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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Making Home Affordable--Question???
Our lender has a notice on their site that certain accounts may be eligible for the Making Home Affordable program. On our account it says we should call them---I did. The CSR said we may be eligible for a loan modification. They would try to bring the monthly payment to around 31% of gross income...It would come down by a whopping 1k a month based on the estimator. He also said they can refinance rates to as low as 2% if needed This seems too "good" so I am being very cautious. DH is the only one on the loan and the rep said to leave it that way that they wouldnt need my income as he is the only one listed as borrower. Has anyone started the process for themselves? What should we expect?
Message edited 4/9/2009 4:10:28 PM.
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Posted 4/9/09 4:08 PM  |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Making Home Affordable--Question???
i called countrywide about it, and they haven't started the program yet. it should start soon, though.
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| Posted 4/9/09 5:58 PM |
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nicrae
He's here!
Member since 12/06 9289 total posts
Name:
Mommy
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Re: Making Home Affordable--Question???
Posted by rkoenke
i called countrywide about it, and they haven't started the program yet. it should start soon, though.
When I spoke to them today they said we could do it now.
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| Posted 4/9/09 6:14 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Making Home Affordable--Question???
Posted by niikki-8-18-06
Posted by rkoenke
i called countrywide about it, and they haven't started the program yet. it should start soon, though.
When I spoke to them today they said we could do it now.
I am with Countrywide also and they called me. At first when I called them they said I didnt fit the criteria...they called me back a week later and said I did 
I too am confused about what their criteria is and what the "payback" will be. I read another post on here where someone mentioned although they lower your rate for a period of time, it goes back up even higher than before to make up the difference. I am not sure how accurate it is but I definetely have a list of questions for when they contact me. I am just afraid they will somehow screw me though in the long run...it does seem to good to be true!
I am still contacting other banks re:financing incase this falls through.
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| Posted 4/10/09 4:00 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Making Home Affordable--Question???
Double post
Message edited 4/10/2009 4:15:12 PM.
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| Posted 4/10/09 4:01 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Making Home Affordable--Question???
Here is the Freddie Mac page which has some general info:
http://freddiemac.com/avoidforeclosure/plan.html
I called Freddie Mac directly. The mortgage companies are taking some preliminary information but they haven't actually released the full details of the program to the mortgage companies yet. It will still be a few more weeks. At that time they will be able to tell you what your options are.
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| Posted 4/10/09 4:14 PM |
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turkeybaby
LIF Adult
Member since 5/05 921 total posts
Name:
Jodi
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Re: Making Home Affordable--Question???
Posted by jellybean1420
Here is the Freddie Mac page which has some general info:
http://freddiemac.com/avoidforeclosure/plan.html
I called Freddie Mac directly. The mortgage companies are taking some preliminary information but they haven't actually released the full details of the program to the mortgage companies yet. It will still be a few more weeks. At that time they will be able to tell you what your options are.
I was on the phone yesterday with a rep from Countrywide and they told me the exact same thing. They said they need to find out all the details of the program.
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| Posted 4/10/09 7:14 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Making Home Affordable--Question???
Posted by sometimesmommy
Our lender has a notice on their site that certain accounts may be eligible for the Making Home Affordable program. On our account it says we should call them---I did. The CSR said we may be eligible for a loan modification. They would try to bring the monthly payment to around 31% of gross income...It would come down by a whopping 1k a month based on the estimator. He also said they can refinance rates to as low as 2% if needed This seems too "good" so I am being very cautious. DH is the only one on the loan and the rep said to leave it that way that they wouldnt need my income as he is the only one listed as borrower. Has anyone started the process for themselves? What should we expect?
Im doing this through Chase.. But then I heard they will lower the rate for approx 5 years then bring up to the level you had and add a percentage.. It also takes forever..
So I called a regular broker and I am refinancing that way.
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| Posted 4/12/09 9:44 AM |
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LIMOMx2
...
Member since 5/05 24989 total posts
Name:
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Re: Making Home Affordable--Question???
Countrywide told us we can't do it yet. We should call back next week or so.
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| Posted 4/12/09 10:42 AM |
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