Comments on: The Making Home Affordable Program

By: James Wirth

James Wirth — Wed, 29 Jul 2009 01:24:48 +0000

Please sign this online petition calling for transparency and accountability on these programs: http://www.petitiononline.com/afford.

Let’s make our voices heard!

By: Roger Ingalls

Roger Ingalls — Sat, 25 Apr 2009 22:16:31 +0000

What is “camping out?”

I do hang around RCG more than what is probably good for my sanity, and certainly more than what is good for the bottom line.

I was one of those kids in class waving my hand to answer the teacher’s question…

There’s no changing a nerd….

By: Rhonda Porter

Rhonda Porter — Thu, 23 Apr 2009 18:08:29 +0000

Renata, I suggest that you contact a qualified local mortgage professional to help you determine what your options are. The guidelines to the Making Home Affordable refi’s are changing constantly.

Gee Roger…are you camping out? LOL

By: Roger Ingalls

Roger Ingalls — Thu, 23 Apr 2009 18:01:37 +0000

Renata:

First find out if it is Fannie or Freddie.

Pretty easy, here are the links.

http://loanlookup.fanniemae.com/loanlookup/

https://ww3.freddiemac.com/corporate/index.html

If it is neither, you do not qualify.

If it is Fannie, then any good mortgage professional can help.

If it’s Freddie, it’s less likely that you have your choice of mortgage professionals, and will probably have to deal with the bank.

2nd homes are not disqualified from the program, though there may be adjustments to the rate/price.

By: Renata

Renata — Thu, 23 Apr 2009 16:57:17 +0000

Hello, can I refinance a second home under “Making home affordable refi program”? My father i law lives in it and we are paying for everything. He lives on a minimal social security. Thanks

By: Rhonda Porter

Rhonda Porter — Tue, 10 Mar 2009 18:41:07 +0000

Hi Diane, that’s actually not part of the “Making Home Affordable” plans…it’s my understanding that this is in Obama’s budget for those with incomes over a certain amount….this still needs to be passed by Congress…so it’s not a done deal.

By: Diane

Diane — Tue, 10 Mar 2009 16:17:59 +0000

I have heard (and you know how it is with “they said”) that the stimulus plan will keep homeowners from deducting their interest on their homes from their income tax. Can you enlighten me? Thanks!

By: Rhonda Porter

Rhonda Porter — Mon, 09 Mar 2009 04:23:23 +0000

Waqas, it’s my understanding that the loan mods are available now and that the refi program will not be available until early April.

There are no guarantees that anything will change with your (or any) mortgages. Since you have a first and second with Chase, you might want to contact them directly. Good luck!

By: Waqas Rehman

Waqas Rehman — Mon, 09 Mar 2009 04:16:32 +0000

i read your post and am very excited. i am a novice when it comes to mortgage so please help me understand this.

I bought my house 4 years ago and the values have dropped. i have two mortgages 80% and 20% with the same lender. My mortagages together are at more or less 100% of the current value. i am currently paying around 42% of my gross income.

My Understanding is that only first mortgage will be lowered down ? will it lower down to the combined payment at 31% or just the 80% loan would be at 31% ?

My both mortgages are with same lender …Chase…i will call them Monday but need to hear from you as i trust your opinion more. What will happen to my other 20% loan its at 7%….

Please help

Sincerely

Waqas Rehman

By: Rhonda Porter

Rhonda Porter — Sat, 07 Mar 2009 18:08:47 +0000

Katherine, I recommend that you start with your mortgage broker on Monday. If he cannot help you, he should be able to direct you to the next step.

It’s hard to provide clarification when all the information has not been provided to us yet. Fannie Mae has issued some guidelines and we need to hear from the various lenders we work with too.

The actual Fannie Mae program will not be available until early April (that’s when DU – Fannie Mae’s underwriting system) will be updated for the DU Plus refi’s.

If you’re a loan mod candidate, you don’t need to wait for the DU Plus. With a loss of income, I’m thinking you could be in the loan mod category; in which case you may be dealing directly with who you make your payments to (your loan servicer).

The refi program is directed towards those who’s incomes have not changed, but are impacted by declining property value.

The loan mod program is for those who’s income has changed and are facing possible foreclosure if action is not taken.

Good luck!