in the shelters like never before. Well, along comes Obama’s “Making Home Affordable Program”—hurray!! Finally, something for Middle America. We look into the requirements: Fannie Mae owned home. Check. No defaults on payments, no bankruptcy and up to date on mortgage payments. Check. Significant depreciation of home. Check. Difficulty making payments due to hardship. Check again. We even have stellar FICO scores at 800. We’re on cloud nine. We can do this thing. And how many banks, including those listed on HUD’s website as approved lenders do you think were willing to refinance us? NONE! That’s right, none.12 banks in all including Citibank, Flagstar, GMAC, Bank of Ann Arbor, Wells Fargo, Citizens and on and on.

     The reason for this, Mr. President, is fairly simple. Despite the the massive bailouts, banks do not want to refinance or modify home mortgage loans. Of the dozens of people I know seeking modification of their loans, not one has been granted and 6 people are already out on the street. Banks clearly would rather foreclose then modify any mortgage. They are now working in concert with private mortgage insurers to see that any homeowner with PMI will not be allowed to refinance in the “Making Home Affordable Program”. This just happens to include about 75% of the pool of people looking to refinance. This tidbit of vital information is absent from the website. In short, the “Making Home Affordable Program” is turning out to be essentially worthless for homeowners and as anyone with eyes can read, foreclosures have actually risen in the past month. So, I was told by not one, but ALL the banks in my area, they could not help me because I had PMI. If a family with stellar credit can’t get refinanced, then what are the chances those with credit problems will?

     Mr. President, these programs carry your name. They will become part of your legacy. Only you can bring to bear on these institutions the kind of pressure required to make them execute your programs in the spirit in which they were intended, not the cruel joke they’ve become (“Hype for Homeowners”, “Making Homes Unaffordable”). Fannie Mae must do something quickly about the PMI problem and the banks should not be allowed to add stipulation, after stipulation to the program that cuts out 75% of qualified homeowners. There is also the question of dishonest appraisers who are being told to low ball the appraisals below Fannie guidelines to get the banks off the hook.

     It seems clear, that Americans are going down the tubes waiting for the banks to do the right thing. Meanwhile, banks remain fully committed to finding loopholes and other imaginative ways to keep from lending while they hoard taxpayers’ money. Homeowners are not their concern, profit is. And that’s where you come in, Sir. You promised Americans help but, so far, Wall Street has been the big beneficiary while foreclosure looms for me and millions more. My only question is this: when are you going to REALLY help us?

113. BON on April 23, 2009 6:32 pm

     Ijust got my paper work today in the mail. I had to fight my bank to give it to me. What I dont understand is my bank said since I hav about 45% equity in my home I should sell it. Sell it??? no one is buying!!! Where do I go with not so good credit. Bank said the program is more for peope who put down very little to keep them from walking. So people that are willing to keep their homes wont get it…but someone who puts down 2,000 and just wants to walk away can get this????. Any how I am going to fill out the paper work and see what happens. I will keep you updated.

114. david on April 24, 2009 9:05 am

     I got my loan documents from Countrywide/BoA yesterday.

     My original loan was a 7/1 ARM, 6.25%. I got a 5/1 ARM at 4%, enabling us to save ~$275/month (not planning on staying at my house for more than 3 years from now). About $3k in points and closing costs, but that was rolled into the loan amount. The only thing out-of-pocket, I was told, was a $400 application fee, but the documents seem to indicate that might get rolled in as well.

     FWIW, and before anyone jumps to any conclusions, I’m a proud member of the middle class and we’ve done everything right. We have great credit, bought a place we could afford, fully pay off credit cards every month, etc etc. So I’m quite satisfied with being able to refinance through this program when otherwise I wouldn’t be able to b/c of how terrible the housing market has tanked (I live in AZ). I was intending on signing everything and returning it first thing this morning, but reading these stories is making me wonder if I’m exceptionally lucky or naive.

115. J on April 25, 2009 11:12 am

     David,
     What is you loan to value ratio? Is it more than 105%? Do you pay PMI?

     I called Countrywide and I was told that I pay PMI. Which I don’t. I called the local broker who put my loan together about 1 and half years ago to ask about the PMI. He said he doesn’t understand how they can say that I pay PMI. I called Countrywide back and then they told me that my house was not worth enough. I don’t understand who is qualifyimg for these loans. My husband and I have great credit, we both work, and we did buy a house that we could afford.

116. David on April 25, 2009 2:42 pm

     I’d estimate our LTV at around 90-100%. I do not currently pay PMI, nor would I be required to in the refinanced loan.

     Yeah, I’m confused myself regarding what’s going on with this program. I signed up to have Countrywide call me with more information when they were ready to proceed refinancing loans, since they were already the servicer of my previous mortgage. That was about a month ago. Then about a week or two ago, I noticed that Countrywide had an 800 number that you could call to talk to someone specifically about the program. So I called, was connected with a loan officer, got offered 4%, and immediately jumped on it. Got the documents two days ago and am about to start some “light weekend reading” going over them. Will post here if I notice any red flags. This morning I got a call from Countrywide responding to my initial request for more information about the program, so I informed them that I was 30 steps ahead in the process.

     So all I can say that my experience, so far, seems to be exactly what I wanted all along. Which brings me back to the question of if I’m being stupidly naive and missing something, or if I’m just one of the lucky ones. Perhaps when the bank executives realized the extent of inquiries they were going to get through this, they figured to jack up the closing costs/fees (after all, they can be rolled into the loan, so there’s zero out-of-pocket). Maybe I just slipped through the cracks before this light went off in their heads.

117. alex on April 26, 2009 5:58 pm

     I am qualified for Home Affordable Refinancing program, but Wells Fargo who is my loan servicer has rejected my application because I have less then 20 % equity in the home. They said they have added their own restrictions to the Obama’s plan. Can they do that? Basically by doing this they have eliminated millions of people who supposedly were target of the program. Is HUD aware of this?

118. Arlington VA Homes on April 26, 2009 7:55 pm

     I wonder how many are really being helped by this? The comments tell different stories and many of frustration.

119. Dennis on April 27, 2009 7:29 am

     Regarding MHA, my mortgage is serviced through Wells Fargo and held in a non-FNMA/FHLMC security. I’m being told that I am ineligable for a loan modification although I meet all critera (financial hardship/ratios/loan origination) except that one point.
     On 4/15/09 Wells Fargo signed up with the Treasury to receive $2.9 billion for the MHA program, but Well Fargo employees don’t seem to know anything about it, or are saying that the funds are for the FNMA/FHLMC program. Do you know what these additional funds are for?

     I’m attaching a link to an article describing the $2.9 billion I mentioned above.

     Thank you for your help and insight,

     Dennis

     http://money.cnn.com/2009/04/15/real_estate/obama_mortgage_plan/index.htm?section=money_topstories

120. t2t on April 27, 2009 11:05 am

     I’ve found that I’m eligable for using the guidelines for Making Home Affordable. My lender, Countrywide, claims to be participating. However, when I inquire about the program, they steer me away from it. They tell me that there’s a lot of “misleading information” being presented. I’m just following the standard information that our Goverment has printed regarding this plan. If anyone is doing the misleading, it’s got to be Countrywide. Hopefully, their VPs will see this blog and wake up to the fact that their mortgage representatives are misrepresenting this program. This process should not be as hard as they’re making it. I’m frustrated with them “steering” me towards regular refinancing options. I suspect that while the Goverment is offering incentives for Countrywide to participate, Countrywide is taking it upon themselves to steer customers away from the plans as it could mean that they’d take some form of a loss. This is just a suspicion on my part - but it would be interesting to see them come clean on this.

121. Sara on April 27, 2009 11:46 am

     Well as of today, Countrywide is now Bank of America and like the previous poster, I have been getting the runaround! I officially started trying to get a loan mod in Feb, then this plan came out, and they are totally beating around the bush. Nobody gives consistent information and they don’t seem to be in any kind of hurry to give anybody a loan mod. I decided to call today to see if anything changed since CW is now BoA, but it’s the same, even the same employees, where nobody knows anything and nobody cares to help. I’m frustrated! When Obama’s plan came out I was so hopeful that there would be some relief in sight for us but it seems that isn’t so.

122. km on April 27, 2009 11:53 am

     I would be extremely careful about participating in this program. I just heard of two people on the radio that went to the government website and put all their information in on the page. They were later contacted by lawyers from all over the country saying they could help for a fee. One man was told that for $2700 they could help him. The other was told that he did qualify so he paid $1000 only to find out later that he couldn’t get help. Apparently this was another law firm …now the guy’s out $1000 when he was already in trouble. If you were a sub-prime mortgage holder they might be able to help you, but if not you might be in a position to get ripped off. It almost sounds like the government is giving lawyers a good contact list. It’s not the government that is going to be contacting your mortgage company, it’s the government lining you up with a law firm that will do your bidding for a fee…beware!

123. t2t on April 27, 2009 12:06 pm

     I guess I’m not all that surprised that the “ambulance chasing” lawyers have hopped on board in trying to line their pockets a bit more. As with anything, buyer beware!

124. t2t on April 27, 2009 12:09 pm

     In regards to Countrywide switching over to BofA today, I saw that, too. However, I had to look a bit harder on the Web site regarding the “affordable” section on their site. It’s still there - just camouflaged a bit better.

     Sadly, BofA has my checking, savings and now my mortgage. For the life of me, I can’t believe the FTC let them absorb Countrywide.

125. David on April 27, 2009 12:42 pm

     Well, for what it’s worth, I’m about to go FedEx my initial loan documents back to Countrywide/BoA. I noticed that they bumped their estimate to 60 days to close instead of the ~30 that was quoted when I talked to them on the phone. Everything else on my documents checked out fine, no obvious red flags. The only thing was that a few of the supporting documents were blank (IRS Form 4506T, etc) and I was hesitant in providing a signature and returning it to them. I contacted my loan officer and he was relatively cavalier about them, saying to just go ahead and fill them out to whatever I felt comfortable with and that in the grand scale, they weren’t very important.

     Still, it really seems that I’m the only one having a relative smooth time (so far) with the MHA refinancing program. I really want to hear more experiences, good or bad!

126. Jason on April 27, 2009 10:47 pm

     Looks like the entire point here on this board is the VERY few people that say that “Documents are on the way” Or I just got them….I find it very strabge that not one person has actually got anything done. Sounds like a sham

127. t2t on April 28, 2009 7:28 am

     I contacted Countrywide / BofA again last evening to look into my options. Under the MHA plan, I would fall into “Phase I” since I’m paying no PMI insurance. “Phase II” is designated for those homeowners who are paying PMI payments.

     Under “Phase I”, I would have to pay a point to get a 4.75 interest rate. This, plus closing costs would mean that I’d have to come up with about $6K to close the loan. My payments would only drop $45 a month since I’m already locked in a 30-year at 5.125%. The agent I spoke with indicated many homeowners have 6.5% mortgages, and with their reduction to 4.75%, they are saving quite a bit on their new payments. I guess I feel a bit better now that I’ve received some more solid answers.

     I then inquired about BofA’s plan on keeping people in their homes - which is a plan they’re running on their own. This plan could reduce the loan principle, the interest rate or even extend out the payments to make one’s home more affordable. The indicated that currently, they are working with customers who have adjustable rate mortgages first - as they are the first to potentially run into problems down the line with their payments, if the payments go up due to rate adjustments. Eventually, I’ve learned that the program should move onto fixed rate loan holders.

     About the only advice I can offer is to not give up hope. Explore all of the options that your lender might be offering. While it might not fall under MHA, there might be something they can do - such as re-evaluating your escrow payments, etc. - this might give some short-term relief.

128. Erica on April 28, 2009 10:45 am

     It doesn’t sound to me like anyone has gotten any real help. We applied for a mod. back in December. We were told that we qaulified for this program through our bank and they lowered our payment to 35% of our monthly income. Now, this is a forbearance they are saying and are waiting to find out if we qualify for a modification. For nearly five months we have made our new lower payments and know nothing about what will happen at the end of May when our forbearance is over. Why won’t they modify for us if they are o.k. with this payment for five months, and why won’t they tell us anything about what is happing? We try calling and never get anyone to call back. Does anyone knnow anything about this? Any advise is greatly appreciated.

129. woody on April 29, 2009 11:59 am

     Does anybody have any information on First Horizon which has been bought by MetLife? I appreciate your help! Thank you!!

130. woody on April 29, 2009 12:20 pm

     Also, if anybody is aware of a comprehensive article I would much appreciate a link to it.

131. Dane on April 29, 2009 6:10 pm

     Countrywide has said that I qualify for the Home Afordability Plan, but they are not processing loans that have a PMI yet. They had no time table on when they would. Does anyone know when they will be able to refi loans with the plan that have PMI.

132. Michael on April 30, 2009 6:26 am

     I have been an avid reader of this blog since its initial posting to get a feeling for how successful the Making Home Affordable Refinance Program (referred also as HARP) is working for Americans. I am like many of you wanting (and eligible as the present terms are written) for the program; however have made absolutely no progress with any lenders to perform a Home Affordable Refinance. I caveat the rest of this blog with I am wanting this program to work for all Americans but am slowly coming to realize this is only a political slogan “making home affordable” that will not be trumped by the Wall Street mantra of “too big to fail.”

     I continue to be amazed at how I and many of you listed here are more knowledgable about the program than the lenders and mortgage specialists/consultants. These are the same “specialists” who just 2-3 years ago could over the phone and in minutes wrap you into one of many exotic loans to finance/refinance a mortgage but they apparently have no clue about the new government program. They are not that clueless.
     The reason is they do not want to offer this program because it is not a financially sound or profitable reason for them to do so.

     Several reasons (my opinions) why lenders are avoiding HARP are: 1.) there is no incentive for the current service provider to refinance you into a loan that will cut your interest rate and thus reduce their rate of return to their investors, 2.) if you have lost a significant amount of equity in your home (with or without money down) you have no “skin in the game” to the bank and are a high risk - read “toxic asset, 3.)other banks will be extremely hesitant to assume a Fannie Mae loan as part of a refinance under this program since they may be acquiring a “toxic asset” as stated in the previous bullet 4.) the govt has offered no incentives to the banks to do the right thing (unlike the modification programs that are fortunately helping struggling American homeowners) with HARP the banks receive nothing more than closing costs as profit 5.) if you are a homeowner who is making timely payments and also have great credit and a solid job, you are not a risk to the bank and there serves no profitable interest to refinance you with HARP given the more lenient 105% LTV. The banks know you are highly ethical and will do the right thing. You are not a “moral hazard” in their eyes. They know you will complain but complaints don’t pay their bonuses or investors.

     While I am talking about profitablity for banks, I compared some TARP bank stock returns as of market close on April 29, 2009. Since the announcement of the Making Home Affordable Program on March 4, 2009, Bank of America has made an approximated return of 142%, Citi a 176%, and Wells Fargo a 107% return. Incredible!!! Granted other sources of profitability are being made by these banks other than through mortgages (i.e. increased credit card rates), but when the CEO of Bank of America states that the refinancing has contributed to their profitability one may ask, “how many of these are HARP?” I would venture to say none! When will the Treasury Dept reveal the statitics (transparency) for the Making Home Affordable Program. I would say it may not fare any better than the Hope for Homeowners Program. This is so disappointing to Americans who need this help.

     I have spoken with neighbors who are attempting to refinance and they specifically asked for a HARP. Amazingly (or not) they were dissuaded from that program (”specialist” had stated the program was still too new and they were waiting on more info from the govt (I love that one). The refinance loan they were offered was an FHA loan that would require PMI. As I thought about this, it solidified my reasoning stated above. Even though they had both put down 20% on the purchase of their new homes, the number of foreclosures and drop in property value has stripped all the equity away. So now the banks are offering to refinance them with PMI (for the banks benefit to avoid risk) and squeeze out of them standard closing cost rates from $7,000-$10,000). Talk about reducing risk and increasing profits! Where was this mentallity just 2-3 years ago?

     Like I stated in the first paragraph, I am a strong supporter for the Making Home Affordable Program and want it to work for the American homeowner. What I am seeing and experiencing as you all are from reading this blog is it IS NOT. Maybe the program is too new and the govt hasn’t provided the banking industry with the proper information to facilitate the refinancing effort (no additonal comment required), but do not promise the American people a grasp of hope only to frustrate us and consider us financially incompetent. What will turn this economy around is not bank profit margins but the American people. Allowing Americans to refinace (that does not require stimulus money) and put a few extra hundred dollars in their pocket will be the road to recovery.

133. Michael on April 30, 2009 9:33 am

     If you continue to be told by lenders that they are not prepared yet to do HARP, May 4, 2009 should be their last “no excuse” day. The Version 7.1 DU software is claimed to be the most complete update to allow for much easier/efficient HARP processing.

     During the weekend of May 2, 2009, Fannie Mae will update Desktop Underwriter® (DU®) Version 7.1 to implement additional enhancements to DU Refi PlusTM.
     The updates included in this release will apply to DU Version 7.1 loan casefiles submitted or resubmitted to DU on or after the weekend of May 2, 2009.
     https://www.efanniemae.com/sf/guides/duguides/pdf/current/rndodu71mayupdupdated.pdf

     Home Affordable Refinance provides two Refi Plus™ options for Fannie Mae lenders to provide Fannie Mae to Fannie Mae refinance solutions to eligible borrowers: 1) Refi Plus, which requires manual underwriting, and 2) DU Refi Plus™ for loans underwritten through Desktop Underwriter® (DU®).

     Refi Plus (Manual Underwriting)
     Refi Plus simplifies the process of refinancing loans that are already in a lender’s servicing portfolio. This product supports the new 105 percent maximum LTV and MI flexibilities for LTVs over 80 percent.

     DU Refi Plus
     DU Refi Plus provides increased efficiencies for the origination and underwriting of Fannie Mae to Fannie Mae limited cash-out refinance transactions in DU. Eligible loans identified in DU receive increased underwriting flexibilities, including expanded eligibility criteria and DU minimum documentation requirements.
     https://www.efanniemae.com/sf/mha/mharefi/index.jsp
     Source: efanniemae.com

     Please let us know if things change for any of you after May 4, 2009. I have already scheduled a call from my service provider on May 5, 2009 to try for the third time since March 04 for a refinance under this program.

134. Cristie on May 1, 2009 9:07 am

     When entering the mortgage balance, is this just the first or would I indicate the total of my first and second mortgages?

135. Cristie on May 1, 2009 2:05 pm

     When filling out forms for makeing home affordable program, do we include umemployment compensation in our monthly income amount?
     Thanks

136. Pat on May 1, 2009 3:11 pm

     Cristie, the MHA official instructions say that the lender needs to include unemployment compensation as part of an applicant’s income.

