Comments on: Making Home Affordable Loan Modification Program Frequently Asked Questions – FAQ

By: Lisa Richardson

Lisa Richardson — Thu, 29 Oct 2009 01:34:29 +0000

Did you ever get your loan modified? i have a client with a tax lien that cant refi were you able to get it done?

By: Lynn

Lynn — Sat, 17 Oct 2009 16:06:41 +0000

Am eligible for HAMP due to job loss and am current in mortgage payments, Have a few months savings. Can I put my house up for sale and still qualify? If so, should I list it now or after modification?

By: beth

beth — Fri, 25 Sep 2009 06:28:58 +0000

I was told that my net expenses should be positive by a couple hundred dollars. Is that not accurate? Right now my figures show -$300 per month with my old mortgage rate. Any help would be appreciated. I am submitting our hardship package tomorrow.

By: rose wood

rose wood — Tue, 22 Sep 2009 03:47:31 +0000

Hi, i havea tax lien on my property from 2004 FROM THE IRS THAT I DID’NT REALIZE. I HAVE A WELLS FARGO MORTGAGE. I AM TRYING TO GET A LOAN MODIFICATION LOAN BUT THEY WILL NOT CONSIDER A LOAN AS LONG AS THERE IS A TAX LIEN ON THE PROPERTY. CAN YOU TELL HOW I CAN GET A LOAN MODIFCATION WHILE I WORK ON REMOVING THE LIEN? THANKS.

By: Thomas Mason

Thomas Mason — Thu, 10 Sep 2009 03:05:51 +0000

We tried to get the 1st at 8.5 % fixed modified by US Bank and it was denied. We asked to reconsider and they have been doing so but it has now been three months. We were told this week that it could be 6-8 more weeks. HFC has our second at 10.5 % and they denied it. We asked why and were told they could not tell us. So much for help

By: krystle

krystle — Tue, 01 Sep 2009 15:34:35 +0000

So this plan wants people to pay 31% of their income towards housing but all those people who are paying more than 31% but fall within 32%-37% are up you know what creek without a shovel? This sucks.

By: Michael

Michael — Tue, 01 Sep 2009 07:45:04 +0000

Krystle – The trick to qualifying for a Making Home Affordable Loan Modification is to have a current “front-end” DTI of over 38%, and a proposed front-end DTI of 31%. In plain English, this simply means that if you divide your current housing expense by your gross income, it must be above 38% (currently). To calculate what your new mortgage payment will be, simply work backwards: Multiply your gross monthly income by 31%, subtract monthly taxes and insurance; this leaves you with your “affordable” monthly payment. Your lender will help you achieve this monthly payment by modifying your loan to a 30 year term or 40 year term, at the appropriate interest rate. Additionally, make sure that your bottom line net income expenses (including all bills and household expenses) are currently negative, and that after your proposed savings on the modification, your bottom line net income will be positive.

By: Krystle

Krystle — Tue, 01 Sep 2009 04:09:59 +0000

Im working with a counselor at ACORN to discuss a modification. My current loan is at 37% of my gross income. THe 1st time the girl ran my numbers she left out my condo association dues and told me I was at 30 % I checked her work after we got off the phone I discovered the error and that I was at 37%. I discussed it with her and she said I was still not eligible because I had $375 GROSS money left over in my budget and they want my payment to be at least 38% of my income before they’ll look at my loan. WHat gives? DO they want me to pay 31% or less towards my loan or be paying 38% or more before they’ll help?? Am I to understand Im not allowed to have any money left over to save in my monthly budget?

By: Ainsley Nobara

Ainsley Nobara — Thu, 27 Aug 2009 16:13:10 +0000

My husband and I are looking to do a loan modification for our mortgage although our mortgage is $70 under 31% of our pretax gross income. Do you think our servicer will “let it slide”? We have a new baby and I am a new stay-at-home parent (so we are depending on just my husband’s income now). We are struggling to pay the termite renewal, baby diapers, food, etc. We are not behind on our mortgage payments, but we are stretched so tight and our house is worth 50k less than what we bought it for in 2005. Please offer some insight! Thank you!

By: Peter

Peter — Wed, 08 Jul 2009 16:41:25 +0000

Do you have a question that we can try to answer?