Can I get approved for the new Obama loan modification program while my house is listed for sale?

Posted on Oct 3, 2012 in HARP Refinance

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loan modification program
by Chris Devers

Question by Barry: Can I get approved for the new Obama loan modification program while my house is listed for sale?
I will be applying for a wells fargo loan modification. I switched jobs about a year ago and make significantly less than when I purchased the home. Currently my monthly mortgage payment is much more than 31% of my gross income. Will I be denied because my house is listed for sale. The house is not in foreclosure. I know the question: “Is your house listed for sale or do you intend to sale your home?” is specifically asked in the wells fargo questionaire. What should I do?

Best answer:

Answer by sassy2
You can’t lie. Your house is for sale. If you apply for the refi and a buyer comes along you are screwed.
With a refi your principle, purchase property tax and homeowners insurance are not reduced. Just the interest and a longer term. You do not realize much savings. It only pays if the rate is 2 points.

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2 Comments

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