We have a Fannie Mae mortgage and are refinancing through the same back as our original loan. I have been approved for refinancing. Is there something in the stimulas package to help me? The only way my payment will go down is if no PMI insurance is needed. My mortgage broker says he has heard of something called Except Plus. I am trying to lower payment only as no money is coming out of loan. The costs of refinancing is going back into the loan. If you think Obama is going to save every one you are sadly mistaken.
Wall street has hijacked Washington in broad daylight. These sour mortgages were created by the banks and government. Wake up people 9. Soon the market will recover to — values then they will tumble again.
Not to mention that if they print the 14 Trillion dollars it will take to make this plan happen, a loaf of bread will cost 30 dollars. Wake up folks, read your documents before you sign.
When you purchased a SQFT home for K did you really think it was worth it or was the Fed lining you folks up like sheep to dump the market? The reason why we are in this mess is because the private banks control our money i.
They are not a government institution. Until we take our currency out of the hands of private banks we will see this same thing happen time and time again. Do some research before you sign your life away, I am in the mortgage industry and there was a long loud warning that home prices were artifically inflated.
My loan is backed by Fannie Mae and I am up to date on my mortgage payments. I have a home equity loan tied to the home as well. Would anyone know if I would qualify for the home loan modification program since I am currently collecting unemployment insurance? Can the loan servicer B of A make exceptions?
Thank you very much. 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 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? 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? 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.
Are there any refinance programs for unemployed people who are up to date on their mortgages, and want to get their rate reduced? Most lenders will not refinance these loans. If the payments are lower, people would be more able keep them current. It is a first mortgage, and there is equity in the home. I haved owned my home since in Carpinteria, Ca. I have recently become disabled and recieve Ca.
Disaility at II have been very ill for the past 5 years, and have only had minimal employment. I also recieve When I was laid off, and then urged by faamily, friends and my primary care physician to apply for disability, I did so.
My current mortgage payment is When I was in the loan modification, Bank of America was talking about a The forebearance program will not help me, I need a fixed and affordable onthly payment. I could pay My additional income is 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 Thank you J. Millan 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. 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.
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Direct Express Card. Non-Benefit Federal Payments. Foreign Account Tax Compliance Act. Bank Secrecy Act - Fincen and more. Historic Treasury Building. Weekly Public Schedule Archive. Media Advisories Archive. Subscribe to Press Releases. Since its inception, MHA has helped homeowners avoid foreclosure by providing a variety of solutions to modify or refinance their mortgages, get temporary forbearance if they are unemployed, or transition out of homeownership via a short sale or deed-in-lieu of foreclosure.
It also includes options for homeowners who would like to transition to a more affordable living situation through a short sale or deed-in-lieu of foreclosure. In early , the Obama Administration announced important enhancements to MHA that will expand the pool of eligible borrowers.
Although MHA programs have expired, homeowners are encouraged to contact their mortgage company directly to inquire about available solutions. About Treasury About Treasury. Policy Issues. Tribal Affairs. National Debt National Debt to the Penny. International Reserve Position. At the time we had already tried to refinance…. Last month after reading up on the Obama Administration's new "Making Home Affordable" refinance program, I decided to look into it for our household.
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I am hoping this changes soon. You can find out if your loan is fannie or freddie backed through the links above — super easy. As far as Wells Fargo not knowing the details yet, there seems to be some of that going around. Only thing I can say is keep trying! Wells Fargo knows all about it and has known about it for 1 month. Call if you have a Wells Fargo Loan and you want to look into the loan modification program. Wells Fargo like all other major banks, are in process of cleaning up a huge mortgage mess.
As a servicing bank, neither Wells Fargo or any other bank for that matter have a lot of say so in how your Freddie Mac loan is handled. Servicing your loan means that the bank is the middleman not the originator. Currently due to the overwhelming amount of refinancing today a majority of major banks are over loaded refinancing their current borrowers-Freddie and Fannie, taking on additional customers may swamp their refinance centers to incapacity.
I am currently doing research to determine what steps Freddie Mac is taking to facilitate the loans that originated with institutions that are longer in business. This is the real problem, where does a borrower go when their bank longer exists and they would be the only facility able to refinance the borrowers loan. One crucial detail that borrowers are not doing is following through after completing initial contact with their bank or Hope Now, I am not saying that this is the case in your dilemma, however for quite a few borrowers who are stullified, they are not taking the much needed action today.
Lynn, If you are coming up against a brick wall because of no information, you may request that the Loan Officer, escalate your loan to a new level. Within Wells Fargo, there is a built in system to get answers for customers. I know many Site Leaders that are terrific in following up with customer issues and directing the customer to meet their needs.
The people who ARE qualifiying would likely have qualified for regular refinancing, as you still need good credit scores, good income, etc. Also not sure where you got that info for the last sentence, but this is not true unless you want to do regular refi. I meet all the criteria outlined to qualify for the HARP. I live in AZ so I wonder if that has something to do with it since it is a declining market.