137. Swine flu shot. on May 2, 2009 7:16 pm

     Swine flu….

     Swine flu. Swine flu epidemic. 1975 swine flu vaccine and side effects….

138. Eli on May 5, 2009 9:36 am

     I was told by Countrywide/Bank of America that since I have PMI I cannot get my refinance until the last week of April 2009, I just emailed my Mortgage Account contact and he told me that they are still not ready to do this..And when they are they will contact me.
     Any thoughts, our credit score in 790 and 810.
     Please help.
     Thanks

139. Cristie on May 5, 2009 10:40 am

     Besides my husband’s unemployment, our only other income is a brand new (2 months new) home based business. How do I show income if i don’t have a pay stub?

     Thanks!

140. Erica on May 5, 2009 4:15 pm

     We got our paper work in the mail from our bank today to see if we qualify for a modification under the making home affordable program. They said give them 30 days after they receive our info. to determine if we can get it, so it’s been a very long process that’s still on going. Wish us luck.

141. Dane on May 5, 2009 7:16 pm

     When is countrywide going to be able to do Home Affordablity Plan Refis for those with PMI on their current loan?

142. Ace on May 6, 2009 5:17 am

     I have been calling WF for over two months now, and they still tell me that the software is not ready to accept apps. Why has no one in the “new” administration done anything about this. I have been in contact with the AG of NY, and they need more formal complaints to take action. So emplore everyone here, please contact your state attorney general with your issues. The banks already screwed us once…never again.

143. Melissa on May 6, 2009 6:58 am

     I have posted a few blogs on here as I go through this horrible process of trying to refi through the Obama program. I have Wells Fargo, I sent them all my information (letter, list of bills, 4 weekly pay stubs) at the beginning of April and had to send it again a week later. They told me to call once a week and when I called the third week I was told I needed to resend them my list of bills I pay monthly because I didnt sign and date that page. As of May 2nd my application is finally in a pending status! The lady I talked to yesterday said it should be a week to find out if I’m approved or not. I asked if it will be an issue that I currently pay PMI and she said not at all. So… we will see. I’ll keep everyone posted as to what happens…

     But, some things that I found out so far that might help someone else is you should fax AND mail your information and make sure you sign and date every single page, not just the letter. Call them the day after your fax to make sure they received it. Have them look at every page and ask them if you’re missing anything (yes you need to ask because don’t assume they will tell you!). Ask them what the next step is… And then, make sure you call them back every week until you find out an answer.

     Wells fargo also gives the website http://www.wellsfargo.com/assist which has a link that should take you to a website to check the status of your Obama application. I have put in my information (loan #, zip code, last four of soc #, phone #) but it still doesnt pull up my information. Wells Fargo said that the site is down due to high volume.

144. Brian on May 6, 2009 1:20 pm

     Has anyone dealt with Wachovia? I’m current on my payments, pay PMI, have no debt, but Im not in a real “hardship”, but I was told I still may qualify for Home Affordability Plan. I have a 30yr fixed with 6.65%, but by payment is like 45% of my gross income. I called back in March and have been calling every week and was finally told someone was looking at my account last week and would get back to me in 30 days. Anyone had any luck with Wachovia?

145. Loan Modification Zoom on May 6, 2009 2:47 pm

     Have had significant success in dealing with Wachovia. If you’re front end DTI is 45% you should definitely qualify for a modification through MHA. You should definitely apply again; call Wachovia directly at 866-642-8608, and do not hang up until you speak with a negotiator, or they explain directly why you did not qualify (if you still don’t qualify).

     If any of you need lender contact information, here is a partial list. The full list and plenty of other Loan Modification resources can be found at http://www.modificationzoom.com.

     ABM AMRO Mortgage 800-783-8900
     Accredited Home Lenders(877) 683-4466
     AMC Mortgage Services (Also handles loans originated by Ameriquest and Argent) (800) 211-6926
     American Home Mortgage Corp.(877) 304-3100
     AmTrust Bank (fka Ohio Savings Bank) 888-696-4444
     Bank of America(800) 846-2222
     BB&T Mortgage (800) 827-3722
     Beneficial 800-333-5848
     Charter One 800-234-6002
     Chase 800-446-8939
     CitiFinancial Mortgage 800-753-3673
     Citimortgage 800-283-7918
     Countrywide 800-262-4218
     Ditech (800) 852-0656 (800) 449-8582
     Downey Financial Corp.(800) 824-6902, ext. 6696
     Deutsche Bank National Call Number on Mortgage Statement
     EMC 800-723-3004
     Fifth Third Bank 800-375-1745, Option 3
     source: FPR
     EverBank (800) 669-7724 ext. 4730
     Equity One (Debt collection) (866) 361-3460
     First Horizon Home Loans (800) 489-2966
     First Merit Bank 888-728-9931
     Flagstar Bank (800) 968-7700, ext. 9780
     GMAC Mortgage 800-850-4622
     GreenPoint Mortgage Funding (800) 784-5566, ext. 5383
     Green Tree (877) 816-9125
     Homecomings Financial (800) 850-4622
     HomeEq Mortgage Servicing ( Debt collection) (866) 822-1471
     Household Finance (A HSBC Co.) (800) 333-5848
     Household Mortgage (800) 333-4489
     HSBC Mortgage 800-338-6441
     Huntington National Bank 800-323-4695
     Irwin Mortgage (888) 218-1988
     Key Bank 800-422-2442
     LaSalle National Bank 800-783-8900
     Litton Loan Servicing (800) 999-8501 or (800) 548-8665
     Mortgage Electronic Registration Systems 888-679-6377
     National City 800-367-9305, Ext. 53221
     Ocwen Federal Bank 800-746-2936
     Option One 866-711-1962
     Saxon 800-665-7367
     Select Portfolio Servicing 888-818-6032
     SkyBank 800-290-3359
     Third Federal Savings 888-844-7333
     US Bank 800-365-7900
     Wachovia Bank of Delaware 866-642-8608
     Washington Mutual 866-926-8937
     Wells Fargo 877-216-8448

146. Rae on May 6, 2009 3:05 pm

     I first asked Wachovia for help reworking my loan last fall when I separated from my spouse. They said they would send me an application in the mail, but instead sent a letter (based on my original loan app) stating that since my expenses exceeded my income, they could not assist me. Since my family was helping me make my payments, I stopped making my house payments in October.

     In January of this year, Wachovia began mailing letters stating that I appeared to be having financial difficulty, and offered to help. I sent the information they requested, including tax returns, copies of utility bills, a detailed budget and pay stubs. I never received acknowledgment of the package.

     Meanwhile, I attended a free workshop with NACA (Neighborhood Assistance Corporation of America). It took at least a month to get an appointment with a NACA Home Save counselor. They underwrote my modification package and sent it electronically to Wachovia at no cost to me.

     Finally, about 2 weeks ago, Wachovia stated they received the package from NACA. A very nice rep had me fax over a few more items. Today I was told that she is turning my package over for approval. I asked how long that would take, and she said 30 to 45 days.

     Unfortunately, at the same time Wachovia turned my account over to their foreclosure attorney for sale in just under 30 days. Called the attorney, and she told me they can only postpone the sale at Wachovia’s request. She cautioned me to be very persistent with Wachovia.

     Today I called NACA back, and they are requesting Wachovia to postpone the sale for 60 days until a decision is made.

     It seems to me that the bank is not even considering modification until the account is facing imminent foreclosure. Which leaves me sitting on pins and needles with 2 young children and I in the house.

147. Timothy Dorman on May 7, 2009 11:45 am

     We are considering refinancing now but will get lower rates if the conforming loan cap is raised. Does anyone know the projected implementation date?

148. Dawn on May 7, 2009 5:14 pm

     So…does anybody know for certain about the closing costs - are we required to pay under the refinance of the HAP?

149. nikki on May 10, 2009 10:54 am

     Crazy Closing Costs!

     So we just got a good faith estimate and our closing costs come to $9,466 for a 30-year fixed mortgage at 4.875% (or current rate is 6.25% and we have a little less than 27 years remaining in the term of our loan). The break down of the almost $9500 fees are as follows: 2 points, original fee, commitment fee, processing fee, closing fee, title search, title examination, title insurance, special assessment, recording fees, city/county tax, conservation fee, plat and courier fee. The 2 pts and origination fee make up the largest costs of the fees and our loan processor said that the points were “required by Fannie Mae under this new program.” We would have to role these fees into our loan which would increase it by $9.5k and extend the term for 3 more years for a $200 a month savings…it hardly seems worth it. Is it? Also, do these closing costs seem accurate? I can’t find anything on the web about required pts? Thanks for your help.

150. Jim on May 10, 2009 11:24 am

     This industry has been screwing people over for so many years, they don’t even know how to stop.

     We’ve got the same mortgage brokers who got us into this mess still doing the same thing.

     And apparently, nobody in the government cares.

     I am so surprised.

151. Melissa on May 11, 2009 9:59 am

     This MHA refinance program is crap. I’ve been waiting to hear back for two months and NOW I’m being told that although the government says that loans with PMI (mortgage insurance) are eligible, the Mortgage Insurance companies are not agreeing and therefore any loan with PMI cannot get refinanced under the MHA program. I was told that the government is working on getting this corrected by putting a law in place that will force the mortgage insurance companies to comply with the program. Right now they are not being “forced” so they are not agreeing to refinance any loans.

     So basically when the MHA refinance program was launched the government said loans with PMI are eligible and you will just continue to pay PMI on your refinanced loan BUT they never put any rules/enforcements in place with the Mortgage Insurance companies. The lenders are saying they would do it… but they can’t because the PMI Company says no. Not sure I believe all that… but that’s what I’m being told.

     My application is still “pending” for the MHA Modification but I wasn’t even trying to get the modification, I wanted the refinance. They (Wells Fargo) said to keep checking weekly on this because the gov should have something in place to force PMI companies to comply with the program in the next month or two. Yea…

152. Pat on May 11, 2009 10:14 am

     Melissa, you may find this blog entry helpful…

     http://www.bankrate.com/finance/mortgages/chaos-in-homeowner-help-plan-2.aspx

     Although what you’ve been told could be true, it also could be that you weren’t told accurate info.

153. Libby on May 11, 2009 8:21 pm

     Countrywide will being refinancing loans with PMI during the first week in June. I’d really like to know if the refinancing option will have any negative or positive effect on my credit?? I have good credit and don’t have a significant need for this program other than of course it would help me and it is the only way that I could refinance since I have less than 20% equity in my home at this time. Thanks!

154. Jim on May 11, 2009 9:02 pm

     you want to ask for the FHA streamline, a CW fee of $1000 is standard, about $3000-$4000 total closing (including CW fee, title, all that BS) rolled into the new loan and the benefit is you should get a fixed rate near 4.7% if your credit is OK and if you’re over 6% now, it’s not that bad a deal. I’ve put it in a mortgage calculator and there’s a lot less interest over time and pays for itself in a couple years as I see it.

     maybe one of the better deals I’ve seen out there, I don’t know exactly, I don’t work in the industry but the numbers look good.

     I actually have an honest job :o)

     And lastly, all these people are the same thieves they were 3 years ago, tread carefully.

155. Brian on May 12, 2009 11:42 am

     I just got off the phone with Wachovia and was told that since I have PMI, I dont qualify for the HARP program. Has anyone else heard different?

156. Jim on May 12, 2009 11:49 am

     If you can believe it, Wachovia was outright lying to you.

     If you click on my name, it leads to a free eligibility calculator that tells you specifically as possible what you are eligible for under HARP. I developed the calculator using all of the Treasury Guidelines that have been put out. It’s free, I haven’t made a dime since it’s been up there but at least it’s something.

157. James Wirth on May 12, 2009 6:03 pm

     Brian, I don’t know if I would say that Wachovia is lying– I think it’s more that they have their own set of qualifying guidelines that may be making you ineligible. I agree with Jim, I haven’t seen anywhere that HARP disqualifies you based on you currently having PMI; it’s Wachovia that may be putting on their own “overlay” that is causing the problem. They also might be operating under ‘old’ (very relative) guidelines, because some things changed as of May 1st and they may not have, pardon the expression, “gotten the memo yet.”
     By the way — I have an honest job too Jim, it just happens to be as a mortgage banker! –James Wirth

158. mj on May 13, 2009 12:46 am

     I personally have been dealing with Citi and it’s been a nightmare to say the least. Every time I call I am given a different story, placed on hold and literally will be on the phone for 2 hrs or more. I was pre-qualified for homeaffordableprogram under makinghomesaffordable on april 10th at that time I was current. However I am unemployed so they told me they pre-qualified (unemployment is considered income under the new Obama plan) and put me on a forbearance program for three months under the guidelines the reduce the mortgage to 31% of my gross monthly income and its considered a three month trial period ALL have to go through this trial period. My home was purchased 2 1/2 years ago at a purchase price of 525K, my mortgage principal is 414K and I put down 20%. My home value today and the BPO value is 249,500K. My loan is serviced by Citi for Freddie Mac. Under the guidelines I qualify with unemployment as long as I can demonstrate should the need arise I will have it up to nine months after the modification is complete. In CA I am eligible for benefits up to 79 weeks. A week ago May 6th was contacted back as I been calling Citi weekly wondering when my packet would come in the mail regarding the program. Because as noted above each time I speak with someone I was told yes your in the program or no your not. I basically said, enough is enough this needs to end. On May6th a rep contacted me and she said your pre-qualified here again I was told that. Then on May 7th a mortgage counselor called again from Citi asking for my unemployment benefit info. I provided the documentation and was told by the mortgage counselor I would be contacted the following morning. Citi didn’t call me back so once again I followed up with them again and received no call back so I called again and left another message on Monday, May 12th. No call back so I called again in the afternoon and by luck the mortgage counselor answered and said didn’t anyone call you back? My reply was NO he said well I passed your info on and someone was supposed to contact you back. Let me check and have them call you right back. I asked did you verify my info he replied yes and someone should have called you back let me go have them call you right back now. No one called back I have now called numerous times again and left messages and also spoke with customer service and was told that the counselor is still processing my file and that’s all the notes state. I replied its odd why did he pass it onto someone else? Am I denied? Was told NO it’s neither approved or denied it’s still being processed. So I am here on pins and needles waiting for them to call me back once again. These bank’s show no compassion. You don’t tell people you will call them right back only too not return the calls. And worse yet you leave voice mail messages and receive no call back. I really think they are trying to find some loop hole so that they can tell me I don’t qualify being on unemployment even though the guidelines stipulate it as income. I think there is some fraudulent behavior going on with the banks and they are trying to avoid putting me in the program. It’s so wrong and I wonder if there is a way I can get an attorney to assist me? Anyone have any ideas? For those of you interested. You should go to the makinghomeaffordable web site there you can see which plan might benefit you. And there you can also get the HUD assistance phone number (they also stated I qualify for the program).
     Good luck! Signed scared of loosing my home.

159. Jim on May 13, 2009 1:09 am

     Mr. Wirth, I don’t doubt that honorable mortage brokers and lenders exist and that you are one of them. But you speak of “overlays” where overlays are not foreseen in the guidelines. The banks aren’t supposed to make the Plan more restrictive. The lender ultimately has the decision whether to approve a mod or a refi under the guidelines.

     So I suppose an overlay might find a sweet spot where the lender makes money off the transaction but these overlays are so restrictive that the ultimate effect is that nobody gets an actual mod or refi under the Plan. I’m talking about under the Plan and not something private the lender cooks up.

     I think the Plan is broken, I haven’t seen one HAPP application actually approved and I’d be very interested if anyone has actually gotten a HAPP refi or mod to please post here.

160. James Wirth on May 13, 2009 9:38 am

     Dear Scared of Losing,

     You are not alone in your frustration and it is by no means limited to Citi. If you read through the countless posts on this site you’ll see that many have similar stories. The more we talk about this, make the issues known through the right channels, the better the chance that something will be done.

     Jim, I agree with you that the program is not fully functioning, is not serving the purpose it was intended to serve, is turning far more people away than it is helping. At the same time, I don’t see this as the banks trying to make money (although that may be happening in some cases), I see it more as the lenders trying to cover their losses as much as possible. A couple of considerations:
     Loan modifications do not have a good track record –a very high percentage of them result in default and foreclosure soon after they’re modified;
     The departments of the lenders that deal with modifications are absolutely overwhelmed. Their call and work volume must be up 400% and yet none of the lenders can hire new staff.
     The incentives offered by the Making Home Affordable program fall short.
     Communication, training on the programs have been delayed. As an example, on April 24th I received a posting from HUD saying that training for the “new” loan modification plan would begin for HUD-approved counselors.

     Is the program currently working? No, that’s clear from the numerous posts; but it’s a start and now it’s time to take action. The most effective action I see is to make our voices heard, to express our frustration and concern to those who are in a position to do something about it.

     As a start, here is the link to be able to contact your representatives: http://www.usa.gov/Contact/Elected.shtml

     Let’s continue to work through this, with the caveat that it’s going to take some time to see results. The sooner we take action, the sooner we will see some resolution. –James Wirth

161. Pat on May 13, 2009 10:09 am

     I worked in corporate environments for a long time, and found that organizations usually need time to adjust to change. To my mind, it’s reasonable that lenders needed time to understand the new programs and rules and staff up before they were prepared to handle the huge increase in questions and applications they must be getting.

     My impression is that much of the confusion and frustration with MHA is likely due to the fact that lenders found out about the program at the same time as the general public, and the public was told they could apply immediately.

     I appreciate the administration’s efforts to provide immediate help, to be transparent, and to provide hopeful information as soon as possible. It probably would have been a good idea, though, if when they announced the program on March 4th there was a lag time of a couple of months before applications could be submitted. There could have been an exception for homeowners already behind on their payments and facing foreclosure soon who wanted to apply for the modification program.

     I actually decided to wait a bit to apply for an MHA modification. Although we’re struggling to get our bills paid and sure could use a reduced payment, we’re not behind so our need isn’t dire yet. Through Google searches, I saw that my lender is trying to hire a large number of new people in their mortgage and loss mitigation areas, which means they’re short-handed at the moment and in flux.

     I’d rather approach them when they’re staffed up and the people handling MHA applications are on the other side of the learning curve. I figure that otherwise I’m likely to end up pretty frustrated.

     I think it’s kind of like driving in rush hour… if you leave a little later, you may get there almost at the same time, but with a lot less hassles.

     My $0.02, anyway.

162. Robert on May 13, 2009 11:42 am

     Dear Friends, What happens to those of us whose credit has suffered because of loss of work and late payments. What is the effect of a poor credit score on being approved for this program

163. Jim on May 13, 2009 11:56 am

     Robert, the effect of a poor credit score is that you are less likely to be approved. The ultimate decision to approve a mod or a refi lies with the lender and the lender can deny your application for any reason, as I read the guidelines.

