Has anyone used this website: www.makinghomeaffordable.gov?

butterbeansmama

and got anywhere with it? I'm going to get all the information together that they ask for and call our mortgage company to see if we qualify. I figured it's worth a shot (I don't see how we wouldn't qualify).

TruLuv23

I'm actually in the process right now of getting a loan modification. We asked for payments to be suspended for 12 months and added to our balance. Giving our business a little time to pick up. I'm waiting to see if they grant us this if not then hoping to lower our monthly payment significantly. I would get started on a Hardship letter. They have examples online you can see. HTH & GL!

Yodajo

I haven't used the website, but from what I've read, if you are in need of immediate help, you're out of luck because things are moving really slow right now.  If its something you can hold out on for a few months or so, then you'll probably have better luck. 

DesignerMama

We dealt directly with our lender last month and are currently waiting to hear if our loan modification is approved. We were told 60-90 days from the day we apply, so it's going to be awhile.?

kittycarr

This reminded me....

My husband told me that a realtor friend of his told him, while they were discussing the economy, mortgage crisis, foreclosures, etc, that once you go into default with your mtg and foreclosure is in the works, there are three magic words to say to your bank...show me the note...and they have a certain amount of time...72 hours maybe...to produce it and if they can't, you've basically either bought yourself out of foreclosure or have  just got your house without obligation to any further payments.  He said it is because banks trade loans and trade loans and trade loans so although XXX mtg company is who I send my mtg pymts to, that may not necessarily be who actually owns the house.  KWIM?

I have no idea if this is true or not or some sort of effed up relay of the story told to me but the only things that tells me this may not be true is that if everyone knew this, essentially, everyone could end up getting themselves out from under a mortgage, if given the latter, at the cost of course, of a f*cked credit score for lack of making mtg pymts, but I'd take it for getting out from under a $400k house now worth only $280k.

Anyone know anything about this and wish to enlighten me (all of us) on the subject?

DesignerMama

There was a story on 60 Minutes or 20/20 or some show like that, and they said the same thing. Apparently "show me the note" is the magic word and most likely they won't be able to do it.?

DaisyAdair

I tried.  Actually, we've been trying since before this program.  It's been a nightmare.  Hell on Earth.

Back in December, we got our property tax bill and knew our payments would be going up a LOT.  We called about a refi (got a letter in the mail for "preferred customers" to refi).  They said we'd "do better" with a modification.  We submitted that paperwork in January.

The chain of events that's occurred since then make me want to pack my bags and hand over the house to the bank.  It's been horrible.

They've lied.  They've initiated foreclosure actions.  I've had to hire an attorney and we're getting ready to drag them into court.  

Some things to know....

Not all lenders are participating in the program.

Even if you pay a particular bank, they might not be your lender.  They have no obligation to tell you if your loan has been sold.  Mine was sold.  I was told my "investor" (the bank that now owns my loan while the company I've been paying for 5yrs if just the "servicer") didn't participate in the program.  Then, they wouldn't tell me who the "investor" was.  I found out weeks later who it was and they DO participate in the program.

The people are NOT trained properly.  Friday, we made our weekly call to the lender/servicer/whatever the losers want to be called.  Again, we brought up the Making Home Affordable program....they said we don't qualify because our loan isn't a Fannie Mae or Freddie Mac loan.  We explained to them that you don't have to have a loan through them to qualify - there are 2 parts to the program, and one is for people who don't have their loans through those companies.  Nope, she said, only Fannie Mae and Freddie Mac qualify.

I can't even explain the hell my life has been since we decided to try and work this out.  Back then, we could have refinanced with another company and been done with it - rates are lower than my 30yr fixed right now.  A simple refi to another company would have taken care of all of this.

Yet, I trusted my bank and did everything they asked.  Now, I'm on the verge of having to file Ch 13 to get them into court to FORCE them to act in good faith.  I'm being given the run-around, weekly, by them.  I'm being lied to and given wrong information.

It might seem like a good idea to try it and lower your payments, but, depending on your lender, it could be the worst mistake you ever make.  

I really want to pack my stuff and give them the house because I am SO TIRED of this fighting.  It was the worst mistake I ever made just to try and offset my new property taxes.

 

NikiGee

We used it and took the quickie "do you qualify" test before calling our servicer, Wells Fargo. ?With that said, when I got WF on the phone they said they had no info on the programs yet but to check back. ?Gee, thanks.