Incarnate said:finalpendragon said:I reallllly want the modification. BUT, if I'm not going to get it, I don't want to miss out on the current low interest rate I could get via a Refi. It's a tough decision.
Keep in mind the modification is going to screw up your credit because you're not paying as agreed upon.

Everything I've read suggests this isn't true. The great thing about this program is that it won't screw up your credit. A modification isn't reported as a late payment.

finalpendragon said:What I really want to know is this - Has anyone received a Making Home Affordable MODIFICATION from Countrywide/BofA?

I don't know if different departments are handling this for Countrywide vs. BofA. I got my mortgage from BofA, not Countrywide. I just called up and spoke to two people who seemed to somewhat know what was going on about a MHA modification (loan not owned by Fannie/Freddie so refi isn't an option). I was given the phone number 877-776-5842x52701; I was transferred there, so I don't know if the toll-free number is correct (they gave me a wrong number last time I called), but the extension is right (I had to enter it even after being transferred). If that doesn't work, try calling the numbers here and they should be able to transfer you.

The CSR I spoke to told me the following: MHA loan mods are only available to borrowers with Fannie/Freddie loans. I told her that's not true, we went back and forth a couple times, then asked to talk to the supervisor.

The supervisor told me that BofA is only taking MHA loan mods for Fannie/Freddie loans right now. She said that they don't have guidelines on non-Fannie/Freddie loans yet, but she expects them "soon." She also said that a mass mailing will go out to everyone with loans that might be eligible when they start taking those applications. Since I am current on my mortgage payments, she said that I would have to apply for a refi before applying for a modification. I'm not sure what she meant by that because my loan isn't held by Fannie or Freddie so I'm not eligible for a MHA refi, but I'm happy to send in a useless application if it'll get me a modification.

Hope that helps. I'm also interested to hear if anyone has actually gotten a mod from BofA.

JrcWy said:I locked earlier this week under the Home Affordable refinance program through BoA. Rate ended up being 5.00% at no points and ~$2000 in closing costs. Since my loan was owned by Freddie, I was at the mercy of my current lender, BoA. I still shopped around by contacting mortgage reps at multiple branches in the area. I told all reps I talked to that I wanted to lock at 5% and to contact me if rates hit my target, which didnt happen until 2 or 3 weeks from when I originally contacted all of them. Interestingly enough, I was only contacted by one rep on the day I locked, so I emailed all the others to see what the current rates were. Nobody else offered 5% and some were still as high as 5.5%. Shopping around within BoA seemed to pay off for me based on this.

I was eligible for the program based on an original LTV of 80% with no PMI, which has fallen to ~90% LTV now. Only cost so far is $35 credit fee to lock in the rate on a loan of ~232K. My timeline for staying in the house is short so I did not want any points and I opted to roll costs back into principle. The max that can be rolled into the principle for a Freddie owned loan is $2500. Now I'm waiting to receive the paperwork.

Care to share the loan officer's name that charged you only $35 instead of the usual $400++ BOA charges to apply? Also, you were charged for a fee BOA does not charge on these loans.

To update the situation on MHA:

When you first call about MHA loans with these lenders, they have another company answer your call and they forward you to the loan officer.
The CHase person did not know much about the loan at all.

BOA does not have any information on MHA modifications right now. I have heard they are taking reservations and I have heard that they are not taking them.
If you are Phase 1 eligible, you can refinance now up to 105% ltv.
If you are not Phase 1 eligible, you will have to wait for Phase 2 to come out before you will know if you are eligible for the MHA Phase 2 refi. The details have not been released yet to the loan officers.
I suggest you make friends with the loan officer that you speak to and get them to keep tabs on your loan for phase 2.

Chase is a bit different. I do not have a reliable source at Chase, and was not real clear on the answers given as the different people I spoke to gave me different answers.
Chase has their standard application fee (I forgot what they said, but I think it was $395), which is non-refundable.
To qualify for the MHA refi, you have to be between 98% - 105% LTV.
They do have online applications if you want to qualify for a modification. I asked for the modification qualifiers and they would not say.