     So you have to find a sweet spot where the lender and servicer make money off the transaction. For the mod program, the sweet spot is to have your income between 31% and 38% of your income. If you can get within that magic number zone, the lender is likely to get government incentives to the point where the lender makes money and then, you have a much better chance of being approved.

     There is also a part of the program, Robert, for those with high-end “back debt,” which would be your other debts besides your mortgage and you can still qualify even if you have back end debt and a bad credit score for a mod, but you will have to to the mandatory HUD counseling, if you were approved.

     I’d suggest calling a HUD-certified housing counselor, keep calling them until you get somebody who understands the plan at least a little. A decent HUD-certified counselor should be able to explain what is available to you under the HAP or whatever it’s called now.

     Good luck,

     Jim

164. James Wirth on May 13, 2009 1:14 pm

     Robert, to second Jim’s comments about calling a HUD counselor — definitely a great place to call before/after you talk to your loan servicing company (the lender you make your payments to). Here’s the link to the Department of Housing and Urban Development Web site that lists HUD-approved counselors: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

     And here’s the number to the Homeowner’s HOPE™ Hotline: (888) 995-HOPE
     –James Wirth

165. Erica on May 13, 2009 4:51 pm

     My husband and I are trying to qualify for a modification, and we have our paper work to send to our bank. If they reduce our payment to 31% of our monthly income, they would have to lower it by about eight hundred a month. Does this seem unlikely? We have a subprime loan right now, and that’s why our payment is so high.

166. Stephanie on May 13, 2009 5:00 pm

     Erica, I am in the same situation… The modification would lower my mortgage ~$750. I beleive the main thing is your hardship and if they think you will be able to pay your modified payments. My modification is currently in underwriting. As soon as I hear a positive or negative or I will post hear. Seems like it is just too soon to know how the MHA mods are going to work out…

167. rae on May 13, 2009 5:11 pm

     I have read the details of the plan…the reduction $$ don’t matter, the bank must evaluate the modified loan versus foreclosure and determine which scenario is more profitable…see this link…
     http://www.treas.gov/press/releases/reports/modification_program_guidelines.pdf
     if your lender got bail out money, participation is mandatory.

168. James Wirth on May 13, 2009 5:18 pm

     Stephanie, it really is too soon for the program in general. One commenter suggested they should have had a grace period for applying, that would have been a very good idea. We’re really suffering because of it and releasing it immediately may actually be delaying full utilization.
     Rae, I don’t see any verbiage regarding profitability, would you post the actual text you’ve seen that says that? –James Wirth

169. rae on May 13, 2009 5:26 pm

     Sorry wrong link, this is from discussion of parameters…
     http://mortgagemeltdown.typepad.com/my_weblog/2009/03/guidelines-for-obama-loan-modification-program.html

     Which eligible mortgages must be modified?

     After determining that the mortgage is eligible based on the requirements set forth above, a net present value test must be performed on the mortgage. This test determines whether the estimated net present value of the mortgage, as modified, is greater than the estimated net present value of the mortgage absent modification. Relevant parameters for the net present value test include the estimated value of the property upon foreclosure, cure and redefault rates, the amount of any incentive payments made under the HAMP and other information affecting the potential future value of the mortgage. If the net present value test determines that the modified loan is more valuable, as modified, participating servicers are required to offer the borrower a modification. However, servicers have the option of offering borrowers a loan modification even if the modified loan is estimated to be less valuable. The Treasury will release further parameters for the net present value calculation at a later date.

170. Erica on May 13, 2009 5:36 pm

     Ray, thank you for the link. This one gave me more information than any of the others I have read. Thanks for keeping me updated Stephanie and good luck to you. We are sending our paper work in this week and will let you know what the decision is. I still have not talked to anyone that has recieved an MHA mod, but our bank has been overloaded with calls and are starting to assist people now. Good luck to everyone who is trying to qualify.

171. rae on May 13, 2009 5:44 pm

     Thanks, I work for the property tax department of my county doing tax sales…have good mortgage contacts and have been quite tenacious in pursuing my own modification…..to anyone in this situation…be persistent! I just got my mortgage company to postpone my foreclosure sale two months from the June 2 sale date while working my modification.

172. James Wirth on May 13, 2009 5:57 pm

     Interesting — I hadn’t really read it that way… it seems a bit out of context when the other elements of the NPV test are not included, which look at it from the perspective of the homeowner and what the value is to them. Certainly the focus of the program is on the homeowner… but, fair point — James Wirth

173. Steven on May 13, 2009 7:52 pm

     If I owe 115% of the current value of my home, and if I pay off 10% (cash), can I still qualify for the Home Affordable Plan?

174. jc on May 14, 2009 1:02 pm

     Released today

     http://www.financialstability.gov/latest/tg_05142009.html

175. Maureen on May 15, 2009 3:10 pm

     lost my income due due business collapse, lost savings due to market collapse - now collecting social security at 62. Home is 65% paid off, but mortgage payments are unaffordable unless I get some modification somwhere. Bank says no help because not enough income. Fillled out HUD forms but no one ever contacts back. High fico scores, no credit card debt, no car. what gives? Everything I read/research says I am a good candidate - but can’t get anyone to actually sit down and discuss. Bank simply sent letter saying not eligible, followed by lots of warnings about falling behind on payments…

176. Stephanie on May 15, 2009 3:16 pm

     Did you try this site: http://www.homeaffordplan.com? I’d keep calling your bank and tell them you need help. Have you tried any other ways to bring in extra income, like renting out a room, maybe that could bring your income up enough to make a modification feasible??? Be persistant and good luck! You should also post on loansafe.org, they have a pretty nice forum with professionals that give some advice. Also the Zillow Advice section.

177. michele on May 16, 2009 8:29 pm

     I have been reading all the blogs and now I feel even less like I will get help…I didn’t know about the PMI factor- I have tried to refinance - good credit at this time,( but not for long )no bank will help I spend every morning on the phone…I live in AZ to far under value for a refinance…..US Bank is no help every time I call if I can get threw to a someone they have a different take on the programs or I am starting to belive they just are making somthing up to get you off the phone…I lady told me not to worry about my FICO score they were going to change the rating system….I just read it will take 2 years ?? to change the algorithms that define the FICO score.
     .Friday May 15 when I called the lines were so back up, the recording said lines very back up try later and hung up…..I cann’t sell my house the foreclosures are going for 40k and there not in that bad of shape. Well I can’t pay my whole mortage this month and I don’t know where to turn now…..Please HELP US MR. President lol
     That’s my thoughts on this Saturday night ….

178. rae on May 16, 2009 9:03 pm

     I would advise you to call NACA and enlist in their HomeSave program…I don’t work for them, but they are working on my modification, they are free and don’t follow the “government programs”.

     Don’t give up, I have been working on mine for SEVEN months. I’m still here!

179. Jim on May 17, 2009 1:24 pm

     I’m still waiting for anybody, anybody or even if you know somebody who actually got a HAPP refi or modification to please post here if you got one.

     Two months into the plan and I haven’t heard a single one go through.

     To the people stuck in crazy upside down mortgages with houses down the street going at auction for $40k.

     There is a legal way to just walk away and buy one of those $40,000 houses. Generally, a mortgage lender cannot come after you if you walk, in most states, and you’ve got a fresh start.

180. James Wirth on May 17, 2009 2:21 pm

     Jim, I would suggest exercising caution when suggesting someone walk away from their home. It’s been 3 months since the modification and programs were announced and less than that since we’ve had real details — the industry needs more time and only a HUD Counselor or a real estate attorney should be giving advice such as walking away from a home.The Fed just announced new plans to incentivize lenders to approve a short sale or deed in lieu of foreclosure if there are no other options and both of those might be better than foreclosure. You’ve been a good commenter on this blog but all due respect Jim, no one is in a position to suggest people walk away from their homes after a posting or two on this blog. Not trying to start an argument, just think we should tread lightly on this with people who are already frustrated beyond words and very likely on the verge of throwing their hands in the air and giving up.

     When we have faced challenging times my wife has often said that it always works out in the end. If it hasn’t worked out yet, that just means it’s not at the end. Hang in there everybody -James Wirth

181. rae on May 17, 2009 3:45 pm

     I have to agree with you James. I have a family member who offered to buy a house that was up for sale 50K (move-in condition) if I had nowhere to live. However, no matter how good that sounds, I signed the mortgage on my home, and if I can do anything to make it work with a modification, I intend to do it. No one forced me to buy it.

182. Jim on May 17, 2009 3:55 pm

     James,

     So on a mortgage broker’s advice, we’re just supposed to hang in there?

     The fact is that there is a percentage of people who would be better off just walking away, I know that’s nothing a mortgage broker wants to hear, but it is a fact.

     Maybe it’s time for consumers to game the system instead of mortgage brokers. Again, I wish not to argue. Please forgive me if I am skeptical of anything that a mortgage broker says.

183. Pat on May 17, 2009 4:12 pm

     Since everyone’s situation is different, I think the best each of us can do is to get advice from someone who’s knowledgeable and who’s in a position to evaluate our situation, like a HUD counselor.

     One size rarely fits all, and definitely not in the current home mortgage mess.

184. Eric Garcia on May 18, 2009 10:07 am

     I am presently working with a HUD Counselor, this is my situation my income has dropped to 42K, my loan was modified to 30%, however with my expenses I just breakeven leaving me with no monies to really live a balanced life (savings,travel & entertainment)I a Freddie mac, loan with countrywide being my lender now Bank of america. I have a fixed rate 6.25 with 27 years left on the mortgage. I am really at the mercy of the lender to accomodate me by lowering my rate to live more comfortably. What is you opinion on this matter?

185. Melissa on May 19, 2009 9:33 am

     People can tell their situation using this link.

     http://www.propublica.org/ion/bailout/item/struggling-homeowners-tell-us-your-story-515/

186. rae on May 19, 2009 3:44 pm

     Just got my trial period mod docs from Wachovia via UPS. Will be reading them carefully. Doesn’t give details like balance or interest, just an estimated payment, which I am to submit with the paperwork. Anyone else get this?

187. Stephanie on May 19, 2009 4:04 pm

     Hi Rae- Yes that is normal… I signed my mod docs last month and it does only tell you this is your estimated payment during the trial period. I expected to get more details also on the interest rate and the terms. It is my understanding that this comes once your mod is approved towards the end of your trial period. After I turned in my docs I called my lender, Aurora, to see if they received my paperwork, it was about 2 weeks before they acknowledged that they had received it. Then they told me it was sent to underwriting and I should hear from them a month or 2 into my trial period and they will likely have questions and request more documents… But long story short, YES I got the same thing. I recommend sending your docs back certified mail would have saved me a week of stress. Good luck!

188. rae on May 19, 2009 4:48 pm

     Wachovia included a UPS return envelope, so I should be able to track it. I guess what has me is that the bank approved my loan in ten minutes with one pay stub, but the modification is taking ten MONTHS and at least ten pay stubs! Biting my nails!

189. Stephanie on May 19, 2009 4:56 pm

     Well, I think that you got through the initial screening for the MHA Loan Mod Program, I’m not so sure you should assume you are approved. This is where we don’t know as much because the program is so new. What is the underwriting process going to be like??? I have no idea. You should just be happy for now with your modified payments make sure will you fill out your financial data page you show that you are able to afford your modified payments and cross your fingers like the rest of us:-) When I first talked to Aurora and they told me I was “approved” based on the income and expenses and hardship explanation I provided via the phone I was really excited and thought that all that was left to do was to pay my modified payments on time, now I am less sure about that. But I am hopeful. They asked for 2 paystubs with my modification package and last years tax return and my understanding is more requests will be made by the underwriter… Hey, I’m biting my nails too, let’s just try to think positively:-)

190. rae on May 19, 2009 4:59 pm

     Thanks for the advice….I’m busy thinking positive!

191. Erica on May 19, 2009 5:16 pm

     It was my understanding that once you complete your trial period and have made those payments on time the bank had to go forward with the modification. Are they still making you think that after making those three timely payments you may not get a modification? In our paper work it says after the trial period(if we are approved) you will be sent modification paper work to be signed. I guess what I’m wondering is, can they make you wait and guess longer after the three months? This process seems so long and nerve-wrecking.

192. rae on May 19, 2009 7:37 pm

     I hope not, but there are a lot of stipulations…if they ask for more info that shows you don’t qualify, it seems like they can still disqualify you. They put the money you sent in a non-interest bearing account and if they don’t approve the modification you don’t get it back. I guess we can consider it rent until and if we’re approved.

193. Corinne on May 20, 2009 4:12 pm

     I have a sale date for August 7 according to my mortgage company. They said the plan takes 60 to 90 days to review. I sent my paperwork in on April 27 and it’s not even with a negotiator yet do to high demand. How can I get them to post pone the sale date if neccessary or get to it faster?

194. Debbie on May 21, 2009 2:06 pm

     We are doing a MHA refi with Wells Fargo. We were just told that there would be an upfront collection fee of $495 which they want to put on my credit card. Has anyone else out there had this fee from Wells Fargo? I think it may be a fee for the underwriting but shouldn’t that be rolled over into the loan like everything else?

195. James Wirth on May 21, 2009 3:31 pm

     Hey Debbie — My understanding of the fees associated with the HARP fees is that nothing is ‘required’ to be charged up front, but that doesn’t necessarily force WF to not charge anything. Sounds like they are putting their own condition on top of it and I don’t believe that is prohibited. Kinda sucks, but not necessarily ‘illegal’ that I know of. Putting it on your credit card seems a little hokey though, since you are effectively financing that debt, thereby increasing your monthly obligations. Isn’t this all about DECREASING our monthly obligations. May be just one of life’s ironies… –James Wirth

196. s cullity on May 21, 2009 4:01 pm

     I also talked to a WF agent and he said it was $400.00 fee for the app and if it was successful it would go toward closing cost for the refi.

     He is also saying that my second loan with WF will subordinate, and they will do it in house, does not affect the CLVT, which he says is “unlimited.” Therefore if the appraisal is only based on the first loan amount, it will probably work.

     I’m in Southern Cali and our vales have dropped tremendously. Sounds too good to be true, sort of ignoring the second.

197. Stephanie on May 21, 2009 4:08 pm

     Sounds like there are a lot of programs coming out now to help home owners that seem too good to be true… I am working on getting my home loan modified under the MHA. I’ve been watching Zillow Advice>Mortgage>Loan Modifications and a few people are getting offers from IMPAC which I guess is the investor for their loans and they are giving them modifications that cut their interest rates for 5 years and convert their variable rates to fixed rate mortgages with a $2000 fee. I’m not sure if this is legit but there are quite a few that are on there talking about it. Maybe all the banks are going to just start making deals… Beats dealing with a foreclosure….

198. Debbie on May 21, 2009 4:08 pm

     Thank you James. I just emailed my mortgage consultant and asked him to explain the fee. This is a surprise to me since he never mentioned it before during the conversations I’ve had with him. So now I have to use 4 months of the mortgage savings to pay off the credit card. Yes, it is ironic.
     The hurryer I go the behinder I get.
     Thanks again for your response.

199. Stephanie on May 21, 2009 4:14 pm

     Erica, my understanding of the MHA Modification process is more like this: you must successfully complete your trial period in order to get the modification and the underwriter will be reviewing your paperwork, will be asking more questions and making the ultimate decision on whether or not you get the modification. I asked my lender what would happen if I don’t get it because my modified payment is $800 per month less and I don’t know how I would ever be able to catch up on my payments… They said at that point they would work with me in some other way. There are non-MHA loan mods that the lender could try to work out with you…

200. Erica on May 21, 2009 5:26 pm

     Thanks Stephanie. It seems like the bank will try to get you into the MHA program because of the incetives, but then again, what do I know? We were originally in a modification through our bank and they changed their minds last minute. Now they are trying to get us qualified under MHA. We are guessing this is because of the money that would be in it for them.

201. Luis on May 21, 2009 9:05 pm

     Hello
     I purchased a home about a year ago on an interest only fixed for 10 years loan.I was hoping to refinnce to reduce my monthly payments and try to get a 30 year interest and principal loan but my house has depreciated a great deal. I am still at the 105% range of value over the amount i owe.What could I do?
     Thanks

202. Catherine on May 27, 2009 7:48 am

     I have a loan with US Bank and qualify for the refinance program. I was quoted a “low” rate of 4.95% but that turns out to be the rate with a 1 point origination fee! The “no point” rate quoted was 5.575%. I asked about other fees and was told “usual closing fees apply”. I thought US Bank took TARP and is getting a $1500 incentive to refinance! Why do they feel the need to charge a point “origination fee”. I already have a loan with them. Apparently, they see this as a new way to gouge? What is going on here? Is this what is to be expected from the program or should I shop around at other Fannie Mae banks?

203. make Home Affordable on May 27, 2009 5:23 pm

     I think the loan modification and Mortgage refinance program called making home affordable is by far the best government program for homeowners as of yet.

204. P on May 28, 2009 7:32 pm

     make home affordable,
     Why do you say that? Have you read the blog?

205. Marie Casey on May 29, 2009 6:21 pm

     Question- we were “pre-qualified” by phone (saxon) for the affordable home plan, and just made our first payment of the 90 day trial period. We were told that even if we make the “trial period” payments, they could still deny us the modification during the first 30 days. WHy would this be, and what would be the cause?

206. rae on May 29, 2009 7:21 pm

     I just made my first payment to Wachovia under this plan and the feedback I got from them and NACA indicated as long as my 1040 and pay stubs backed up the info I gave them and the payments were made on time, it would be approved. I advise send payments via UPS, FedEx, etc so that you have tracking info…

207. Jasmin on May 29, 2009 9:18 pm

     After a month since I submitted the application , the bank just called and rejected my refinancing through HARP. The reason was because my current loan was owned by Fannie Mae instead of Freddie Mac. Does anyone know the difference? Thanks! Also, the appraisal fee can’t get refund since it’s done by Chase already. Don’t undersatnd why they could not tell us before a appraisal was done.

208. Teofilo T. Soriano on June 1, 2009 11:31 am

     I like to refinance my loan with flagstar bank. I believe President Obama’s program could help me to lower my interest rate of 6.75%. I am also paying condo fee of $275.00 and my funds is drain out every month. I am living with just my Social Security and pension from the military. Soon, the struggle would end and go for foreclosure. I wish Flagstar will help.

