Posted on
June 9, 2009
at
12:45 pm
Is anyone familiar with this program?
Posted on
June 9, 2009
at
1:10 pm
A general overview: The Making Home Affordable Program was announced by President Obama in February of 2009. The program is geared towards helping families prevent their homes from going into foreclosure. The goal is to assist these families through a restructuring or refinancing of their mortgage loan. Essentially, this will lead to less people defaulting on their monthly mortgage payments. Additionally, by preventing foreclosures, the hope is to stabilize home values throughout our towns and cities. In March, new guidelines were set forth under the Administration's Making Home Affordable Program to initiate these services for families who qualified. And, in April, the program was expanded to help those struggling with high second mortgage payments as well.
Posted on
June 9, 2009
at
4:52 pm
Thank you, Steve.I looked at the web site the other day. I read the pdf files. I decided that a modified loan is desirable if I can qualify myself. I called my mortgage co. I was told the next step would be an appraisal. There's no charge/fee for the appraisal. My objective is to lower the interest rate and paymt while avoiding the cost of a refinance.A refi has been of interest for several years. First I made some home improvements, then the economy started to go south...then the housing bubble burst... My concern is that an appraisal will not be in my best interest at this time and that I don't have enough experience to qualify myself for my objective. My payments are always on time and I'm not behind. I don't keep much of a balance on a credit card as it's paid asap or not used.My mortgage interest rate is 8 1/4 % and my paymt is a bit more then 40% of my monthly.I've checked out some of your responses to other questions and you seem to have a lot more knowledge then I. That's a help in itself. I really appreciate your dialoging with me.P.S. I might be busy for a few hours as my cat has a porcupine quill in his tail so my niece, her husband, and my sis are on their way over...I need all the help I can get :D I'll check back frequently but no hurry on your part. Thanks again!
Posted on
June 9, 2009
at
7:56 pm
Smile- I am more than happy to help in any way that I can. Good luck with your cat too! Anyway, I think the best way to go at this time is to first see if you qualify for a home modification directly through the Making Home Affordable Program website. From what I have looked over it looks like you need to answer a series of five questions regarding your situation which will be analyzed carefully. You will then be directed in terms of your next step. Below is the link to the appropriate page on their website:
http://makinghomeaffordable.gov/modification_eligibility.html Let me know if that helps you out or not!
