Comments on: Making Home Affordable Refinance And Loan Modification Program – Do I Qualify?

By: S White

S White — Tue, 19 Jan 2010 05:09:02 +0000

Bruce Wynn, My name is Shelly White and I am a Realtor in Texas. I am researhing some information and came across you post. I want to tell you first contact your loan company and explain your situation and ask for resolution. Also explain to them that you want to keep your home. You do have a hardship because your Mother is ill. I pray for that she gets better by the way. To answer your question based on my experience with loan modifications you must reside in the home, it must be your primary residence. to qualify. for the HAMP program. Once you return to your home, you should apply for a modification. Since you are away ask for a forebearance and when you return immediately apply for a loan modification under the HAMP program which Freddie Mac participates. This program has information on http://www.makinghomeaffordable.gov.

By: Jennifer Millan

Jennifer Millan — Fri, 15 Jan 2010 18:09:45 +0000

I haved owned my home since 1986 in Carpinteria, Ca. I have recently become disabled and recieve Ca. Disaility at 1045.00 per month. I also recieve $611.00 per month for my minor child, as her father, and my former husband, became disabled in 1994 from a brain injury. II have been very ill for the past 5 years, and have only had minimal employment. I also recieve 985.00 per month for the ental of a small guest unit on my property.I started on the Loan Modification Program with Bank of america in August 2009. When I was laid off, and then urged by faamily, friends and my primary care physician to apply for disability, I did so. I also applied for Federal Social Security Disability, which would replace the State Disaility. When I called Bank of America to let them know I was on diability and nable to work ( my prognosis is poor)), they informed me I would be transferred to a “new” program”
called “forebearance” which as I understand it means they would “forgive” my past payments ( I always send something, but not the full amount. My current mortgage payment is 2500.00 per month, interest oly, adjustable, includes Tax and Insurance) the total loan note is 560,000.00. When I was in the loan modification, Bank of America was talking about a 1500.00 per month payment including tax and insurance. The forebearance program will not help me, I need a fixed and affordable onthly payment. I could pay 1500.00 per month. My additional income is 2000.00 per year, a gift from my father for Christmas and birthday. Can you advise? I have called and written so many people, including my lender. ( I am also in a debt consolidation program with a non profit debt counselling service to pay off my credit card and a 1000.00 line of credit at my bank) This payment is 260.00 per month.
Thank you
J. Millan
805-684-8381

By: Ed

Ed — Fri, 18 Dec 2009 05:45:16 +0000

An Emergency Mortgage Assistance plan (HEMA), to DIRECTLY help Unemployed homeowners avoid foreclosure, is now one step closer to being passed by Congress!
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http://www.dsnews.com/articles/congressman-fattah-wins-house-approval-for-emergency-mortgage-relief-plan-2009-12-14

By: Kara

Kara — Wed, 16 Dec 2009 19:02:35 +0000

Are there any refinance programs for unemployed people who are up to date on their mortgages, and want to get their rate reduced? I would think that there should be something to help people who haven’t defaulted on their mortgages, but have lost their jobs. Most lenders will not refinance these loans. If the payments are lower, people would be more able keep them current.
I have an FHA loan and was already denied by an FHA lender. It is a first mortgage, and there is equity in the home.

By: im lost

im lost — Sun, 13 Dec 2009 01:16:58 +0000

OK so im young and starting to struggle, ive used all my rescources; mortgage mod (which didnt help any), cut out all my unnessacery bills, work as much as i can and am really starting to get behind. as of dec 2009 im current on all my bills and mortgage but this may be the last month, im engaged and am expecting my third son by christmas, this is a plee for help, i dont even know where to begin and finding help is definetly not as easy as it should be. any suggestions or advice would be appreciated.

By: Tee

Tee — Tue, 10 Nov 2009 15:18:50 +0000

I’m in a fix as well. I’m a divorced mother to two and I’m behind on my mortgage now 3 months and tried to get assistance through my mortgage holder. I inquired about the homeowners stimulus assistance programs and was told that it only applied to Freddie Mac or Sallie Mae not FHA loans. I was out of work for 6 months and have a part-time job now. What can I do? My home fortunately is worth $150,000 and I owe $120,000. I either want to refinance or borrow enough to bring my mortgage up to date. Because of my unemployment status and inability to keep up with anything other than my basic necessities, my credit rating plummeted. Am I just going to become another statistic or what if anything that can be done to help people in my situation? I’ve been in my home for 6 1/2 years and weant to keep it. Thank you

By: Mary

Mary — Thu, 05 Nov 2009 17:19:12 +0000

I am two payment behind on my loan, due to a loss of employement. My financial situation is now under control and I would like to refinance, is there going to be a lender out there that I can refinance with or should I try for a loan modification with my mortgage company? I have about 90,000 equity in the house, I would just want to borrow $10,000 to get back on my feet.

Thanks for your help.

By: angi

angi — Sat, 11 Jul 2009 13:04:50 +0000

I did a loan modification with Bank of America on Feb/2009, and now I am current on my mortgage, but still is hard for me to pay my mortgage payment. i just wondering if I can do a loan modification with bank of America for the second time in a year.
I’ll appreciate for your help

By: hardy

hardy — Mon, 06 Jul 2009 21:30:30 +0000

We qualify on all guideline provisions for a loan modification except the date of the loan origination is 02/09 and not 01/01/09. Can the loan servicer (B of A) make exceptions?
Thank you very much

By: -> Making Home Affordable Refinance Program Eases Eligibility To Allow For Up To 125% Loan-To-Value Ratio | Bible Money Matters

Thu, 02 Jul 2009 14:17:03 +0000

[...] Obama administration eased eligibility rules on July 1st for the Home Affordable Refinance Program, lifting the maximum loan-to-value ratio to 125 percent from 105 percent. So that means the [...]