     Sincerely,
     Mr. Soriano

209. renee on June 1, 2009 1:43 pm

     hello,
     I have a loan with countrywide.we bee requesting assistance since dec 08…my husband hours declined and finally he was laidn off..he became full time in march 09. since jan i’ve also been told the negioator is reviewing our file..we were turned down because we wasnt current with our mortgage to apply for the refi through obama’s plan..our house went into foreclosure mid march 09,now as of may 1st they’re reviewing us again to see if we can qualify for a modification we are behind at least 5months was told not to send in payments because we’ve been turned over to foreclosure…foreclosure date has been moved twice…I have a hud counselor working with us..hopefully this will help..any suggestion??STRESSED OUT-oh! and we only been living in our home for 8 months–but who wouldve ever known my husband job would downsize.

210. Becky on June 2, 2009 5:21 pm

     Catherine, I also have a mortgage through US Bank. I talked to one representative there today about possible refinance and was told the same as you, except the rates have gone up to 5.75% unless you pay 1 point to reduce the rate to 5.375%. Not much savings there with our current 6.625% rate. She was also pretty ditzy and kept telling me wrong information that she had to correct after consultation with others in her office. I had to keep telling her to bring her mouth away from the phone mouthpiece because her voice was very muffled. Once I taught her how to use a phone properly, I was able to understand her but I had to remind her several times that I could not hear her. Then I had to call a different number to speak to a loan modification rep. This person was very professional and courteous. She was not able to answer my question about eligibility since mortgage payment is less than 30% of my income. I wanted to know if very high Back-End DTI is a qualifier. From much research online, it appears that it can be considered. I am going to call back tomorrow and see what a different person tells me. I don’t even want to stay with that lender but I was told I had to. I much prefer a local lender who will let me make payments every two weeks when I get paid….and not have to pay that silly fee for the accelerated payment program.

211. Eli on June 4, 2009 8:45 am

     I was waiting for Phase 2 to come out since I have PMI, I am told from Bank of America this morning that it has been pushed back again and they have no information as to when I can appply for a mortgage under the making home affordable plan.
     Anyone else hear anything?
     Please let me know

212. Ace on June 4, 2009 12:33 pm

     I was also waiting for Phase 2, but now the interest rates have gone up. I was told by WF that they need time to settle out what they are going to do. I was then offered a chance to lock in a rate of 5.25 for $3285, this includes 1 point of course, and closing. To everyone who has been tenacious in this process I applaud you. I for one am done. I actually thought for once the president would come through. Guess not. Sorry for the rant.

213. michele on June 5, 2009 2:19 pm

     I just recieved an email back from local CONGRESSMAN Flake this was the response….
     Michele,

     Unfortunately the banks are not bound to have to participate in the president’s program. Many of them are participating but are still not set up for it. Here is a list of resources the housing agencies gave us that may be helpful.

     Chad Heywood

     Office of Congressman Flake

     <>

     So they send me a list for a foreclosure…..
     I am not losing my house and every thing I have worked my life for with out a fight…

     If and one who reads this lives in the Phoenix AZ area I was think a rally..something to get us national attention….And maybe we can get the President to SEE this is NOT working…..
     Thanks for letting me share……

214. Diane Tuman on June 5, 2009 4:18 pm

     Michele: Have you consulted with the government sites that are listed in this blog post?
     http://www.zillow.com/blog/beware-of-refinance-and-loan-modification-scams/2009/04/06/

215. Mae on June 6, 2009 4:01 pm

     I want to know if anyone who has their loan with Saxon morgt. has been contacted regarding this new Loan Modification program and is has it worked for you? Also I am in forclouser with them and they know this but yet seem to now want to work with us It al just seems to good to be true.

216. carol keyes on June 9, 2009 6:40 am

     i would just like to say that i am very upset with the bail out because its just not right so many people loosing there jobs because of the car and bank industry my thought is the preseident should give every tax paying american two hundred thousand dollars for there own bail out i know i would use it to pay off my house and auto loans i am sure millions of people would do the same thing that would surely stimulate the economy. The banks dug there own hole they should have to dig there selves out

217. Terri on June 9, 2009 8:34 am

     I agree with Carol. I don’t think Obama has a clue as to what he’s doing. Our children our going to pay for the choices he’s making now. As far as these refinancing programs, they have done nothing for most people as far as I can see. While most of us are waiting and waiting for the banks to figure out the logistics and rules of the plans, rates have skyrocketed from what they were just a month ago. Of course, a month ago when rates were really low, I couldn’t get refianced b/c nobody knew enough about the plans. Now that there finally understanding everything, rates are to high for me to benefit. It’s extremely frustrating that I could have had a rate at 4.875 back in April if the banks had their ducks in a row and I could have locked. But, now their 5.5 and that does nothing for me. I think the whole thing just sucks!

218. anna cole on June 10, 2009 2:46 pm

     If you live in CA, Gov. Arnold S. passed a better program regarding Loan Mods.If you live elsewhere in the U.S,you might want to find out if your Gov. passed a Bill for the residence in trouble. It’s certainly worth a shot. I love and voted for Obama but, the program he has passed does NOT reach enough people. It is also alowing the Banks to take a triple-shot at our hard-working homeowners. I do Loan Mods. all day, in fact, I am waiting for my next appt. as I type this Blog(should be here any sec.)We envite the people to our office and, provided that they bring everything we’ve requested, they sit down with one of our Attorneys and they get their options within an hour or two(depending on their situation). That is how it should go instead of these Banks(that put people in this situation to begin with,most of the time)having people sit on pins and needles,having restless,sleepless nights,running out the clock(so they can offer something so sub-standard like FOREBEARANCE AGREEMENT (Which sucks on so many levels)These Banks should have, by Law a Time limit as to giving the homeowners the answers and options (say,24-48 hrs.)Besides, we are the same homeowners and taxpayers that have given them money to bail their cheating butts out of the red-zone. Now, it seems that everyone sounds like they have to beg and plead (FOR their money)Personally, I think this whole thing is a JOKE. As for the people that come to my office, I try my very best to help them (ALL I CAN DO IS MY PART,YA KNOW)

219. anna cole on June 10, 2009 2:55 pm

     Guys, remember the old saying, “Don’t put all of your eggs in one basket”. Make sure you have a few Companies “looking into it” (Loan Mod.) for you. Please don’t sit there (Like a dumb-dumb) waiting for the Dummies to tell you YOUR-THROUGH,IT’S CURTAINS,WELCOME TO FORCLOSURE,I’LL TELL YOU WHERE THE NEAREST “TENT-CITY” IS, THE SHERRIFF IS ON THEIR WAY,YOUR SALE-DATE IS…

220. anna cole on June 10, 2009 2:55 pm

     GOOD LUCK

221. carol keyes on June 10, 2009 3:12 pm

     WELL THAT IS KIND OF SCAREY BECAUSE MYSELF AND MY HUSBAND HAVE HAD TO TRY FOR A LOAN MODIFICATION BECAUSE OF MY HUSBANDS WAGE LOSS THIS IS THROUGH US BANK WE DID RECIEVE A LETTER STATEING THAT WE DO MEET THE STANDARDS BY NOW WE ARE 3 MO BEHIND CAN ANYONE TELL ME EXACTLY WHAT THEY DO AND HOW IT WILL HELP US THEY TOLD US IT WOULD BE 45 DAYS IT HAS BEEN 60 DAYS AND WE HAVE NOT HEARD A WORD I JUST WANT TO BE PREPARED FOR DISSAPOINTMENT OR NOT IF ANYONE KNOWS PLEASE LET ME KNOW THANKS CAROL

222. Rita Ayele on June 11, 2009 1:53 am

     I was with country wide home loans.My payment was $1400 for Ajustable rent. Then it went to $1700. But then i missed a one month payment for emergency purposes.But then i paied for the late fee. So they put me on workout. Then 3 months later, they told me the house is for closore. Finally i filed chapter 13 bankruptcy, because i didnt want to lose my home. So my growth income is $2500.And im also paying for the morgage which is $1677.98, and treest $500. And i couldnt find a bank to refiance my home, and the preysoe for the home is $234000. And i own my morgage $157000 and i own treeste $14000. PLEASE SOMEONE HELP ME.

223. carol keyes on June 11, 2009 6:56 am

     TO RITA I AM REALLY SORRY TO HEAR THAT JUST WHEN I THOUGH I HAD PROBLEMS. I HAVE TO SAY THAT US BANK HAS BEEN REALLY GOOD TO US WE HAVE HAD MANY PROBLEMS IN THE PAST 14 YEARS MAYBE YOU CAN TRY THEM. BUT DONE FEEL ALONE I OWE US BANK 5000 RIGHT NOW
     I PRAY EVERY NIGHT THAT SOMEONE WILL HELP ME AS WELL IT JUST MAKES ME SICK SOMETIMES WHEN YOU HEAR ABOUT THE RICH AND FAMOUS PEOPLE AND THERE LIFESTYLES I JUST DREAM ABOUT JUST HAVEING 100 THOUSAND DOLLARS OF THERE PAYCHECK THAT WOULD SOLVE ALL MY PROBLEMS BUT THEN I COME BACK TO REALITY WELL I HOPE WE BOTH FIND OUR ANSWERS OUT THERE GOOD LUCK CAROL

224. suzanne martin on June 13, 2009 5:02 pm

     I am four onths behind on my house payment what can I do I have applied for a modification and live in fear that my totally disabled husband8 year old daughter and i will loose what little we have

225. mister_b on June 15, 2009 9:10 am

     To those who are needing to know more of the details of the Obama administration’s plan the website that i went to has different aspects explained much simpler -

226. david on June 15, 2009 9:14 am

     making home affordable is one thing but what about some one who is about to lose their job - does the making home affordable plan has any provisions to provide them any relief -

227. Dirk on June 17, 2009 8:05 am

     Was laid off early March. Contacted citimortgage right away. Sent them all the information they requested. Told my mortgage was candidate for the plan (currently have 15 year mortgage @ 5%; no late payments, and mortgage is NOT underwater; just lost job and will soon have trouble making the monthly payments most likely). Followed up to make sure they got information. They did and assigned to a specialist. Told I would hear something/decision in 45-60 days.

     Heard nothing from them. Called several times to be given the number of the specialist (supposedly). Always get voice mail and no returned call. This “plan” seems like hype and huge smokescreen to me as somebody who has tried to navigate the process.

     At this point and reading some of the comments (on fees, etc.), I am wondering whether the offer (if I ever get a response) will be worse than my current mortgage

228. carol keyes on June 17, 2009 8:13 am

     I AM RUNNING INTO THE SAME THING WITH US BANK I HAD TO SEND IN A FINANCAL WORK SHEET AND A HARDSHIP LETTER THEY TOLD ME IT WOULD BE 45 DAYS IT HAS BEEN AT LEAST 60 DAYS I CALLED THEM LAST WEEK THEY SAID THEY WERE WORKING ON MINE BUT THERE WAS A 3 WEEK DELAY BECAUSE SOMEONE KEEPS CHANGEING THE RULES SO THEY JUST TOLD ME TO SEND IN A PAYMENT AND THEY WOULD NOTIFY ME WHEN THEY HAD AN ANSWER I HAVE THE SAME FEELING ABOUT IT. IS THIS GOING TO BE WORSE THAN I CURRENTLY HAVE WELL AS THEY SAY NO NEWS IS GOOD NEWS ????????????????????

229. RUBY BROXSON on June 18, 2009 9:02 am

     BACK IN MARCH I CALLED MY MORTAGE CO COUNTRYWIDE WHO ASKED FOR ALL THE NEEDED INFO TO DO A REFINANCE ON MY LOAN. THEY ALSO HAD TO DO AN “APPRAISL” THAT I HAD TO SPEND 350.00 FOR.

     I WAS TOLD WE COULD REFINANCE AND THEY SENT ME COPIES OF THE NEW LOAN AGREEMENT.

     3 WEEKS LATER I WAS TOLD IT WAS ON HOLD.

     NOW THIS IS JUNE AND I GOT IN TOUGH WITH THE MORTAGE COMPANY AGAIN AND NOW THEY SAY IT IS ON HOLD AGAIN.

     IF I WOULD HAVE KNOW THIS, I WOULD NOT HAVE SPENT MONEY ON A APPRASIAL BECAUSE NOW EVERYTHING WE DID HAS BEEN TOSSED OUT.

     I FEEL THAT I WAS JERKED AROUND.

230. Erica on June 18, 2009 5:55 pm

     Does anyone know if we still have to make payments while we are under review for a modification? We have been making lower payments for the past three months under a forbearance agreement, and now that time is up. They never said we had to make payments while under review, they only said any forclosure proceedings would be stoped until we hear back from them.

231. Sara on June 18, 2009 6:29 pm

     My mortgage co, Bank of America, formerly Countrywide, keeps telling me to make payments because even though it *says* we can’t be foreclosed on while they are “working” on my modification, they keep telling me I can be and that I need to be making payments. PLUS, when I call to speak to them (nearly every other day) after I enter in my account # a message says “You’ve reached the foreclosure department”. We’re three months behind but have been making steady payments every month since February after our heating bills this past winter made us unable to afford the darn payment in the first place.

     Seriously, I’m so sick of getting the run-around- I was so hopeful that we were going to get some relief but that’s not been the case. We’ve been trying to do something with out mortgage since February and we’re getting NO RESULTS.

     I know this is a poor attitude to have, but I’m almost to the point where I’d rather walk away. It’s obvious nobody’s in a rush to help us, and I just feel bitter. In today’s market and what I owe on the house, BoA will have a hell of a time getting back anywhere near what I owe on my note.

232. Mortgage helper on June 18, 2009 9:54 pm

     Wow. This is really great to make Home Affordable Plan Expected to Help 4-5 Million Homeowners Refinance. I think refinance really helps

233. carol keyes on June 19, 2009 6:43 am

     US BANK TOLD ME THAT I NEED TO MAKE A PAYMENT AND I WOULD BE FINE YET THEY WILL NOT ACCEPT ANYTHING THAT IS UNDER THE AMOUNT OF THE PAYMENT I TRIED TO SEND THEM 500.00 EVERY 2 WKS UNTIL THEY WERE THROUGH WITH OUR MODIFICATION AND THEY SENT IT BACK TO ME AND IT CAN ONLY BE A CASHIERS CHECK I REALLY DONT THINK THEY CAN FORCLOSE IF YOU ARE IN LIDIGATION AND YOU ARE CONTACTING THEM EVERY OTHER DAY HONESTLY TRYING TO MAKE THINGS RIGHT THE ONE THING I AM UN SURE OF IS THAT IF YOUR CREDIT IS NOT PERFECT YOU MAY NOT GET A REFINANCE DOES ANY BODY KNOW IF THIS IS THE CASE WE HAVE BEEN WAITING FOR SOME KIND OF ANSWER SENSE MARCH,

234. seattlegary on June 22, 2009 1:52 pm

     We’ve been dealing with BofA, trying to get an MHA refinance; we do pay PMI. BofA is telling us the govt has pushed back the timeline for loans-with-PMI eligibility to July 8 (it’s been pushed back several times already and I expect it will be pushed back again once July 8 rolls around).

     Hope that helps…

235. Loan Modifications Up 57% Quarter-over-Quarter | Free FHA Loan Advice on June 25, 2009 5:07 am

     [...] Streamlined Modification Program started in November 2008, but does not include volumes from the Home Affordable Modification program (HAMP), which was announced and was still in development in March 2009. “The use of serious loan [...]

236. Jesse on July 1, 2009 9:31 am

     Need help, I am the on a loan with another person who does not live in the home and now wants out of the loan. So basically I will be stuck paying for a 2800 loan that I will not be able to afford. How will this qualify for the modication, if there are two names on the loan but only one will request the modication. I dont want to loose the home or screw up my credit.

237. Christy on July 4, 2009 9:01 am

     I contacted citimortgage and they told me that although my mortgage is owned by freddie mac, Freddie mac did not provide my loan with an eligibility code and therefore is not eligible for a MHA refinance. I meet all criteria that I can see, why would this be?

238. Billy on July 8, 2009 10:21 am

     Just wondering if there is an availability timeline for the MHA plan. Does anyone have any idea of how long this plan is going to be available? Bank of American said they werent sure. I’m in a difficult spot personally right now and need for it to be available a few months down the road from now. Are they just going to offer it until the bail out $ to the banks run out?

239. Debbie on July 9, 2009 7:31 am

     My understanding is that it will be available until June of 2010. At least, that is what President Obama said in his speech when he announced the plan.
     I have been trying to refi for 3 mos now with Wells Fargo. Since then the interest rates have gone up. They don’t tell me if I’m locked at the lower rate when I started the process and they added terms I did not agree to such as an impound account. I’m thinking about canceling the whole thing. Anyway, the process is a long, frustrating one.
     Has anyone else done a refi with Wells Fargo?

240. kathleen on July 10, 2009 10:09 am

     One of the stipulations is that you live in the home you plan to refinance. We lived in an apartment, and bought our home over a year ago. Because the house is basically unlivable, we’ve been in our apartment since then trying to get the place remodeled (i.e. livable.) We can’t afford rent, mortgage, and the amount of money necessary to fix the house. Do you think we’d still qualify?

241. Jim on July 10, 2009 11:23 am

     unfortunately, probably not, but it might be worth a try to call your lender and get the application, fill it out and see how it goes …

242. Carolyn Osborne on July 15, 2009 6:22 am

     My son is trying to get a refinance through Obama’s plan. He is with Bank of America and has a Fannie Mae mortgage. He’s not behind in his payments and this is his primary residence. He bought his house two years ago and is upside down and paying 6% Interest on his current mortgage. The person he’s dealing with at Bank of America keeps telling him to check back as the plan has not been passed yet. Is this true?

243. may on July 15, 2009 4:47 pm

     I recently apply for the home affordability plan tru my lender Indymac but did not qualify me because they said dont have enough income to qualify. Im planning to hire a lawyer because before I fell behind my mortgage I’m negotiating with them for the modification. What do I need to do?

244. Angie on July 16, 2009 9:25 am

     I, too, have my mortgage with Bank of America / Countrywide. I have been working with a HUD Counselor to get my loan modified, but all I get is the ‘run around’. B of A told me that they haven’t received the money for the Obama Plan - Making Home Affordable and their systems haven’t been set up to process anything yet. So in the meantime, we’re all just waiting for them to get their act together

245. T. Hess on July 17, 2009 9:59 pm

     Currently accepted into the trial for loan modification due to being out of work for 8 months. I have managed to keep my credit score above 700. Does anyone know how this program will effect my credit score. With 2 kids in college my credit score is so important, but at the same time I need the modification. Help?

246. Melissa on July 21, 2009 9:09 am

     Has anybody been able to refi through the Making Homes Affordable that has Private Mortgage Insurance (PMI)?

