hubie said: I'm currently 2.5 years into a 30 year fixed 6.125% from countrywide (BofA) 80% LTV (256k out of 320k).
BofA says I can do the "Making Home Affordable" program, but their estimated settlement charges are $7,500+! That's not affordable?
Anyone gone with the MHA program? Ways to get fees down in this program?!
HubiePlease provide the details of what constitutes the $7,500. Sometimes people look at the charges and forget to realize that part of them include roughly one month's interest and principal as well as a refunding of the escrow account for property tax and homeowners insurance.
Are they asking you to pay points? What interest rate would you be getting? More detail would be helpful.
hubie said: has anyone done the MHA program? Seems like crap to me. Yes, there's actually an entire thread devoted to people posting their experiences with MHA.
hubie said: I'm currently 2.5 years into a 30 year fixed 6.125% from countrywide (BofA) 80% LTV (256k out of 320k).
BofA says I can do the "Making Home Affordable" program, but their estimated settlement charges are $7,500+! That's not affordable?
Anyone gone with the MHA program? Ways to get fees down in this program?!
HubieTo Joe Public, "affordable" refers to the monthly payment due each month, not the principle amount or actual expenses related to the mortgage. So to determine if the program is meeting its goal, you need only to look at your monthly payment now and what they propose it would become.
And your detailed list of fees only totals to $6500, not $7500.
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