Can servicers pick and choose who they want to offer the HARP to? It states that you must originate the new mortgage the refinance with you current servicer. You were incorrectly denied!! I know this personally because they said the same thing to me. It took a month from my initial email. Coffin Wells. Absolutely fantastic job on summarizing and getting this information out. Baker ManVsDebts last blog post.. A few days ago, I did a refi with our existing lender Countrywide.
Our home is underwater but we always pay our bills. Step 1 took a whole 20 minutes and was very easy. A short credit survey showed my wife and I scored around Step 2, wait for the loan to be processed should be about two weeks.
Step 3, the closing which is expected some time in June. Step 5, begin the lower payments in August! We shall see. But even at zero points, you should be around 5. Some of the other things to take into account are loan amount and the lock-in date. Again, 6. If it helps, the account representative that I spoke to seem pretty knowledgable some of them at CW are aweful. His name is Jason at x; hope that helps some.
Good luck! Note, my loan is owned by Fannie………Should i call again? Calling again you may get someone on the phone who may know more about the program. I am personally looking into whether i can refinance with another lender right now as well, and have a mortgage broker looking into it for me. I was told the same thing by Chase. Actually the person I spoke with told me they are only refinancing the loans that originated with them at this time. After May 1st they will start refinancing other loans.
Mine loan was bought by them and of course I had no say in that. So it is a bit frustrating. Not sure why I have to wait when they are the one who purchased it. Well I called again and got ahold of a new person. He was able to tell me what they value my home at and that basically once they get the go-ahead I would qualify.
I am being told same things for disqualification, that I cant refi under HARP because my mortgage was bought by other lender…Can you please let me know the mortgage contact that you worked with in CHASE that helped resolve your cases. Thanks much for any help. They said I was ineligable since my loan was bought by Chase. With Fannie Mae you should be able to fefinance with any lender if you qualify for the Home Affordable Refinance Program.
Freddie Mac properties need to be refinanced with its current servicer mortgage company through September 30th, then on October 1st, the refinance can be done by any lender. Be very careful with Chase.. How can they change when they agreed to something? Thanks so much for the informative post. SingleGuyMoneys last blog post.. The blog, while quite helpful, appears to be incorrect in this regard. I think that is what a lot of people on here are trying to do, refinance and take advantage of the low interest rates.
Imees last blog post.. My break even point will be about 14 months. They currenly own the loan so escrow should be an easy switch also. Wells Fargo is my mortgage company. They are lying I have everything I need to prove I have never been late. This is a terrible mortgage company! My contact at Wells Fargo. I have tried to refinance with Wells Fargo. They used the lowest sale comparables in order to lower my property value. I am currently looking into presenting their scam to the local District Attorney.
I bought my property last September and it was a foreclosure. WF used for the new appraisal the value I bought it at. They want me to put more money down in order to refinance.
Miriam, for HARP servicers do not need to order an appraisal report, instead they can rely on automated value. The auto value must be within a standard deviation range in order to be considered. If you disagree with value then you can always dispute. If you dispute then be prepared to submit 3 listing and submit 3 comps within 1 mile radius and that have closed within the past 3 months.
I spoke to my lender, Countrywide, about the program today. They said that I could only refinance with them and the program only covered refinancing with your current lender. Does anyone have any more news on this? They gave me a good rate, 2. Also… waiting on that appraisal to come in… keeping fingers crossed. Fannie Mae loans have different rules. I also have a countrywide loan, and am having to refinance with countrywide to get in on the program. My loan is a freddie mac owned loan.
My wife has been trying to chase this down and has been getting very little positive response. Chase, who holds our mortgage, acts like we are inconveniencing them. Each person she spoke to gives her a different answer, one wants us to try a different loan plan or wants to throw in 1. From the emails, it sounds like Countrywide and Wells Fargo are possible lenders who might help.
There is a standard application, and they are being much more picky about income, bank account balances, job history, credit, etc. We were quoted an interest rate of 5.
In the meantime, our principal is increased by 10K, making it that much harder to sell the house if we had to. I have recent background in personal finance, mortgages, and counseling, so it was a perfect fit for me.
If you have perfect credit, and enough equity and income, your bank will be more than happy to refinance you. Once they sign an agreement with the bank, there is nothing more we can do. You can try this on your own, but you will be very frustrated.
Dear Live Small, Countrywide is not telling you the truth. You can refinance with anyone, but sounds like they gave you a great rate. Is that a year? Nothing has changed about refinancing, except that the qualifications are tighter than ever before. They are looking out for their interest, not yours.
I am currently in default and in foreclosure. I have been trying to work with countrywide for months. My loan is still be reviewed. I dont qualify for the refi i guess so I am praying for the modification. I basically can make the payments now and and hoping they just let me put my arrears to the end of the loan and just let me move forward. If not then bk court here we come. Home Owner Affordability and Stability Plan. Is this correct??? Tell me this is an error or scam by Countrywide.