If you have any other questions, I will do my best to find the answers and try to get back with a reply.

I will be very dissapointed if I work through the mod process and end up with a temporary rate reduction or an extension from 20 to 30 years. We need more user experiences here so that I can decide if it is worth trying.

What would motivate a bank to reduce the pricipal on a second loan when they can lower payments by extending the loan from 20 to 30 or even 40 years?

chocula said:JrcWy said:I locked earlier this week under the Home Affordable refinance program through BoA. Rate ended up being 5.00% at no points and ~$2000 in closing costs. Since my loan was owned by Freddie, I was at the mercy of my current lender, BoA. I still shopped around by contacting mortgage reps at multiple branches in the area. I told all reps I talked to that I wanted to lock at 5% and to contact me if rates hit my target, which didnt happen until 2 or 3 weeks from when I originally contacted all of them. Interestingly enough, I was only contacted by one rep on the day I locked, so I emailed all the others to see what the current rates were. Nobody else offered 5% and some were still as high as 5.5%. Shopping around within BoA seemed to pay off for me based on this.

I was eligible for the program based on an original LTV of 80% with no PMI, which has fallen to ~90% LTV now. Only cost so far is $35 credit fee to lock in the rate on a loan of ~232K. My timeline for staying in the house is short so I did not want any points and I opted to roll costs back into principle. The max that can be rolled into the principle for a Freddie owned loan is $2500. Now I'm waiting to receive the paperwork.

Care to share the loan officer's name that charged you only $35 instead of the usual $400++ BOA charges to apply? Also, you were charged for a fee BOA does not charge on these loans.

Do you mean the $35 fee should not have been charged? I got several GFEs from various BOA contacts (see my previous post) and all had this $35 fee. I was also quoted a $650 lender fee that will be due at closing. This was also consistant with GFE's from other BOA contacts. Since my mortgage is secured by Freddie, I was at the mercy of my current lender (BoA). Is anyone else going through BoA for a MHA refinance getting these fees waived?

I am so annoyed with this refi progam. When it was first announced I probably could have barely qualified within the 105% LTV ratio but since I have lender paid PMI I keep getting the same "wait until phase 2" that everyone else is saying. In the mean time, my home value has probably decreased enough so that I am above 105%. I am sure this is happening to others as well. The 4-5 million homeowners this is supposedly going to help is likely shrinking by the day.

rashah4 said: Heard back a couple weeks ago and they asked for some bank statments and tax returns. We have enough in stock/mutual fund accounts to pay off the loan, so my guess is that they reject any modification based on either that or the low LTV

also, does the fact that we have cash to pay the loan off rule out any chance of a modification?If they ask for BANK ACCOUNT statements, you do not send your stock/brokerage/mutual fund/retirement account statements. Dont send anything more than exactly what is asked for.

It is my understanding that modifications are for primary residences only. Not investment props, yes?

My situation:

Live in Ohio. Loans (first and second) are with a credit union (not required to do mods). Husband lost his job in '08, new job in January this year, but income slashed by 2/3. Went through OHFA (Ohio Housing Finance Agency) to try and mediate through my lender. Lender said no because income doesn't substantiate mortgage payments if done through MHA (I disagree). I am now researching forensic loan audit of my loans to try and find recourse that way to "encourage" my lender to work with me.

cherry3m said:rashah4 said:We have enough in stock/mutual fund accounts to pay off the loan...

Waaa Waaa!!!

Damn, just pay your bills deadbeat!

I hope the banks don't take IRAs into consideration as if they were normal accounts. That's not right. Even if you pay off your house now, you're still going to need money to live on when you're old. The Federal Government decided to encourage a retirement system around private IRA accounts. For most Americans, IRAs are going to be essential. We don't live in 1950 when you could count on Social Security or company pensions to take care of you. Since the government has coerced this type or system, IRAs should be viewed in a very special light and not as a regular part of one's net worth (within reason).