Need advice re: Refinance, Modification loan ANY HELP please!

What are the people supposed to do if they bought their home less than 2 years ago, their house is obviously worth much less currently and they can't refi b/c the loan amount is more than 95% of the properties value??
Just found out it would entail, paying a point to bring the rate down ( not much I must say)

This modification loan is another option but how does one qualify and what does that loan entail? I'm under the impression that you have to be either late on your payments or going into forclosure to be able to qualify - they are not - Thank GOD, but one is unemployed and one is under the risk of possible being laid off too!! Do these circumstances increase the chances of qualifying? Please help with any knowledge anyone has on this type of loan. or what the options are...

TIA

Re: Need advice re: Refinance, Modification loan ANY HELP please!

You can FM Beth aka Mod Central! She is a vender on here and is a great person to work with!!!

Message edited 4/3/2009 6:43:23 PM.

Re: Need advice re: Refinance, Modification loan ANY HELP please!

Contact the mortgage company, explain the situation and the loan advisor should be able to let you know what is available. There are a few stimulus plans available right now....

Re: Need advice re: Refinance, Modification loan ANY HELP please!

If you don't have to be late with your payments in order to get a loan modification due to that program that was approved. It helps homeowners that are on time with their payments but cannot refinance due to the home not possessing the same market value. They definitely should contact their lender especially because they have circumstances that have changed and can affect their payments. Their lender is probably going to ask them to write a letter of hardship explaining the circumstances as to why they are struggling to make the payments and a listing of expenses and they will ask for receipts etc. Good Luck !