Countrywide is asking me to pay a 1, Even so the modifications they are giving out are not enough to help most people. There is no one policing the program to make sure it is carried out correctly. The media keeps talking about loan modification scammers, but the biggest scammers are the banks themselves.
It IS crazy that the media has no coverage of this. I have sent emails to the white house liason, treasury department, cnn money matters and posted a blog on loansafe. I have phone calls in to Hope Now and Naca. Z, servicers must gross up all tax exempt income by 1. It appears you are self employed and there are several ways to calculate your gross income based on the documentation you submitted to Countrywide.
I currently have a year fixed at 5. Now, it appears that item is no longer considered. When my mortgage co. Thank you for the information about M. Very helpful. It sounds like there are very few experts on the subject just yet.
Here are a couple of questions I have:. Is that true? If so is it the program or just the banks or just some banks?
Does anyone know the particulars of that wave and whether it will allow the combination of 2 mortgages without picking up PMI? On your second question, about having a first and second mortgage, this is what the government has to say:. Your eligibility will depend, in part, on agreement by the lender that has your second mortgage remain in a second position, and on your ability to meet the new payment terms on the first mortgage.
More details about modification for second mortgages have now been released. Second Mortgage Modification. The thing that bothers me is that the second mortgage was purchase money to begin with,not a home equity loan! Im afraid our opportunity to lock in historically low rates are passing us right by.
Right now, our rates are 6. Anyone have advice besides the Loan Mod? We are current on our payments and good scores. Any ideas on how I can get through to them? This is very frustrating! I would continue to call Wells Fargo every week as Servicers are just beginning to implement and train their staff on the new underwriting guidelines. So each time I have called Wells Fargo they give me a different answer as to why we do not qualify. This is absolutely frustrating!!!
Same for me. I get a different story every time I call Wells Fargo 4 times now. First two times, they verified that I was eligble and put on a waiting list. They never contaced me. I started buggin them 2 months later and now they say I am not eligible because my current mortgage has PMI.
I contacted the folks at the government Home Affordability and Stability web site and they say they have no knowledge of such a requirement. I am beginning to think this HARP stuff is all a scam. Has anyone actually got one of these refis? I contacted wells fargo last week, and they said. I am not eligible for home affordable refinance because I am paying PMI on my existing loan..
Who this program is supposed ot help, un fortunate buyers that are suffering to pay the banks or the banks..
I am also with Wells Fargo and got the same answer. After talking to about 4 people at Wells Fargo, someone finally told me Wells Fargo is denying the loans with PMI due to system limitations. The system limitations are not our fault. I was also told they are still trying to figure out how to handle the people paying PMI. I will try to reach them out again this week.
Hopefully, we will hear a different answer from them soon. But if anyone hear anything sooner, please update the thread. BTW, Can we reach out to another firm for refinance or do we have to stick with Wells for this refinannce program? Obviously the PMI company must approve. I would ask Wells Fargo to provide the Cert and phone for PMI company and contact them directly, to get the approval process started.
First, this is one of the most helpful articles on refinancing and loan modification I have read so far, thank you. I have heard that with a loan modification you have to basically prove that you can not make payments. They can prob. Both are retired with limited income and are truthfully in need of some help.
My Q: just by virtue of the fact that they own these 2 homes, will it automatically disqualify them for a loan modification? Or is this just one factor? Thanks for any help. First reason, the properties must be owner occupied to be eligible. There are 2 questions I have about this program that I cannot get information one.
Can someone help?? Our bank said we needed a Unfortunately, my husband is just below that at For example, i found one that had this requirement:. A couple of points:. This is different from Freddie Mac-backed loans where a minimum credit score will not be applicable. I am going through a refi of my home that is with Fannie Mae — however it appears the services has met an impass with PMI.
How many of us have a these days!? I would obtain PMI Cert and phone from your servicer and call them to see what is holding them up from issuing an approval to proceed. Everything that I thought I read or understood about the program was inaccurate in their view. They talked of out of pocket closing costs which I read more than once in the guidelines that minimal closing costs could be rolled into the loan.
They talked of and checked my credit score. The first rep said they valued my property at K, the second and third said it was K. How they conclude that I have no idea but their software is surely pulling the value as low as possible. The only way the program can make sense and be beneficial with 2 mortgages is if it is as it reads. We know that the best thing would be to combine both loans into more favorable terms and that that is not going to happen.
In the end I asked…so what should I do, not pay for 3 months and call you back? She said yes, at that time we could try and help :.
My basic unresolved question is really simple. The program makes no sense if it is and the program helps a lot of people if it is not:. I called my credit union when I saw that they were gearing up to particiapte in the new programs. I would expect approved banks to want the new business even at low rates.
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