Q&A: Anyone had any success with the making home affordable/loan modification program with chase.?
Question by vinny: my house was bought i 2005. my 5/1 arm expires oct.1 2010. the govt. refinance program(harp)? expires june 2010. does it mean that i have to rush and refinance before june 2010 even though 5/1 expires in october 2010, discount cheap (assuming that i may owe more than the value). what is the best thing to do? Best answer: Answer by The Mortgage BankerYou may also consider other programs as well through Fannie Mae and Freddie Mac. If you’re loan is currently with Fannie or Freddie there are options for you that allow a refinance of you’re home even if you owe more than it’s current market value. You can check to see if Fannie Mae or Freddie Mac own you’re mortgage by going directly to Fanniemae.com or Freddiemac.com and use the property look up tool. If it is owned by Fannie or Freddie get in touch with a good lender to see if they can help you refinance. Should you refinance now – YES. Why? Because interest rates will most likely not return to the current lows we are now experiencing for many years to come. And with all the goverment borrowing we can expect to see inflation hit the market in the future which will lead to higher interest rates. Please let me know if you have any questions. I am a California Lender. Add your own answer in the comments! Question by ashleys7786: Anyone had any success with the making home affordable/loan modification program with chase.? I have been calling since March and get different directions every time I call. I did the application over the phone twice now but when I call to check the status, site they say it isnt in the system. I’m going to send everything in the mail tomorrow. I was just wondering if anyone has had any success with the program, especially with Chase. Best answer: Answer by LenaI’ve completed my 3 month trial with Chase and now they’re just stalling. I was suppose to get me permanent mod in July but that is not happening. All of a sudden I became “MAY not qualify for the mod” from being qualified originally. I’ve contacted the executive team and they are looking into it. You should call the executive team 800-242-7399. they will help you expedite your application. good luck What do you think? Answer...
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Question by yourtruckerfriend: what are the specific rules for truckers to get an fha loan? Im a first time home buyer. I am a otr driver. I am out working 355 days a year. I take 1 week off to visit family back home. The dept of transportation allows me to deduct from taxable income a flat rate of 45? dollars for everyday im out on the road..away from my home state. I claimed about 37.00 a day..itemized on my return. I also have other deductions to my taxable income. The issue is.. my mortgage broker is stating that the underwriter is making me show my tax returns for 07 an 08 to see IF i qualify for a home loan. I made 53k , pilule web i had 20 k in deductions. I couldve taken more but thats a gray area , more about recpts etc.. anyway.. i am NOT a self employed person.. i have w2s. I applied to the underwriter , find got approved for 72k. I negotiated the purchase price, and such.. got my loan down to 56k & seller contribution of 2k, add in an 8k rehab loan, brings my tally to 64k, add in 12k closing etc. bottom line. my mortgage guy locked me a rate at 5.5 fixed 30 etc. amaZing..its till the 1st of march.. Our closing goal is the 20th of feb.. as i said i had a preapproval.. i signed a contract , (theres alot more details about the contract).. paid for inspection, and appraisal. now mortgage guy TIM.says he put off ordering the survey as i may not qualify now.. I ask why am i being forced to show tax returns, just because my occupation is trucker?.. if i made 53k a year and say paid rent equal to my truck pmt.. 652 , and ,my util budget is 232 a month. I make around 4144 a month. I gotta eat, like eveyone else..only i get a tax break on daily expenses.. meals etc. My mortgager lied to me saying an appraisal had been ordered when it has not ..that was 9 days ago.. now i found out that the realtor.. MY realtor stated ..c.mort group has ordered the appraisal, then see hand writen order but am told by morgage co. that it wasnt ordered. everyone else whos not a *truck driver..gets to take w2s to fha and show bills etc, get a loan. but for I .. i am required to show all my tax return even tho i am not self employed and i get most of my tax pmts back by itemizing.. well the house sits and i am left with 725 spent for inspection and appraisal and now even tho i had a prequal letter, a signed contract and 30 days into the process.. my mortger says i dont qualify.. is there a way around this. thru it..etc The purpose of buying a home now is the market, my age and family needs. I plan to be home more and my work is slowing down a bit. Ive been a driver for 7 years. didnt want or need a home, stayed out on the road. cheaper. independant now.. my family has no housing.. i have the ability to have a full house again. and yes..tax deductions.. equal amounts better investment.. the reason the underwriter is asking for the returns…because i stated truck driver as job. i also wonder..could it be also because im female? if only my ahem.experienced mortgage broker listed me as freight engineer or relocation specialist or professional commodity relocator..? im just...
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