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peabody
Love green icing!!!
Member since 5/05 4691 total posts
Name:
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Does anyone have any experience with/ Obama's mortgage relief plan?
Just wondering if anyone has taken advantage of this and if you can point me in the right direction with valid information. I have been searching on the web, but I am not sure which info is valid?
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Posted 9/5/10 11:39 AM  |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Does anyone have any experience with/ Obama's mortgage relief plan?
There are different parts of the program. Do you need refi or modification.
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| Posted 9/6/10 7:31 AM |
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peabody
Love green icing!!!
Member since 5/05 4691 total posts
Name:
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Re: Does anyone have any experience with/ Obama's mortgage relief plan?
Posted by sometimesmommy
There are different parts of the program. Do you need refi or modification.
I am thinking modification.
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| Posted 9/6/10 10:06 AM |
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saraH
happy birthday sweet kate!
Member since 5/05 16555 total posts
Name:
I know that God exsists, I held her in my arms...
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Re: Does anyone have any experience with/ Obama's mortgage relief plan?
we are in the modification process now. there are about 4 programs that we applied for, waiting to hear now.
we tried going through the mortgage company, but got the run around for over a year. we got a lawyer and they are doing all the work for us.
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| Posted 9/6/10 10:22 AM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Does anyone have any experience with/ Obama's mortgage relief plan?
Posted by peabody
Posted by sometimesmommy
There are different parts of the program. Do you need refi or modification.
I am thinking modification.
We wrote the hardship letter-Then DH had to submit all the expenses, they came up with a trail payment which actually was higher than the mod amount. We paid this for almost 9 mths-it was a long process since the Administration kept changing guidelines and the program was "new". We had to be current in order to sign docs-so if you are behind check with your lender as they are all different.
They sent the appraiser out and soon after we got notification that mod docs were being drafted. The underwriter called and went over numbers. They bought it down almost 1300.00 as the goal was as close to 31% of DH's income. The docs were express shipped, we signed, they recorded them with they county I believe and we got a copy of the bank signed docs back in a few weeks and that was it.
It was long but sounds like we are a rare breed as mos tpeople I know had to get an attorney
I dont know if its due to the type of hardship we had but many people gave us their direct contact-I was persistent but nice.
Good luck!
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| Posted 9/8/10 7:49 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Does anyone have any experience with/ Obama's mortgage relief plan?
Posted by sometimesmommy
Posted by peabody
Posted by sometimesmommy
There are different parts of the program. Do you need refi or modification.
I am thinking modification.
We wrote the hardship letter-Then DH had to submit all the expenses, they came up with a trail payment which actually was higher than the mod amount. We paid this for almost 9 mths-it was a long process since the Administration kept changing guidelines and the program was "new". We had to be current in order to sign docs-so if you are behind check with your lender as they are all different.
They sent the appraiser out and soon after we got notification that mod docs were being drafted. The underwriter called and went over numbers. They bought it down almost 1300.00 as the goal was as close to 31% of DH's income. The docs were express shipped, we signed, they recorded them with they county I believe and we got a copy of the bank signed docs back in a few weeks and that was it.
It was long but sounds like we are a rare breed as mos tpeople I know had to get an attorney
I dont know if its due to the type of hardship we had but many people gave us their direct contact-I was persistent but nice.
Good luck!
How does this work--are there closing costs; do they extend the life of the mortgage? Did you ask for the mortgage and taxes to be 31% of income?
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| Posted 9/8/10 8:16 PM |
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peabody
Love green icing!!!
Member since 5/05 4691 total posts
Name:
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Re: Does anyone have any experience with/ Obama's mortgage relief plan?
Posted by nov04libride
Posted by sometimesmommy
Posted by peabody
Posted by sometimesmommy
There are different parts of the program. Do you need refi or modification.
I am thinking modification.
We wrote the hardship letter-Then DH had to submit all the expenses, they came up with a trail payment which actually was higher than the mod amount. We paid this for almost 9 mths-it was a long process since the Administration kept changing guidelines and the program was "new". We had to be current in order to sign docs-so if you are behind check with your lender as they are all different.
They sent the appraiser out and soon after we got notification that mod docs were being drafted. The underwriter called and went over numbers. They bought it down almost 1300.00 as the goal was as close to 31% of DH's income. The docs were express shipped, we signed, they recorded them with they county I believe and we got a copy of the bank signed docs back in a few weeks and that was it.
It was long but sounds like we are a rare breed as mos tpeople I know had to get an attorney
I dont know if its due to the type of hardship we had but many people gave us their direct contact-I was persistent but nice.
Good luck!
How does this work--are there closing costs; do they extend the life of the mortgage? Did you ask for the mortgage and taxes to be 31% of income?
I am confused. Who did you write the hardship letter too? How did you get the whole process started? We aren't behind in payments, but DH's income has decreased.
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| Posted 9/8/10 11:07 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Does anyone have any experience with/ Obama's mortgage relief plan?
The hardship letter goes to your mortgage company. We didnt ask for the mortgage and taxes to be 31% but from what the underwriter explained thats the goal of the HAMP program.
We didnt pay any closing costs. And yes they extended it to 30 years so we lost 5 years but save a few hundred thousand in interest since the rate was reduced.
Message edited 9/9/2010 10:09:51 AM.
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| Posted 9/9/10 9:10 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: Does anyone have any experience with/ Obama's mortgage relief plan?
This website offers a lot of good information on where to start. You have to qualify for the refinance or modification. To qualify for the modification your mortgage payment (taxes, insurance, principal, interest) needs to be more than 31% of your total gross income.
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| Posted 9/9/10 10:08 AM |
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