247. Tim on July 21, 2009 11:03 am

     Nope I have BofA and they have put me off for months with delays. The last email I received was that today they would roll out the program. However, this is the 4th time they have said this over the months.

248. Melissa on July 21, 2009 1:24 pm

     I’ve also heard “We are waiting for Obama to force the PMI companies to support the program” from Wells Fargo for months now. I’ve been waiting… and waiting… watching interest rates go up… This process is very frustrating and doesn’t even seem to help the people that really need it.

249. Jean on July 21, 2009 3:00 pm

     Wells Fargo approved a modication for me before the MHA plan, but what’s most important to do during the “trial period” is to make sure you bank the money that equals your full payment. If your loan is not modified you will owe all that money back to them in a repayment plan. Which at that point, will be your regular mortgage payment PLUS the amount you owe divided by how ever many months they approve the repayment to be spread out. I know someone this happened to so be careful! Nothing is approved until you have it in writing, no matter what they tell you!

250. carol keyes on July 22, 2009 6:44 am

     I WOULD LIKE TO SAY THE THE MAKING HOMES AFFORDABLE PLAN IS A CROCK WE APPLIED FOR IT 4 MO AGO THROUGH US BANK THEY SENT US A COMFIRMATION LETTER THAT WE DID QUAILIFY FOR IT THEN YESTERDAY WE FINALLY GOT A E MAIL SAYING WE DO NOT QUAILIFY FOR IT THAT WE ARE ALREADY AT OUR 31% EVEN THOUGH OUR INCOME HAS BEEN DECREASED BY 400.00 DOLLARS A MONTH NOW WE ARE 3 MONTHS BEHIND AND NO WHERE TO TURN I HAVE EMAILED OUR LOCAL CONGRESSMAN AND THE PRESIDENT TO SEE WHAT TO DO NOW WE WILL SEE IF I GET ANY RESPONSE.

251. Stephanie on July 22, 2009 8:08 am

     Carol - Are you at 31%? It is easy to determine… If your lender is wrong, that is not a problem with the plan just a mistake on the lenders part. I just completed the trial period and was just notified that we were approved for a modification through the MHA program. I think the plan is great, it has helped my family so much… My advice to others is to be persistant with your lender, do your research, and know the information on the plan so that if the lender tells you something that is incorrect you can let them know. At this point the plan is so new, and the lenders have had to hire new staff to help a lot of the people don’t know all of the details. It is up to you the homeowner to be informed. I recommend the website loansafe.org for connecting with other homeowners and experts to get answers to your questions about loan modifications. My advice to Carol is to call your lender, if you are at the 31% tell them that you still can’t afford your mortgage and you need them to work with you because you want to stay in your home but cannot continue to as is…

252. carol keyes on July 22, 2009 9:28 am

     I AM NOT REALLY SURE WHAT TO LOOK FOR ON THE LOAN SAFE WEB SITE
     SENSE THE BANK HAS ALREADY CONTACTED ME NOT SURE WHAT TO DO NEXT CAN YOU HELP ME

253. Stephanie on July 22, 2009 9:41 am

     Hi Carol - Sorry about that… On loansafe.org, I use the forums… It’s a little weird and hard to get used to the format, but if you can find a thread from people with your lender, those are the people you want to connect with. My lender is Aurora. I was able to talk to other homeowners trying to work with Aurora and find out what works, what phone numbers to call, what other people are hearing from Aurora, etc. If you feel like you need more help, which it sounds like you may… You should call 1-888-995-HOPE (4673), the help there is free and they can help you through the process and understanding your options. Loansafe.org would be good to talk to other homeowners, like if you really don’t qualify for MHA then what are your options. I highly recommend the http://www.makinghomeaffordable.gov website also. On there you should be able to determine if you are eligible…

254. Stephanie on July 22, 2009 9:47 am

     Also, your lender should be helpful… I don’t know the specifics of your situation, but I can tell you in my case, I’m from Sacramento, CA, property values have just nose dived. I bought my home in 2006 for 320k and I’d be lucky to sell it today for 180k. My mortgage is 280k, so the bank doesn’t want me to foreclose… But I was able to call my lender and ask questions, I was sometimes surprised at their answers, I felt like they were really trying to help me. So that is your other option call your lender ask to speak to the loss mitigation dept and tell them your story. I was not behind on my mortgage either, never pay late… It was my feeling that the lender was very helpful and easy to work with.

255. jan on July 22, 2009 4:30 pm

     I think Stephanie has a very naive picture of the whole process. It is not possible to qualify for a refinance if one has a PMI, All the banks combined have only refinanced 200 000 homes where they where supposed to do 5 million, that shows how difficult it is to really get it done. To call the loss mitigation department only helps if you do not have a PMI, are behind on your loan, loan to value less than 105%, pluss a host of other criterias. It is just not as easy as Stephanie says it is.

256. Stephanie on July 22, 2009 4:36 pm

     Jan, I wasn’t talking about the refinance portion of the plan… I did a modification. I’m not saying it is simple, but I am saying you need to educate yourselves with as much information as possible before you just throw your hands up and say the plan is horrible or whatever. Seek out the answers… If you don’t qualify, then you don’t… I haven’t done much research on the refi side of the plan, but I do know that the 105% was increased to 125% recently and the government has been making changes to the plan as they deem them necessary. There are a lot of homeowners, me included, that are being helped by this plan. I am not naive, I’m an educated person who has done my homework on the plan as it pertains to me and my situation. Quite frankly I think that a major problem is that the people that can benefit from this are not intelligent enough to figure it out.

257. Stephanie on July 22, 2009 4:49 pm

     T. Hess- As far as your credit score, it will likely go down. I’m waiting to see what the longterm effect will be on mine. My lender reported the trial modification period as “paying based on a modified agreement” or something along those lines. Two of my credit scores tanked down to the low 600’s, but one is still up at 750. I have my credit reports all printed out and plan to write letter to the two agencies where my credit score is now very low to show them that I actually always paid on time and my loan was in fact modified, I expect to receive my new loan documents any day now.

258. carol keyes on July 23, 2009 6:37 am

     WELL I THINK THAT PEOPLE WITH PERFECT CREDIT ARE GOING TO HAVE THE LEAST AMOUNT OF TROUBLE PEOPLE LIKE ME THAT ARE REALLY STRUGGELING TO MAKE ENDS MEET THE PLAN IS JUST GOING TO MAKE THINGS WORSE FOR THEM .AS I SAT AND WATCHED THE PRESIDENT ON TV LAST NIGHT I COULDNT HELP BUT WONDER WHERE ALL THE HELP IS.
     I HAVE EMAILED EVERYONE I COULD THINK OF INCLUDING THE PRESIDENT TO ASK FOR HELP I WILL JUST WAIT AND SEE IF I GET ANY RESPONES FROM ANYONE.

259. Tim on July 23, 2009 1:19 pm

     The MHA refi plan is rolled out for people with PMI. It does exist, and I have been in contact with my lender about it at BofA. BofA just keeps pushing the date out. Why I don’t know.

     If loan does have MI, then the new loan is eligible for refinance after May 2, 2009, at which time MI will allow for lower coverage.

     http://knightlinesmtg.com/blogs/posts/105-financing-for-homeowners-looking-to-refinance

260. James Wirth on July 24, 2009 6:20 pm

     Hey all, I just created a petition asking Congress and the Treasury Department to provide a way for homeowners to post feedback and a way to keep lenders accountable. We obviously would need A LOT of signatures for it to gain any traction and I just posted it, but please add your name. UNITED WE STAND! http://www.petitiononline.com/afford/

261. Laura on July 27, 2009 10:42 pm

     Does anyone know if you are in the middle of a refinance and then found out about the loan modification, would I be able to stop the refinance after signing, but within the three day rescission period, and then start on the loan modification program? I started the refinance in April and just signed the papers. They never told me anything about the modification program.

262. carol on July 28, 2009 6:43 am

     I HAVE HAD THE WORST EXPERIENCE WITH MY MODIFICATION
     US BANK TOLD US WE QUALIFIED FOR IT THEN 4 MO LATER THEY SENT US A LETTER SAYING SORRY YOU DONT QUAILFY WHAT DO YOU DO I HAVE WMAILED THE PRESIDENT AND MY LOCAL CONGRESSMAN TO SEE WHY WE WOULD NOT QUALIFY WE MEET ALL THE REQUIRMENTS DOSE ANY ONE KNOW

263. Melissa on July 28, 2009 11:29 am

     Hi Tim, The HARP (making homes affordable refinance) is supposed to be offered to borrowers with PMI (private mortgage insurance)… But the fact is - They are not. BofA keeps pushing the date, Wells Fargo is mum, Chase isn’t saying anything… See the below article. Hopefully they can get it figured out soon. Has anyone had any success stories of refinancing with PMI using the HARP program? If so, please let us know what lender.

     http://www.abc2news.com/content/financialsurvival/yourmoney/story/4-new-rules-for-refinancing-your-home/G-fwhs_PJki2wRylrMBF4g.cspx

     I’m only referring to the Refinancing (HARP) program, not the Modification program.

264. James Wirth on July 28, 2009 11:50 am

     We really need to bring our voices together all in one place and show that there are enough people out there that are having bad experiences with the lack of participation with these programs. If lenders really are modifying mortgages, I think they need to tell us and if there are additional qualification requirements that are affecting homeowners we need to know that too. Guys, please sign the petition! We’re off to a slow start but once we gain momentum and have hundreds of thousands of signatures they won’t be able to turn a blind eye: http://www.petitiononline.com/afford/

265. Dale Monroe on July 28, 2009 12:14 pm

     It is my understanding the president Obama’s plan is not working as originally thought. It appears home owners need all the help they can get.

266. Melissa on July 28, 2009 12:55 pm

     I signed your petition James. Thank you for getting this started. Hopefully more people will sign it (and not just complain on these message boards) so we can get our voices heard. I’ve been on other blogging sites and I’ll post the link there as well.

     Carrie

     http://www.petitiononline.com/afford/

267. carol on July 28, 2009 12:55 pm

     I AGREE WITH JAMES WE SHOULD ALL STAND TOGETHER AND NOT LET THE BANKS GET AWAY WITH IT PROMISING FALSE HOPE FOR PEOPLE I AM ALSO ONE WHO HAS PMI AND GETTING NO WHERE BUT KICKED TO THE CURB

268. Liz on July 28, 2009 7:55 pm

     We have just completed our third trial payment…but have not received the final modification documents. The servicer is clueless. Each time we call we get the runaround. This is so stressfull.

269. Tim on July 29, 2009 12:08 am

     Thanks for the article Melissa. Funny.. sad.. and expected, unfortunately.

270. Pat on July 29, 2009 5:24 am

     I think the petition is a good idea, but any people may hesitate to have their full name displayed. I know that’s true for me.

     If it’s possible to set it up so only the first name, or first name plus last initial, is visible in the public site, that would probably help. Then the person’s full name could be held privately so only government officials could see them.

     Also, to be most effective, it’s possible the petition should include the person’s state and town and city.

     Good luck!

271. Pat on July 29, 2009 5:25 am

     That was supposed to say “… but many people…”

272. James Wirth on July 29, 2009 2:21 pm

     Pat, thank you for your comments on the petition. I carefully weighed whether or not to display names and decided to show them because it adds strength to the petition. I was also selective in my wording not to disparage the government’s efforts or make unreasonable remarks or demands, so that individuals would be comfortable signing the petition.

     Having said that, the petition does not prohibit someone from endorsing with, say, their first name and last initial. By comparison, a notice of default filed by a lender after 90 days of delinquency is public record that includes full owner names, the address of the home, details of the loan amount, etc. If people are concerned about the effectiveness of the Making Home Affordable programs, I hope they will add their voice.

     Please add yours if you are comfortable doing so. Thanks!

273. James Wirth on July 29, 2009 2:24 pm

     Here’s the petition in case somebody didn’t see it: http://www.petitiononline.com/afford. Thanks!

274. cheri on July 29, 2009 11:30 pm

     I hired an attorney and that was back in march, they said i would get my money back minus 500 dollars after 120 days with no results,, well now they are avoiding my emails to honor their contract,,
     we bought in 2005 for 455.000 now it is worth 230.000, we are struggling even though we make 5,500 between the two of us, we are in an interest only loan till february 2010, the attorney had told us being we are never late on mortgage, that we show no hard ship,, but we are late on everything else, it came to the point this month either i pay my car or mortgage, and being behind on car payments i had to pay the car, now we are late on mortgage and very scared, the bank gave me a number to call for bank of America,, and they asked some quick questions about credit card debt and bills, then they said after all our bills were paid, we had 500 dollars left over a month,, but they didnt count health insurance and children needs like clothes ect, or toiletries,, i feel we have nothing left,, and we are living frugally, my car is older, and have been budgeting,, so the bank tells me on the computer there are no options for me?? i was a little upset, we cant continue to live like this, but if we can get modified and some relief for a few years that would help being we are so in debt, The woman at the bank told me not to stress about it and she is sending me some papers to fill out on our financial status,, has anyone been modified that was originally told by the computer they had no options for them?? and was it because of the 500 dollars a month positive after bills were paid?? and how do i know who my lender is?? the bank wouldnt tell me?? I dont think its fannie?? Is there any hope for us?? thanks

275. carol on July 30, 2009 11:49 am

     WELL CHERI DONT FEEL BAD WE ARE IN THE SAME BOAT I FINALLY CONTACTED FREDDIE MAC THE OWNER OF OUR LOAN THEY DID GET BACK TO ME AND SAID THEY WOULD SEE WHAT THEY COULD DO I ALSO CONTACED OUR CONGRESSMAN TO FIND OUT WHY THE BANKS CAN GET AWAY WITH KICKING PEOPLE TO THE CURB SO I WILL WAIT AND SEE WHAT HAPPENS

276. Julieta M. Castro on August 2, 2009 10:50 am

     I lost my job in Janaury’09, I was pre-qualified by a financial advisor for OBAMA HAMP so I hired them to do proccess for me. I had finished 3 months trial period payments last June but i have not gotten the final approval yet from lender. I have been in close communication with my advisor but i am contacting my lender myself also, but everytime i called Chase they always giving me a run around and always a negative feedback, they even told me that I am in danger of loosing my house because i am making the right amount of my monthly payments. I inform my advisor regarding these and they advised not call Chase for whatever reason just leave it them and they will just give me the updates and just wait for final approval of modification in the mail. My financial advisor told me that Chase had asked for one more payments before they could finanlize the modification, so i sent the 4th trial months. After sending the fourth trial payment, instead of receiving the final approval of modification, i received a notice of default payment accumulated for 4 months, and Chase doesn’t even counted or applied the four months of trial period payments that I had made. I forwarded this notice to financial advisor but told me to ignore this notice because they are in close contact with Chase and even told me not to send payment for the month of August and i would be receiving the final approval these coming days and i would be starting the new payments by September.

     I am very confuse now and I do not know what to do because as far as know after receiving the notice of default, foreclosure is next and the lender can sell your house any time they want. Should I follow the advise of my financial advisor not to make payment for the month of August?

     I am so scared now please I need your advises. Any advise can help.

     Sincerely,

     Julieta Castro

277. cheri on August 2, 2009 11:49 pm

     I dont know?? i dont think any comapny can tell you not to pay your mortgage?? at least legally,, I would be weary of that,, I have heard stories of this where the mod companies tell you not to pay, and people end up loosing their homes,, a reputable legit mod comapny will not tell or advise you to not pay your mortgage,, its against their codes,, you should go to http://www.laonsafe.org they have lots of mods and attorneys over there helping people and aswering their questions please go there and ask CAT hes a modifier and very legit,, and gives free advice on his site

278. cheri on August 2, 2009 11:49 pm

     whoops i spelled the site wrong!! try this
     http://www.loansafe.org sorry

279. research paper writing on August 7, 2009 9:05 pm

     Well, I have been reading your blog posts daily and the reason I come on your blog frequently is its compelling content… Regards…

280. scott on August 9, 2009 12:42 pm

     I was wondering if anyone know’s when phase two of the obama plan is coming out because i have pmi

281. cheri on August 10, 2009 12:15 am

     what is phase two???
     wow I just heard we are going to have more foreclosures in 2011 than ever before,, scary!!!

282. ngan hang on August 11, 2009 6:42 pm

     wow, your blog’s content is very nice, i will come on your blog frequently.

283. Melissa on August 13, 2009 9:40 am

     The person at my local Wells Fargo office called me to tell me they are rolling out the MHA Refinance plan for people with PMI on 8/24/09. He was able to give me a Good Faith Estimate today. He told me that he will keep an eye on the interest rates each day for me because they went up in our area by .16 over-night.

284. Terri on August 13, 2009 10:11 am

     Would have been nice if they had the MHA Refinance plan in place for people with PMI when the rates were at 4.875 for a 30 year loan. I don’t see them going that low again.

285. Stephanie on August 13, 2009 10:20 am

     Have we heard “beggars can’t be choosers?” We are all so fortunate to have any help at all… A 4.875 interest rate is great and if you had equity in your home you could have refi’d then… But you don’t and you and I and the rest of the people on here are so fortunate to have MHA to help us in this time of need to refi or modify our home loans because we were or are in over our heads. So be happy with the 5.25% rates of today, because I’m sure it is better than whatever you have… I just wish I saw more people being thankful, rather than being angry about the program not helping them, or not fast enough, or not good enough… We are soo fortunate to have this program. Without it my family would really be struggling… Thanks Obama, you are doing a great job!

286. Terri on August 13, 2009 10:26 am

     If you read the majority of the comments on this blog, most people have not been helped at all! I think Obama is an idiot. This healthcare plan he is trying to endorse is just ridiculous. Forclosures are at the highest they have ever been and I personally have not heard of one single success story through the MHA plan online or in person b/c of all the red tape and b/c the plans are so vague and very confusing. A 5.25 rate would not be worth it for me to refinance. A 4.875 would have. I was just stating it would have been nice if the plans were clear cut from the beginning and was eligilbe for those who had PMI which are the ones that need refinacing the most. Take it as you want. I still think Obama doesn’t know what the hell he’s doing. But, that’s my opinion. Take it or leave it. I could care less.

287. Stephanie on August 13, 2009 10:33 am

     Oh if a 5.25% rate won’t help you then maybe you don’t really need help… Here is a success story for you… I was approved for a loan modification that took my IO loan at 7.25% down to 2% for 5 years and then will increase 1% per year until it reaches 5.25% and fixed for the remainder… It will reduce my payment over $700 per month and will pay principal, interest, and impound. I think although the process has been frustrating, the plan is really great and is helping families that are struggling and have an actual hardship.

