DISQUS

Blown Mortgage: $75 Billion Making Home Affordable Loan Modification Program Gets To Work

  • Fielding Mellish · 8 months ago
    “This plan will help make home ownership more affordable ... and ... help to stop declining home prices...”

    Well, which is it? If you want to make home ownership more affordable, stop stopping the decline in home prices.
  • Fielding Mellish · 8 months ago
    I predict that this scheme will help many fewer people than 4 million. Half a million, tops - and only the most determined of them. It takes weeks-to-months to get a foreclosure purchase or short sale agreed-to by big servicers. Even with all the documentation lined up, multiple Broker Price Opinions, etc. one can't get the Countrywides of the world to even respond with an answer. What are the odds of a struggling borrower reaching someone with even a modicum of intelligence at their servicer's office, determining whether their loan is even eligible for a mod (must be a FNMA/FHLMC loan), getting the required income documentation to the call center clerk (plan on having to fax it 9-10 times), getting the call center clerk to get their modification approved and getting it actually modified - before the struggling borrower loses their job ? One might as well plan on winning the Powerball.
  • John Williams · 8 months ago
    Took some research but try these websites. Together they seem to cover it all.

    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.making-home-affordable.com

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

    And last but not least is MortgageBreakDown, in my opinion one of the best new mortgage sites for independant information available. Easy to read, navigate and contains solid information:
    http://www.mortgagebreakdown
  • affordabletermquote · 6 months ago
    I agree. Let's hope for the best and not to think the other way around. We cannot overcome this turmoil if we keep on thinking the negative outcome of every possible remedy being readied...My "sigh" to those who are not doing their thing except rant.