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Can anyone tell me more about the Making Home Affordable Program? Will I qualify? *Read More*?

on Sep 25, 2012 in Unique Loan Programs | 2 comments

Question by SadToday22: Can anyone tell me more about the Making Home Affordable Program? Will I qualify? *Read More*? I have owned my home for 5 years, refinanced for debt consolidation twice, the last time being in 2005. I technically have an ARM loan that was supposed to adjust over a year ago but due to the failing economy the automatically made my ARM extended with no adjustments until 2014. I am struggling to pay all my bills, however I have not gotten behind on my mortgage payments whatsoever. My DTI is very high and my husband filed bankrupsty on his credit card debt after he lost his job a couple of years ago and went unemployed with no unemployement pay for 6 months. He tried continously to find work and was damn lucky to get the job he has now. In the mean time I had to take a pay cut and a HUGE cost of health insurance increase. Between the two of us we were doing much better financially 5 years ago than we are now even though we planned 5 years ago to have our annual income be double what it actually is thanks to our poor economy. ANYWAY, because of all of this he has crappy credit, I have very high DTI ratio due to student loans and my home is not worth the $ 97,000 we owe on it, I would imagine it would be worth more around $ 80-85k. What is this new program? My mortgage company said it is coming soon and I read over the documents they provided me with but it seems like a lot of jargon. My mortgage is through Wells Fargo. Is what I am hoping for is for them to refi me at a lower monthly payment OR at the very least just make my ARM fixed for minimum 15 more years. What do you think my options are going to be? Best answer: Answer by kcgpuliceOne reason I don’t think you would qualify is because you have to owe between 80% to 105% of your home’s value. You owe more than that, sounds like. Read some of the facts sheets here, http://www.financialstability.gov/ I worked with Wells Fargo too. They are clueless about what this program is. All the counseling numbers I called, they are cluesless too. But if you call your state’s HUD numbers from the MHA website, they may tell you your best options. I learned a lot from a few phone calls. I think you can and should refinance with a lower fixed interest rate. And they are low for everyone now. Record lows. You will have to pay about $ 400 for a refinance application. Then the closing costs and everything, if you wish, could be added to your mortgage amount. That could be up to $ 2000. Sounds like a lot, but with a lower rate, you’d be better off. If Wells Fargo says they can’t help you, go to your local bank and ask to have a sit down with someone about refinancing. They might help, or at least give you free advice. Good luck. What do you think? Answer below! Can anyone tell me more about the Making Home Affordable Program? Will I qualify? *Read...

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