288. Melissa on August 13, 2009 10:48 am

     I have a loan to value of 110%, great credit, and have never been late on a payment but I’m now in financial hardship… and getting worse. Wells Fargo estimate is my rate would be 6%. I have a credit rating over 720. I’m not sure why it’s higher then the websites list it.

289. Stephanie on August 13, 2009 10:51 am

     Probably because they don’t consider 720 great credit… But you should ask! It is your right to know… And if you have a sufficient hardship and the 6% isn’t going to cut it, inquire about a modification… That will bring your payment down to 31% of the borrower’s income before taxes.

290. cheri on August 13, 2009 5:20 pm

     the only people I see getting help are the ones who havent paid their mortgages, not the ones struggling to do the right thing,, its been hell trying to modify out of an arms interest only loan,, Economy is in the tank,, and only ones getting help are the ones who dont pay,, where the strugglers are struggling and cant get it,, thats Obama,, take care of the dependant future voters

291. Stephanie on August 13, 2009 8:14 pm

     I was modified and never missed a payment, always paid on time… There are others just like me so hang in there. Again I’ll recommend http://www.loansafe.org to connect with others from your lender. Use the forums they are great! Not all lenders are moving quickly, none of them are moving quickly actually… But I read an article saying that some of the largest financial institutions are implementing MHA the slowest… Including BofA and Wells Fargo, but be patient the government is working on the kinks in the system. There is help. Do your research, be persistent and patient.

292. Melissa on August 14, 2009 7:52 am

     He told me as far as the rates go, because my LTV is above 95% there are additional hits to rate… its not becuase of my credit score.

293. Stephanie on August 14, 2009 9:42 am

     Well, that is too bad, but it makes sense financially… If your LTV is above 95% you are more of a risk so just like a low credit score is risky, so is a high LTV %. Therefore either one would result in a higher interest rate.

294. T. Hess on August 17, 2009 7:12 pm

     Stephanie, its a month later but, thanks for your info on the credit scores. I figured they would drop. But, I’m hoping for a rebound. This was our 1st month in the trial period. It looks like a rolling 30 days late payment. If the credit drops at this point so be it. There is nothing I can do. After 9 months the savings are gone. Day to Day. I’ll look at the website you listed for my protection. Best of luck to all of you.

295. Mo on August 19, 2009 3:12 pm

     I am considering applying for the MHA Modification program (not the MHA Refinancing program )through BofA. When I called them to ask about the program they told me I did not qualify because my loan is not owned by Fannie or Freddie. This was an OUTRAGEOUS lie by BofA. I told them according to the site:

     http://makinghomeaffordable.gov/eligibility.html

     I certainly was eligible even if my loan was not owned by Fannie or Freddie. What a bunch of lying scoundrels at BofA. They obviously don’t want to participate in the program and will do or say whatever it takes to dissuade their customers from applying for a modification even after receiving $45 billion in taxpayer funds. What bums.

     BTW this site:

     https://www.hmpadmin.com/portal/programs/hamp.html

     has a lot of useful information. It is basically a site by the gov’t for the lenders. The docs that you see there are the ones that they are going to send to you so you can see exactly what you are getting into. For example for those who are afraid of having their credit score take a hit it states very clearly that:

     CREDIT REPORTING. During the trial period, we will report your loan as delinquent to the credit reporting agencies even if you make your trial period payments on time. However, after your loan is modified, we will only report the loan as delinquent if the modified payment is not received in a timely manner.

     So buyer beware.

296. Karen on August 20, 2009 9:31 am

     In January of this year, my Freddie Mac home loan was transfered to Wells Fargo. It originated with TBW. In April, I applied to refinance my loan at WF through HARP. After 5 months of going back and forth, trying to get the status of my application, I was just told that Wells Fargo is rejecting it becuse my loan did not origate with them. WTF? I had no say in Wells Fargo taking over my loan in the first place. Can I go back to Taylor Bean to refinance my loan under HARP or am I totally out of luck here? Do I have any other options?

297. Ace on August 24, 2009 8:42 am

     Just got a call from my guy at WF. Phase two is in the system, and they are getting trained today. Maybe now we can get some refis with PMI done.

298. Dave on August 24, 2009 2:54 pm

     I just spoke to a couple reps from Wells Fargo. The first person said I did not qualify for the program, but said he couldn`t tell me why. The second time I got someone who was a little more help, but again, said I was denied. She also said that having PMI makes me ineligible. It looks as though either not much has changed, or they need to complete their training. This is getting really pointless, and I am about to be in real trouble if something doesn`t change soon.

299. SUCCESS???? WF Finished Trial -IN HURRY UP AND WAIT MODE - Loan Modification Forum - LoanSafe.org on August 24, 2009 3:20 pm

     [...] Re: SUCCESS???? WF Finished Trial -IN HURRY UP AND WAIT MODE Here is the link…just go to the bottom of the page and you will see the comment made today. Making Home Affordable Plan Expected to Help 4-5 Million Homeowners Refinance | Zillow Blog - Real E… [...]

300. John on August 24, 2009 11:28 pm

     Hello,

     I would like to get some advice or feedback on my situation and how Citi Mortgage handled my loan. I have been in foreclosure with an auction date set. I have been in contact with Citi Mortgage asking them what are my options. Well about 3 weeks ago I called them and spoke with an agent about my options. He said that I would need to find a job making at least $10.00 an hour so that my new monthly payment would be around $500.00 a month compared to $900.00 a month. So then a week later I called back to see what was going on with my loan and he also stated the same thing as the first agent I spoke to a week earlier. He also said that it is supposed to go to auction on Wednesday. I called him on a Friday, so in about 5 days. So on Monday I called them and told them that I have found a job making $14.00/hour and just need to know what to do now.
     The agent put me on hold as she needed to get approval from a manager. She came back on the phone and said that I needed to make a months payment which was $900.00 and it needed to be on that day. She also said that she can’t accept payments but the department that does would be calling me back in a few hours. This was about 11:00 am on Monday. So I told her ok, let me get off the phone to make some calls. So I listed my car on CL and had it sold with cash in hand by noon. Called them back to let them know that I have the money and the agent said that someone will be getting a hold of you in a few days. I told her that it is supposed to go to auction on Wednesday and she said that it was next Wednesday. Well I had two agents tell me that it was this Wednesday. Anyways I waited to hear from them and never did so I called them back on Monday to see what was going on. Well they asked how much money could I put down and I told them that I had already discussed this with one of the agents and they said that I needed to come up with a months payment. So the agent added this to the notes on my account and told me to call back tomorrow. So I called back the next day and they basically said that I didn’t qualify for a loan modification because I had to much equity in the house and unless I could come up with all of the past due, they couldn’t postpone the auction, therefore the house would be sold. I have been in the house for 10 years and had planned to stay in it therefore never packed anything. Well of course the house sells on Wednesday and on Friday I get a letter taped to my door stating that I needed to get out and that the eviction process has started. I just want to know if this has happened before and is this legal or normal practice.

     Thanks,

     John

301. Marcia West on August 27, 2009 8:47 pm

     I have lost income and find myself in a position where I won’t be able to make my mortage payments (I have a second) I am reseaching all options and it looks like my only option may be with a HARP.

     Does going with this option in any way affect my current high credit score?

302. James Wirth on August 27, 2009 9:59 pm

     Marcia, the program itself shouldn’t have any impact on your credit, as long as you make it through the process without being 30 days or more late on your payment. The Making Home Affordable Refinance Program allow for more lenient guidelines when it comes to the equity in your home, but will show up as a traditional refinance would on your credit. It really comes down to making the payments on time, and the refinance is subject to whether the 2nd lien holder will allow it. Good luck, I wish you the best!

303. carol on August 28, 2009 11:53 am

     I HAVE TO SAY THAT AFTER MONTHS OF FRUSTRATION FANNIE MAE SENT US SOME PAPER WORK TO HELP WITH A LOAN MODIFICATION I THINK I EMAILED EVERY PERSON I COULD THINK OF INCLUDING THE PRESIDENT TO GET SOME ANSWERS ON THE MHA PLAN WELL I CAN ONLY HOPE IT TURNS OUT BETTER THE SECOND TIME AROUND.

304. Ace on September 2, 2009 11:12 am

     I’m happy to say that I just got off the phone with my WF guy, and I am able to refi with PMI at a rate of 5.375 0 points. Total closing will be about $2800. I was pretty pissed until now, but now I am pretty pleased. I urge everyone to be persistent. I called everyday for the last 4 months, and am finally getting some resolution.

305. HEATHER PANTELIDES on September 9, 2009 6:40 am

     I WENT THROUGH A LIFE CHANGING DIVORCE BROUGHT MY HUSBAND OUT OF THE HOUSE. I WAS PRESENTED WITH A COUNTRYWIDE MTG AT 6.25 THAN REALIZED SEVERAL MONTHS LATER THE INTREST RATE WAS 8.75.
     COUNTRYWIDE LOAN NOW BROUGHT BY BANK OF AMERICA. I HEARD ABOUT
     AFFORDABLE HOME LOAN I NO I QUALIFY. MAILED IN ALL NESSASARY
     DOCUMENTATION. STILL FIND THEY ARE LAGGING. I GET MOVED TO SEVERAL DEPARTMENTS AND NO ONE SEEM TO HANDLE OR AS I WAS TOLD
     THERE JUST SETTING UP FOR THAT PROGRAM THIS WEEK 9/9/09 I FIND
     THIS HARD TO BELIEVE. WHAT SHOULD I DO?

306. HEATHER PANTELIDES on September 9, 2009 6:46 am

     BANK OF AMERICA ONE OF THE AFFORDABLE LENDERS REPS TOLD
     THEY DID NOT GET THE PROGRAM YET THEIR NOT SET UP FOR IT. THE PROGRAM HAS BEEN OUT FOR SEVERAL MONTHS WHAT ARE THEY WAITING
     FOR THE PROGRAM TO END!

307. carol on September 9, 2009 6:49 am

     SPEAKING FOR MYSELF IT HAS TAKEN ME 6 MO TO GET ANYWHERE WITH US BANK ITS ONLY BEEN IN THE LAST COUPLE OF WEEKS I AND RECIEVED ANYTHING FROM THEM THEY WENT OVER MY HOUSEHOLD FINANCES AGAIN FOR THE 4TH TIME ON THE PHONE AND SAID THEY WOULD WORK ON IT IT BEING A LOAN MOD AND THEN THEY SAID DONT EXPECT ANYTHING TO HAPPEN OVER NIGHT SO I THINK YOU HAVE A LONG WAIT BUT MAKE SURE YOU ARE NO MORE THAN 3 MO BEHIND ON YOUR PAYMENTS IF YOU ARE THEY WILL MAKE YOU CATCH UP TO AT LEAST 3 BEFORE THEY WILL EVEN WORK WITH YOU YOU REALLY HAVE TO BE PERSISTANT
     CALL THEM EVERY DAY E MAIL THEM WHATEVER IT TAKES TO GET A RESPONSE WELL GOOD LUCK

308. Sheryl on September 9, 2009 12:14 pm

     My bank sent me a foreclosure letter when I was 55 days late on my payment. Since there are now two months due, they say they will not take just one month payment at a time and I have to make both payments at the SAME time. Since I don’t get paid until 9/30-I will be 90 DAYS past due before I can make both payments at the same time.. This really really worries me. Also I qualify for the modification since i got a divorce and now my house payment/ins/taxes are almost 65% of my monlthy earnings…but my bank says they don’t participate in the Home Affordable program and say they have no other options for me!! I am scared!!! Cam anyone give me any advice??? Thank you

309. carol on September 9, 2009 12:48 pm

     TO SHERYL WHO IS YOUR BANK

310. Sheryl on September 9, 2009 1:07 pm

     Carol, it’s Security State Bank in Littlefield Texas. I am pretty sure they didn’t get any Tarp money…

311. Susie on September 9, 2009 1:11 pm

     Where is my question?? I guess I will retype it.

312. Susie on September 9, 2009 1:42 pm

     My situation is unique. My story began in April 08. I called and asked for a loan modification due to a hardship. I have an email from the lady I spoke with stating she received all the stuff I sent her. In July the mortgage company filed for foreclosure stating we had not spoken to them in a year, when I told the guy I spoke with ## in April he then says, oh, it is because you didn’t send all paperwork needed. I told him I have an email from her stating it was all received and we had been waiting for a reply from them. I was only 45 days late when I called them. I payed my March 08 payment in June 08 and part of April 08 with it. So 1 month after receiving that payment they filed foreclosure.
     In June 08, they had a middle man come and do a work out package with us (this makes #3 they had gotten since April as I emailed one and sent one via USPS). During this conversation to him in July I brought this up, he then proceeds to tell me they never received a work out package from the third party either. I at the time had a 3 way call with the mortgage company and the third party, she also told him, they had sent one.
     So anyway, with her saying that he said he won’t stop the foreclosure but for the 3rd party to refax it to him and he will consider it. However, he told us do not send in any more payments as they would be returned. At this point we knew we had no choice but to move.
     Well seeing as how I didn’t trust them, I bugged them over and over about it. In August 08 they told me yes, we were getting (again) a loan modification but we were to call back and speak to a specific about the specifics.
     So anyway after calling for days, we finally got ahold of that person. That person told us we had not been approved for one that he just got the packet on his desk that day. Then he goes on to tell us no we do not qualify. Although, my husband has gotten 4 raises since we took out the loan and we have less debt.
     So, we get out summons in Nov 08, we decided to fight it as it is unjust. We fell through the cracks and do not deserve this over at that point being 45 days late.
     So we went to court on our day, the mortgage company didn’t even show up, they called in to do a summary judgement. That ticked the judge off, so he denied summary judgement and set up a new date. This was for March 09. So we go to court again, I ask the mortgage companies attorney if we can do the Make Home Affordable Program, they tell us no. The judge decided to have us go to mediation. The mortgage company fought that, they lost on it. So we then go to mediation in August 09. Now after being $16,000 past due they decide to do a Make Home Affordable Modification and give us 3 weeks to come up with the $900 for the first trial payment.
     However, we have thought this over long and hard and redid the budget to make it work, and it looked fine, stretched (as we bought another place as we did not think the outcome would be this). Anyway, 2 days before I had to send the packet, my tire blew on my van, that cost me $150, and the belt on my engine broke, which cost me $75. So I called them and told them what happened and they said to send it as soon as possible.
     Now, my question is, if I bust my butt to get this money together am I just going to lose $3000? The place we bought has no house and we have been getting it ready to build something to live in. Should we gamble with this $3000 and give it to the mortgage company or should we just say enough is enough and take the Oct’s payment and start building until we have to get out?
     We want to keep the house to sell it to pay off the land we bought, but now they are saying we are past due $22,000, which I am assuming is legal fees too, but they are not including any money I sent in for April last year so wonder where that money went to.
     So we don’t know what to do, we are confused and stuck in the middle, the mortgage company does not give us any definite answers regarding anything.
     What would you do?

313. carol on September 9, 2009 2:57 pm

     SHERYL

     I HAVE NOT HEARD OF THAT BANK SO YOUR PROBLEY RIGHT ABOUT THEM NOT PARTICIPATEING WITH THE MHA PLAN I THINK THE ONLY THING YOU CAN DO AT THIS POINT IS CALL AND PLEAD WITH THEM TO WORK SOMETHING OUT WITH YOU DO THEY HAVE A LOSS MIDIGATION DEPT IF SO CONTACT THEM OR FIND OUT WHERE THERE CORP OFFICE IS AND CALL SOMEONE THERE THEY DONT WANT TO FORECLOSE THEY WILL LOOSE MONEY THAT WAY SO I WOULD GET ON THE PHONE AND CALL EVERYONE THAT WILL LISTEN ITS NOT LIKE ITS NOT A KNOWN THING THAT AMERICANS ARE STRUGGELING WITH THER MORTGAGES THERE WILL BE SOMEONE WHO WILL HELP YOU IF YOU KEEP BUIGGING THEM

314. Pat on September 13, 2009 1:50 pm

     I applied for a loan modification back in March through Bank of America due to my pay being cut. I also contacted my congressman after getting nowhere with the bank. My congressman filed a complaint through the Dept. of Treasury. I heard from Bank of America shortly thereafter that they will be contacting me about my request.

     On Friday, Sept. 11, they told me I didn’t qualify for the President’s program, most likely because I’m not late on my payments. They’ve offered me the option of partial payments for the next two months until they work out a modification. They’re supposed to send me the paperwork on Wednesday. Has anyone gotten this far with Bank of America? If so, how does the partial payment thing work?

315. Juliet on September 13, 2009 2:53 pm

     To everyone,

     I posted my situation 2 months ago hoping to get some feed back from anyone who were in the same situation like mine, but unfortunately I did not get any response. I am hoping I will get some attention this time. I will appreciate all your response
     even it is negative or positive.

     My situation is, I lost my job in Jan’09.Immediately after that I research about MHA plan. I thought we may qualify. My husband and I are in good credit standing 750/760 credit scores, we have no late house/bills/credit card payments.I was pre-qualified by a mortgage advisor so I hired them to do application for me in March’09. My lender is Chase, in April’09 we got the response, the 3 trial period payments starts the same month and now we are already made 6 months payments, but I have not received the final modification yet. Me and financial advisor are in constant communication with Chase, they told us to continue paying the trial period amounts and we will be recieving the final and approved modification soon. Chase even admit that they are so backed up and sounds like apoligising for the delay.I was not so worried about then because at least I receive a document Statement of Eligility for Loan Modification from them (Chase).

     My worries started in August, because instead of receiving the final appoval of our modification, we received a Notice of Default Payments accumulated for 5 months, and last Friday Sept 11 we received 4 registered mail, Notice of Foreclosure. A 30 day notice that if they do not receive the total amounts including penalties and charges accumulated for six months, they will start the forecloures.
     I immediately called my financial advisor and faxed the notice as I was so scared and I am panicking. My advisor told me that there’s nothing to be scared and caused to panic, because we have all the paper works/documents and we did everything Chase has told us to do, and they had acknowledge my eligibility for loan modification, and they accepting the trial payments. My advisor told also me that with all the documents we have rightnow, they can not foreclose my house. She almost assured me that foreclosure is not going to happen. My advisor told me also that what is happening is that the Lender’s Modification Department and Loan and Litigation Department are not communication, they were doing their own thing and it is SOP to Litigation Department to issue all the notices as soon you are delayed on payments. And in my case the litigation department is not recognizing my 6 months trial payments so in their records I was 6 months delayed which is not unusual for them since they are not in communication with modification department vice versa.

     I wish I could just listen and agree with my advisor just like that. But I can not. I am so scared to death now. I do not want to loose my house. I am so worried about our credit also, because as soon I received the defult notice, i checked my credit files. Surely, it was reported in credit bureaus that I was behind payments and our credit scores drastically went down. Soon after that i received a notice to my only credit card we are using that our credit line was cut off to the current balance, which is from &25,000 to $ 15,000.
     I closed all our cards consolidate in one card last year and now this is what happened. I could not beleive and accept all of these are happening to us now.

     So, if there is anyone there who has the same or similar situation like mine, please give me some advises and opinion and what shall i do now. Should I listen to my advisor and just continue paying the trial amounts and wait for the final and approved modification.

     Also, I want to hear from someone with similar situation like mine who waited that long and finally get the approved modification. And I want to hear also from those one’s who made an effort to pay the trial period payments but unfortunately in the end
     they were just denied the modification.

     Please, I want to near your responses and need your advises. I will appreciate all your responses, positive or negative. Thank you.

     Sincerely,
     Juliet

316. Juliet on September 13, 2009 2:59 pm

     To everyone,

     I posted my situation 2 months ago hoping to get some feed back from anyone who were in the same situation like mine, but unfortunately I did not get any response. I am hoping I will get some attention this time. I will appreciate all your response
     even it is negative or positive.

     My situation is, I lost my job in Jan’09.Immediately after that I research about MHA plan. I thought we may qualify. My husband and I are in good credit standing 750/760 credit scores, we have no late house/bills/credit card payments.I was pre-qualified by a mortgage advisor so I hired them to do application for me in March’09. My lender is Chase, in April’09 we got the response, the 3 trial period payments starts the same month and now we are already made 6 months payments, but I have not received the final modification yet. Me and financial advisor are in constant communication with Chase, they told us to continue paying the trial period amounts and we will be recieving the final and approved modification soon. Chase even admit that they are so backed up and sounds like apoligising for the delay.I was not so worried about then because at least I receive a document Statement of Eligility for Loan Modification from them (Chase).

     My worries started in August, because instead of receiving the final appoval of our modification, we received a Notice of Default Payments accumulated for 5 months, and last Friday Sept 11 we received 4 registered mail, Notice of Foreclosure. A 30 day notice that if they do not receive the total amounts including penalties and charges accumulated for six months, they will start the forecloures.
     I immediately called my financial advisor and faxed the notice as I was so scared and I am panicking. My advisor told me that there’s nothing to be scared and caused to panic, because we have all the paper works/documents and we did everything Chase has told us to do, and they had acknowledge my eligibility for loan modification, and they accepting the trial payments. My advisor told also me that with all the documents we have rightnow, they can not foreclose my house. She almost assured me that foreclosure is not going to happen. My advisor told me also that what is happening is that the Lender’s Modification Department and Loan and Litigation Department are not in communication, they were doing their own thing and it is SOP to Litigation Department to issue all the notices as soon you are delayed on payments. And in my case the litigation department is not recognizing my 6 months trial payments so in their records I was 6 months delayed which is not unusual for them since they are not in communication with modification department vice versa.

     I wish I could just listen and agree with my advisor just like that. But I can not. I am so scared to death now. I do not want to loose my house. I am so worried about our credit also, because as soon I received the defult notice, i checked my credit files. Surely, it was reported in credit bureaus that I was behind payments and our credit scores drastically went down. Soon after that i received a notice to my only credit card we are using that our credit line was cut off to the current balance, which is from &25,000 to $ 15,000.
     I closed all our cards consolidate in one card last year and now this is what happened. I could not beleive and accept all of these are happening to us now.

     So, if there is anyone there who has the same or similar situation like mine, please give me some advises and opinion and what shall i do now. Should I listen to my advisor and just continue paying the trial amounts and wait for the final and approved modification.

     Also, I want to hear from someone with similar situation like mine who waited that long and finally get the approved modification. And I want to hear also from those one’s who made an effort to pay the trial period payments but unfortunately in the end
     they were just denied the modification.

     Please, I want to near your responses and need your advises. I will appreciate all your responses, positive or negative. Thank you.

     Sincerely,
     Juliet

317. cheri on September 13, 2009 4:35 pm

     juliet how many payments were you behind?? i think on 3rd one the start foreclosrue, but hang in there, and get a modification attorney, we have one right now, but its been since april they have been working on it!! im ready to give up and ask for my money back,, i hear feldman law center is good, but they want like 3500 upfront.. they banks refused to help us because we were never late, now we are 2 months late,, I have recieved several letters from B of A offering to help us, even though i have an attorney, that told me to let her only deal with them. but you can call the banks and get help, my friend called chase everyday and got a 1 % for 5 years,, call them youself and dont give up keep calling and telling them you need help.. if you get no where in a couple weeks i would get an attorney.. but if you are current on mortgage payments, you wont get help !

318. Juliet on September 13, 2009 5:32 pm

     Cheri, thanks for your immediate response. I am basically not behind on monthly payments id Chase would consider the six months trial payments we made.
     I was current till March on our regular payments of $2,670.We applied the modificaton on March alsoand by April I received the HAMP document and start trial period payment on april 20, sent the documents rightaway together with 1st trial payment, now (Sept)we on Six months paying trial period payments of $1,860.00. So, basically I am not behind at all, if they considered the trial period amounts we are paying. I just can’t understand why chase sent me a forclosure notice. As far of HAMProgram documents it is cleary stated there once your in the program and followed the requirements they can not foreclosed your house. I do not want to call them because they are just giving me confusing answers a lot of time they themselves do not understand what they are talking about and transfered you to 3 to 4 people with no definite answeres ending up to tell you that their system was down call back later, that is why my agent always telling me not call and leave it them. But now i am thinkig bringing all my documents in one chase branch and talk to mortgage department. I can not afford to get modification
     attorney rightnow as i have no resources anymore, I already paid $3,750 to this company and told me worst come to worst they have lawyer to handle my case. Should I rely on that or shall I start doing myself, like you said calling the Chase everyday to get a result, but again the company i paid for saind they been calling twice a week to follow up.
     Thanks again, Cheri.

319. marilyn busby on September 13, 2009 8:16 pm

     My remarks are ditto to all of the above back as far as October when I knew I was going to be behind due to job loss in August. My post is not there as of Sept., 9, 2009 when we were foreclosed on due to comunication error with the servicier. They never sent us the correct paperwork for the trail plan and we were sending them up to date paper that they had called for. We thought we had 30 days before forclosure according to Birmingham Housing and a paper we filed with our probate court the Friday before. The attorney ignored and said the only we could keep our home was to bankrupt and we had 1 hour. We did this and tried to call and report the bankruptcy and we were told the attorney was a lunch. Called back to the secretary and she said we had missed it by 3 minutes. Cenlar bought it back fror themselves, so it was not a third party sell. Since we have called Fannie it is now in their name. We are with Chase who bought WAMU and have a fannie mae loan. I have been a realtor for 25 years and have never seen such lies and miss communication. My husband is disabled and we only bought a 139,000 house to fix up. We are in our late 50’s and will never be able to buy a home again. We would have never gotten behind if Cenlar had not said that we needed to be 3 months behind to help. We even qualified with just my husbands earnings. We called Fannie Mae and have a call into a level 2 person who cannot call us back for 72 hrs. Notes have been put on our windows and in our mailbox by the realtor to immediately vacate and the attorney sent us registered mail to get out in 10 days. On Thursday I had a complete histerectomy which had been scheduled for some time. I am a Colon cancer survivior and this was a must at this time. I can”t believe that the bank would want a run down home in the mid 100’s, but I guess this is the way the market is showing improvement. This price home is selling and the realtors need these types listings and the fixer-upper work for the construction workers. Please keep us in your prayers and maybe we can pull this one out. We were never late during the 9 yrs we have owned this home until I lost my job. The stress has caused me some terrible health problems and we have gotten bad legal advice form a non-profit HUD approved credit counseling agency. Please respond if you know of anyone we can talk to. After reading all of these comments since early year, I’m believing this Tarp money was to buy properties like ours. Sounds sinceable to me and makes the housing look like it is improving. Our Government is just full of lies and deciet these days. I am gaining my strength and am a determined person. I will fight this till I move and on a more humerous note the Realtor that put the note on my window and in my mailbox works at the same company that I have just been rehired at. I have known this broker and he is blown away about this treatment.

320. marilyn busby on September 13, 2009 8:22 pm

     Juliet, Allof your conversations sound a lot like ours. Please read my blog and e-mail me if you would. There is safty in numbers. Good Luck! Down on our luck down south, mbusby@bham.rr.com From marilyn

321. marilyn busby on September 13, 2009 8:29 pm

     John from August 27,2009. What has happened to you since your forclosure? We are in the same boat and I wrot in a comment on Sept 9 and it was not posted. I wrote in again today Sept.13. Please respond to Marilyn mbusby@bham.rr.com Thanks and good luck!

322. Pat on September 14, 2009 8:20 pm

     Marilyn, that’s just awful. If i were in your situation, I’d call the offices of my state and federal senators and representatives. This is not how the MHA program was supposed to work!

     Pat

323. Paul Dunn on September 14, 2009 8:50 pm

     Unfortunately, this plan has been a total bomb. I’ve gotten several calls on this and the stories I hear are all very depressing. The problem is that the program is not designed to help people and solve problems, but to make it look like “we’re busy, so we must be working”…

324. Rich on September 15, 2009 8:58 am

     Hi everyone, I have waited to post until I heard back form Wells Fargo. Nevertheless it has been a long time. Just to give a quick overview and catch everyone up, March 09 I started with the phone calls, got the same song and dance everyone else did. Had hope that in the coming days my lender would be participating in the “Making Home Affordable” plan. Kept calling, Kept trying to get answers April- June. Finally got someone on the phone who sent me an application. Filed out the application, sent it back , and got a call from a loan officer working for Wells Fargo. He went over my loan and quoted a rate 1.5 % lower than my current rate. “YEAH” finally, NOPE. He wanted me to pay 8,800 in closing cost .( This was no loan modification, this was an everyday typical home loan refinance ) The loan officer mentioned I did not qualify for a loan modification because my loan had PMI …My blood boiled and I gave up.

     Some time in August I was contacted by a loan modification company. I have heard in the news about predatory companies taking money for services the never provide, so I was skeptical. I requested a bunch of information and checked them out with BBB ; they provided prior clients as references. They checked out and had helped many homeowners with successful loan modifications, but they charged more than I could afford. The gentleman recommended another company that provides personalized bank ready loan modification packages, and forensic loan audits with a qualified written request with demands. What a mouth full ! Any ways they gave me everything I needed to get a loan modification done on my own. I printed out my package that night an the audit came 4 days later. I am proud to say I received a modification last Friday. The audit also enabled me to receive a refund of closing costs that were over charged at the time of closing. Stick in there, Don not give up.

325. Melissa on September 15, 2009 9:05 am

     Rich,

     Great News ! Can I ask for the name of the company ?

326. carol on September 15, 2009 9:13 am

     CAN I HAVE IT TOO!!!!!

327. Monica on September 15, 2009 9:24 am

     If I wanted to participate in the making home more affordable refinance plan could I go through a different lender then the one that I currently have?? I have been getting the run around with them and it seems like they are too busy to help.

328. Rich on September 15, 2009 9:31 am

     Melissa,

     I dont know if we are allowed to post this type of information, but they helped save my home so here it is. http://help4homeowers.com good luck Melissa !

329. Pat on September 15, 2009 3:38 pm

     Personally, I would be very skeptical about any company names or websites shared here that charge a fee for their services.

330. John on September 15, 2009 8:38 pm

     Hello Marilyn,

     I just read your comment and your situation does sound like mine. Well after I received the letters taped to the door, I called the realtor back a few days later to get information on what I should expect to happen. She was actually really nice and I could tell that she did feel bad. I explained to her my situation and informed her that I hadn’t planned on moving because the bank had lead me to believe that they were going to work with me. She said that I had anywhere from 30 to 60 days to move out and had informed me about the cash for keys program and could expect around $1500.00 if the house was left in “broom swept” condition. She had also said that Fanny Mae would be contacting me in the future.

     Well just yesterday I received a letter from them explaining the “cash for keys” deal and another option to rent it out month to month while it is being listed for sale. So like you my house was not bought by a third party but by Freddie Mac for $122,000 which I think my first was around $116,000 and a second around $16,000.(not sure what will happen with the second). Anyways back to the cash for keys letter; they basically said that if I move out in 1-30 days (I am assuming from the date of the actually signed paperwork) that I would receive $4000.00 and if I left in 30-60 days that I would receive $2000.00. This was a lot more than I had expected. On a side note and referring to Murphy’s Law. When my mortgage company said that if I came up with the 1 months payment that they would postpone the auction I listed my car on Craig list and sold it pretty cheap knowing that it would sell within an hour of me listing it which it did. I didn’t want to sell the car and never would have if I knew that they weren’t going to postpone the sale. That is what really made me mad.

     Well just about a week ago my jeep’s engine blew up which meant that I had to replace it ASAP because I am suppose to be moving out. So since I sold my car, I have no means of transportation to get the parts to fix my jeep. Along with trying to get the parts to fix my jeep, I have been looking for a cheap (free-$900) car to get me by for the time being. Now I sold my car for $900 and it was a 1999 infiniti G20 that ran great, was in good shape but needed tires, but had ice cold AC which means a lot in AZ. After searching for a cheap car and finding no deals like I gave someone, it just adds to the hate I have for CitiMortgage and I don’t hate to many things, maybe except lima beans.

     But after receiving the letter from Fannie Mae regarding the cash for keys program and knowing that I have basically up to another 60 days of shelter I don’t feel as bad as I did before.

     One thing that I don’t understand is why they didn’t work with me to keep me in the house instead of them buying it at the auction. I thought that that was what all these programs were for. Instead sounds like they are taking there bail out money and going into the real estate market by buying and reselling homes. Since they are actually the ones that decide whether you will qualify or not for the said programs.(so I was told).

     Sorry for the long reply, I guess I am just venting a little. You should check into the cash for keys as it is better than nothing and could possibly buy you some time. I hope everything works out for you and your husband.

     Thank you very much for responding and I really do appreciate your feedback. Oh, and if you have a really cheap car for sale, I might know someone who is interested.:)

     Thanks again,

     John

331. Elaine on September 16, 2009 4:02 pm

     Has anyone had a positive experience with Bank of America? I’m feeling discouraged about continuing to call to find out when phase 2 of the refinance plan will go into effect–I’ve been calling–and been put off–since April–and wonder if the aggravation will be worth it??

332. Riley on September 20, 2009 11:40 am

     Hi Elaine,
     In answer to your question about Bank of America there are maybe 4% who are satisfied. At least I think that was the percentage of homeowners that the bank allowed modification on their loans. I called them in April for the HARP plan, and was told to wait until July 15th. Only now it is September 20th, and still waiting.

     The answer really lies in government regulation because the banks will not be modifying any loans when there is more profit to instead go into the real estate business with our tax dollars.

     Please check out the website http://www.LoanSafe.org for more information and also read about other homeowners’ struggles to keep their homes.

     Thanks,
     Riley

333. When Does Obama’s “Home Affordable” Refinance Program Really Start, and How Will It Work? | Zillow Blog - Real Estate Market Stats, Celebrity Real Estate, and Zillow News on September 21, 2009 11:24 am

     [...] Making Home Affordable [...]

334. Please Advice what to do? - Loan Modification Forum - LoanSafe.org on September 26, 2009 5:44 pm

     [...] The link below may help you answer your questions: For HARP - Home Affordable Refiannce Program Making Home Affordable Plan Expected to Help 4-5 Million Homeowners Refinance | Zillow Blog - Real E… For HAMP Home Affordable Modification Program https://www.hmpadmin.com/portal/programs/hamp.html [...]

335. New Loan Modification Program « ALL ABOUT…..Portland.Oregon.Real Estate on October 18, 2009 10:27 pm

     [...] qualify to refinance under President Obama’s Making Home Affordable plan , see more info on the Obama refinance plan, you might still have a chance to lower your monthly payments by doing a loan modification. [...]

336. Cary Fl on October 21, 2009 1:51 am

     To all of us victims of the economic crisis that will continue to grow.

     Wake-up we’ve been had!!!!!!! By those those who we put into office. I have a Ginnie Mae insured loan and same here have been told I did not qualify. By guess who? You guessed the Bank of America goons.
     I have called them since February of 2009 and yes I was told by a guy Oscar Pardo that I was not 90 or more days past due. Get this he was only going to be able to reduce interest .5% I told him to stick it.

     I finally missed my 1st payment in September I paid in mid October. I am now struggling to get payment before end of month because supposedly if I am late again I will not qualify for any mod program.

     Bank of America is so full of **** , after reading and reading for days now. I feel like taking my house payment and giving it to an attorney and file bankruptcy; maybe this way I will solve my housing issue.

     Welcome to what our government is gearing up to do with us. We are on a one way to communism but a little more modernized dressed up in what is called economic depression; after all who really created the monster. Enough people lose their homes and no jobs you have no other choice but to live in government housing and work jobs the government creates. WAKE-UP!

     As someone said earlier power is in numbers; think about it say you live in a city with 50,000 residents each and every person stops paying rent, mortgage then what? Do that simultaneously throughout the state and complete chaos will erupt. Wishful thinning as a society we do not retaliate in large numbers.

337. 100mortgage on October 24, 2009 5:50 am

     I have big sympathy for people like Cary FL who are struggling to pay their mortgage, and the bankers get big bonuses - how is this fair and why is it allowed?

338. lorraine wallace on October 26, 2009 11:40 am

     I know that there are scams out here for people looking for help. I tried to get a modifacation. they wanted to charge me $2800 a month. Tamara didn’t know this mortage was bought by Chase. Please help me save my house. I have given them $1600 so
     far.

339. Smith on October 26, 2009 6:12 pm

     http://www.foreclosurepreventionplan.com/

     Free Grants and Loans

     Regards

340. carol on October 27, 2009 6:45 am

     I JUST WANT TO SAY THAT WE HAVE TIRED EVERYTHING FROM THE MHA TO THE LOAN MOD WITH US BANK THAY HAVE TURNED US DOWN FOR EVERYTHING WHAT IS A PERSON TO DO WE ARE NOW 4 MO BEHIND ON OUR PAYMENTS THEY HAVE NOT SENT US TO FORCLOSURE YET BUT YOU NEVER KNOW WHAT WILL COME IN THE MAIL THEY HAVE BEEN EXCEPTING OUR PAYMENTS EVEN THOUGH WE ARE BEHIND I AM GOING TO TRY THE WEB SIGHT THAT SMITH SUGGESTED SEE WHAT HAPPENS THEY SAY OUR DEBIT TO RATIO IS ALREADY AT 31 PERCENT WHAT DOSE THAT MEEN DOES AMY ONE KNOW

341. Jonie on October 27, 2009 10:35 am

     I just called Fannie Mae to ask if I have any options ro refinance under the new home affordable refinance program without going through my current lender. They asked why I didn’t want to use my current lender and I told them my lender is Bank of America and they told me they are not participating in that program because it is to difficult. The advisor from Fannie Mae said he hadn’t heard of a bank not participating and that was news to him. If anyone has a loan with Bank of America and they were told the same thing, can you call Fannie Mae to let them know they are not particiapting? Their number is (800)7FANNIE. The advisor also suggested I log a complaint with The Federal Trade Commission. There number is 877-382-4357. His last suggestion was to call my State’s Attorney General who is Edmund G. Brown Jr. at (800)952-5225. I am going to contact all of the above. I hope this information is helpful to others as well.

342. Jonie on October 27, 2009 10:52 am

     Just logged a complaint with the Federal Trade Commission regarding Bank of America not participating in Fannie Mae Refinance Program. They were great and suggested I log a complaint with the Office of the Comptroller of the Currency as well. Their number is 800-613-6743.

343. Jonie on October 27, 2009 12:08 pm

     Just logged a complaint with the Comptroller of the Currency. That was easy! They have a website at helpwithmybank.gov
     There is great information there and this site allows you to log a complaint regarding your bank.

344. Melissa on October 27, 2009 1:39 pm

     I’m not an English expert, but I would say if you contact any company you should try to use proper English grammar. If you’re writing a letter to them USE SPELL CHECK! I suggest also doing this when asking for assistance on a blog. It’s amazing how you can be taken much more seriously if you take the time to make sure you do not sound… stupid. I’m not trying to be harsh… but come on.

345. Jonie on October 27, 2009 1:47 pm

     Here is my response from the VP at Bank of America:

     “Yes, that is correct. Bank of America has not yet begun offering this option under the Making Home Affordable Plan. We are waiting for the next phase to roll as that option may be available at that time.”

     I have been hearing that since the government first announced the Making Home Affordable plan. It’s always “maybe the next rollout”. Well the new rollout allows the borrower to have private mortgage insurance on their loan but Bank of America has decided it is to difficult to do since it is a manual process. My only option is to refinance with Bank of America since that is a requirement of the refi plus program only allows me to use my existing lender. I am sure when the next rollout occurs they will find a problem there as well.

346. Jonie on October 27, 2009 1:49 pm

     Hi Melissa: Are you referring to one of my posts?

347. Melissa on October 27, 2009 2:02 pm

     Hi Jonie: No, I am not referring to you. I’m not really referring to one person in particular so I hope nobody takes my comment personal. My comment has good intentions and is towards the people who do not write in sentences that make sense, make up their own words, misspell every other word, write in ALL CAPS, and write using no periods or comas. In my opinion it makes those posts hard to read and hard to respect. Again, I’m not trying to single anyone out or be rude – I think some people do not realize that they should use punctuation and spell check. This is just a friendly reminder of good blog etiquette.

348. CHRISTY on October 27, 2009 5:57 pm

     Melissa,

     I believe you meant “takes my comment personally” not personal… since you are so big on grammer and all. It’s hard to take a post on grammer seriously when incorrect grammer is used in it.

349. Rae on October 27, 2009 6:12 pm

     Also, since we are criticizing grammar, Melissa, it’s commas, not comas. A coma would not be a good thing for anyone right now.

350. Jonie on October 27, 2009 6:53 pm

     Does anyone have any experience with the problems I am experiencing with Bank of America and trying to refinance?

351. Astrid on October 27, 2009 7:23 pm

     Okay:

     We are all under great pressure and I am sure Melissa meant no harm. In her case the spell check malfunctioned and did not pick up on coma(lol). We will be there soon if we do not get somewhere with these blasted banks who are refusing to abide by the MHA,HAMP,TARP guidelines.

     Please we are stressed and needing to stick together;remember these guys will win if we give in to the chaos and mayhem they are creating. We must unite and stand together by helping each other we will make it happen.

352. carol on October 28, 2009 9:46 am

     DOES ANYONE KNOW IF US BANK HAS STARTED THE SECOND PHASE SHOULD I KEEP ON BUGGING THEM

353. Juliet on October 28, 2009 11:50 am

     I have posted my comments, suggestions, and my on own problems with my mortgage on this site several times. And I was glad to get some advises and opinions from the people who has the same problems like mine, and to those who have a successful home modification.

     So, this site is all about. This is not about critizing and teaching the bloggers how to use good grammar and spell check. Bloggers here had enough problems about their mortgage, so we don’t care about grammar and spell check, we need bloggers who can help us, and to share their knowledge opinions and experience about home modification.

     Every now and then I get excited to open my mail specially from Zillow Blog because I want read something from someone who had finally get a succesful modification, unfortunately it is always from bloggers who has the same misfortune about modification, but it was ok maybe next e’mail will be a good one and a happy ending about their modification. But it is more upsetting if you get e’mail/updates regarding how to use spell check, critizing and ridicule a person about their wrong grammar.

     My letters/contributions here were always long, precise and specific but I was never bothered about my grammar and spelling, and I always send rightaway as soon I was done. I knew I made a lot mistakes and thank God I mean thanks everyone nobody had critisized me. But now YOU made conscious and cautious.

     By tha way, fellow bloggers, about my modification with Chase. I am still on trial period payments although I already made seven (7) trial payments.
     I am calling Chase at least twice a month asking when I will get the final approval of my modification but they always say they are working on it, that they are so behind,just keep on paying trial payments until we get the final modification. I am positive and not loosing hope and I’ll definitely share with you whatever is the outcome.

     For those one’s who is not aware of my blogs. I lost my job in Jan’09, applied on MHA Plan with Chase in
     March’09, got my 3 motnhs trial period payment plan from $2,697.00 to $(1,850.00). Started paying trial period payment in April’09, should get the final approval by July after 3 months trial payments but until now I have not gotten it yet. Everytime I made follow up Chase, they always say they are working on it meanwhile just keep on paying the trial amount until i get the final modification which what I am doing now and I am counting on their
     words.

     These are all for now and thanks for reading ny blog.

354. Anne on October 28, 2009 1:07 pm

     Juliet you have way to much time on your hands writing a book critizing the previous poster. I agree with Astrid and do not think she meant it to offend anyone and that it wasn’t intended to be harmful. People on here are getting WAY to emotional. Just delete the emails when you see something that makes you that upset. Simple. We are all seeking help here - remember that. Good luck to all of you. God Bless.

355. carol on October 30, 2009 8:19 am

     THIS IS FOR SMITH HOW MUCH DO YOU KNOW ABOUT THIS COMPANY COMPLIANCE AUDIT SOULTIONS DID YO GO THROUGH THEM I HAVE TALKED TO THEM BUT I CAN NOT FIND THAT BUSINESS ON THE BBB CAN TELL ME ABOUT THEM

356. Astrid on October 30, 2009 11:07 pm

     Well…Just to make matters even better, Boga has just sold its mortgages to the sister company BAC Home Loans Servicing,LP. My loan number changes as of November 16th 2009 and if I make my payment before the grace period is up on the 15th I send to old address, if not to the new po box in Fort Worth, TX and for CS you contact them in Simi Valley. How sweet- more mayhem.

     Take note those of us sold off to the newly created BA servicer, if we sent papers for MOD consideration to NY address, I’ll put any money they will now say well…”I am sorry but your loan has been moved and we have no access to that fill”. “Let me provide that number to you” “I apologize for any inconvenience this may cause” “Is there anything I cana do for you today” Invest in Vaseline stocks- they are going to be sticking it to people you will see.

     I am one leg up on these spineless creatures, I just my own package out, I overnighted to both locations and followed up by fax. This weekend I am going to scan the docs I prepared to email to Elizabeth Doeser of Bank of America might even include Matt Skoglund to the list since his name appears as Sr. VP of National Servicing Executive Home Loans and Insurance.

     I bet these guys will not lose my papers this time, according to a MaryAnn the other I had not contacted BOA since Feb.2009, OMG! I was fit to be tied, so all the template letters you send after loss mitigation takes your info were on auto send to my home with dates for May, June , July, Aug and Sep.
     Thanks for wanting to maintain communication….NOT.

     I will make them as crazy as they are making me feel, if I have to I will make extra copies of my packet and just update financial pay stubs to reflect current and mail a MOD request bi-weekly and follow up with a call Mon-Wed-Fri and so forth and top off with weekly email list of who I spoke to and what they said and then forward to top exec’s at the bank . What do ya think attention getter? Sure, I’ll piss a few off but they will tire of me at some point and just what to get rid of me.

357. Aeliza on October 31, 2009 4:52 pm

     I work in loan modifications under the HAMP program and would be happy to answer general questions anyone may have.

358. Juliet on October 31, 2009 10:30 pm

     Aeliza, I lost my job on Jan’09. we applied and qualified for HAMP program with Chase on April’09, we have finished paying the three months trial period payment and we are actually on the 7 month trial payments. We never had a late payments on our mortgage even before the trial payments begun. My questions are why is taking too long to get the final approval of our modification?. But according to the MHAP documents that we have signed, after the succesful payments of the 3 months trial period or it may extend for one more month we should get the final and approved modification. Everytime I made follow with Chase they keep on saying they are working on it just keep on paying the trial payment amounts every month. So, is it a normal procedure?. My other question is it possible not to get the final approval even you have made so much trial payments?. If so, what is going to happen to the our mortgage?. What are the reasons for not getting the final aprroval?. Are we qualified to apply for another loan modification prgram?

     Hope you can answer all my questions. Thank you so much in advance.

359. Astrid on November 1, 2009 5:50 am

     You may want to read the latest from HUD to the lenders, apparently they have the tools up and running and things should begin to move. Those of you have have Ginnie Mae insured loans do not get too excited yet. We have to be 31/55 or no MHA MOD and the 91 day rule looks like that is what they are going to push for.

     I just borrowed $1,700 because BOA told me if I was more than 1 time late in a rolling 12 month period I would not qualify for the program; everything I have read this week indicates I need to be 90 days in default. It will be hard for me but after all I have put into researching this HAMP thing, I guess I could concentrate on reducing my back end ratio to less than 55% by not paying the mortgage and paying down my creditors.

     We are not going to win with these guys, many of us have used credit card lines to pay mortgage payment; so of course we are going to be over extended and my be pass 55% back end ratio.

     Read this link:

     http://www.hud.gov/offices/hsg/sfh/nsc/ml0923qa.pdf

     This was posted October 28, 2009

     Also her is the new uniform MHA application packet they are using now:

     http://www.irs.gov/individuals/article/0,,id=161649,00.html

     Here are all the documents you need right from HUD

     https://www.hmpadmin.com/portal/programs/hamp.html

360. Aeliza on November 1, 2009 10:57 am

     Juliet,
     Ill start by saying every company is different. The point of making the trial period paymnets after the “90 day” period is not a problem. The reason it is taking so long is the amount of applications that were approved for the trial period at one time. Don’t be discouraged, I am in charge of approx 2500 loans at a given time. If you have adhered to the requirments, paid on the due date and continue to give updated income every 30 days it should be modified. I always tell people to call once a week on the same day for updates or requests. Income needs to be verified every 30 days. The reason is a government requirment. There is to many people submitting their financial worksheet and paystubs unemplomt, etc and then getting a new job or higher benefits. Its not that the info is lost its just proceedure. With this being said, as long as your income/expenses/situation hasnt changed there should not be any reason to not get approved. As far as what happens if you don’t there is no clear answer. Everyone’s situation is different. They could try other workout options, other programs, or worse case if the curret paymnet is completely unmanageble short sale or foreclosure. With that, the company does not want your house. I know that is the common misconception but they dont. They want you to keep it, and will do their best to make that happen. The ones who dont get the Mod and have to loose their home 90% of the time just simply cant afford even a modified payment or didnt give the requested info. Most cases are interest only loans which with property value dropping completely ruined the chances of “getting ahead”. There is hope out there, stay strong and persistent. Ask the representatives you are speaking to to email your negotiator that you have the requested info and have made the trial amount on time. Dont give up.
     I hope this was some help. If I can help in anyother way please let me know. Unlike other people I have been truly affected by the files and families I deal with daily. Im trying to help in any way possible during this very difficult economic time.

361. Juliet on November 1, 2009 1:50 pm

     To Aeliza,

     Thank you so much for your immediate response and it helps me understand some of my questions and worries.
     So far they asked me to submit 2 current paystubs for my husband, 2 currents bank statements and status of my unemployment if extended or not that was in Sept, and on Oct. 15 they asked to submit a copy of our utility bills which I always immediately sending via fax. So, i should expect more since you said they want an update every 30 days.

     Since you have mentioned ” chances of getting ahead”, I have some questions regarding this.
     We bought our newly built townhouse/condo in Oct’2007, we are the first owner, since then the value drop down is only $40,000 to $50,000 per unit. We are in prime location and the community/builder are continously building and the units are selling fast that is why the value doesn’t seems to be affected, in fact it is going up now, we the homeowners are happy about that.

     My concern is, we were on 30 year fix rate (6.25%), the first 10 years is interest only for $2,697.00 all impounds, PMI and property tax. Our modified/trial payments is now $1,850.00. Since you mentioned chances getting ahead for aprroval, are we on these situation since we paying interest only and we have PMI?. Please enlighten me on these issue.

     We are not first time homeowner, we occupied our first home for 12 years without a single late payment, we are not behind/late even before the start of trial/modified payments. Our credit scores are good to excellent(745 to 780) before the modification, it went down a bit because they are reporting the trial payments as late or behind payments. Are the lenders consindering the borrowers good credit standing and history as a homeowner?

     It is our greatest desire to keep our home no matter what, until now I can’t believe that i lost my job for 12 years and it so unfortunate that I couldn’t find a job until now. But we are not loosing hope, my husband is working too hard (12/14 hrs) to keep our mortgage payment on time.

     I am hoping and praying our trials will end soon, and we going to received our approved modification soon. Please, enlighten me on my questions/worries. Thank you so much again and I appreciate your immediate response.

     Sincerely,
     Juliet

362. carol on November 2, 2009 7:24 am

     I HAVE A FEW QUESTINS ABOUT LOAN MOD I HAVE APPLIED FOR THE MHA AND THE LOAN MOD AND HAVE BEEN TURNED DOWN FOR BOTH WE MEET THE GUIDELINES FOR BOTH I CA NOT UNDERSATAND WHY I CANT QUILIFY CAN YO HELP ME AND ARE THERE SOME TRICKS I AM NOT DOING TO HELP ME WE HAVE A SIGNIFIACATE WAGE CHANGE OVER THE LAST YEAR AND A HALF

363. Aeliza on November 2, 2009 4:22 pm

     Carol,

     What were the reasons given for denial? Did they say they were going to submit you for other workout options or suggest credit counceling?Also, if you dont mind me asking what company are you with and a brief rundown of interest/income/current expenses. If you feel comfortable giving the information.

     Aeliza

364. Aeliza on November 2, 2009 4:37 pm

     Juliet,
     Please excuse me if the comment I made about intrest only worried you. There is just a huge amount of modifications due to the fact of intrest only loans approx 85%. The desire at the time when you ptrchased your home was to good with the low rates a few years ago. The promise that you keep it for 5-10 years then refi into a fixed rate is a story I hear so often. As far as the PMI when you are at roughly a 85% loan to value ratio you are generally able to drop the coverage (depending on lender). Has the company asked you to do a full escrow (impound) and is that was your trial payment includes?, if not I would suggest asking on your weekly call if that is an option. As far as credit reporting, yes it does show a negative affect however, your not the only one and it shows you havent given up. Credit is pulled for a modification but not a requirment to be approved. This is a govnt program not a traditional refi.From what you have shown, that is a substancial decrease of a pymnt I would feel rest assured that you will be approved. As long as you keep the home and remain current with the final mod if approved your credit score will be fixed rather quickly. Also, congrats on the new job! Did the amount you are getting paid versus the unemployment change your monthly income a large amount? I can imagine how tired your husband is but it sounds as if things are climbing to a better place in your situation and hopefully he will be able to shorten his days soon. I hope this answers some questions. There is a website I refrence to often makinghomeaffordable.gov if you havent found it already. Its very helpful for some questions you may have. Please let me know if there is anything else I can do for you.

365. carol on November 3, 2009 7:35 am

     THE LAST LETTER WE GOT SAID OUR DTR WAS ALREADY AT 31 PERCENT OUR LENDER IS US BANK OUR MONTHLEY INCOME IS 3200.00 OUR MONTHLEY EXSPENSES OUR ABOUT 2200.00 OUR INTREST RATE IS 5.75 WE WERE ALSO TURNED DOWN FOR THE MHA FOR THE SAME REASON AT HTE TIME OF THE MHA OUR EXSPENSES WERE A LITTLE HIGHER WE PAID OFF A FEW THINGS TO GET IT DOWN SO I THOUGHT THAT WOULD HELP I GUESS IREALLY DONT UNDERSTAND WHAT DTR MEANS WE TAKE HOME ENOUGH MONEY TO BE ABLE TO AFFORD A PAYMENT OUR MORTGAGE PAYMENT IS 1140.39

366. Aeliza on November 3, 2009 4:52 pm

     Carol
     So you have too high of a deficit. When they said it was already at 31% did that include extending the term to 38-40 years? DTR debt to income ration meaning the income you bring in the home is calculated from 38-31% and that figure is what your mortgage pymnt should be post modification. Did you show the them the decrease in expenses, or did they pull an updated credit report? The pay down you did will take 30 days to reflect on your report. The mortgae pymnt you currently have is roughly 31% Is the 2200 amount including the home? So technically under their terms you can afford your mortgage. If you have credit card debt have you contacted a credit counclear? They really could get those payment down. I suggest cricketdebt.com if not they are very helpful.If they do absolutely deny you and you have stayed current I suggest trying your best to make your payments for 2-3 years and attempt a cash out refinance so you can consolidate any remaining debt into the mortgage so you have one payment. It may not even take that long. Let me know what else I can answer for you.

367. carol on November 4, 2009 8:01 am

     yes the 2200 included the home we have credit cards that we have not been able to pay they keep getting higher and higher us bank did pull a credit report on us our scores are so low right now we only have 14 yrs left to pay on the house they never offerd us to extend the loan maybe back to a 20yr right now we are 3 payments behind i have sent them so many hardship letters i have lost count my husband had to take a diffrent job due to an work comp accident he also had to take a wage cut about 300 a month less they still wont work with us we did have a bankruptcy in 2004 at which time they increased our payment 200 more dollars a month this was all due to medical bills so i really dont know what to do next any suggestions