Comments on: My Experience With The Making Home Affordable Refinance Program: Part 2 http://www.biblemoneymatters.com/2009/08/my-experience-with-the-making-home-affordable-refinance-program-part-2.html Personal finance topics including budgeting, debt elimination and faith based investing. Fri, 30 Jul 2010 04:06:59 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: ida http://www.biblemoneymatters.com/2009/08/my-experience-with-the-making-home-affordable-refinance-program-part-2.html/comment-page-1#comment-21526 ida Wed, 07 Jul 2010 21:19:34 +0000 http://www.biblemoneymatters.com/?p=3895#comment-21526 it is very tricky and it sometimes sounds good but the deal is really not that great. find a website that has refinance calcultors and plug some of the numbers in to see how long it would take you to break even if you refinance. I spoke to at least 4-5 different companys, including wells fargo and they all seem to exagerate the great deal, but once I started the process the figures kept changing and in the end it just was not worth it to me. so far the compay i am working with seems to be accurate and they are sticking to what our original cost were but only time will tell. i am pretty good at detail and working with numbersn and have bought and sold several properties in my life, so if you are not to good with numbers and details, it would be good to get someone who is knowledgeable and can put it all together and figure it out. i will post my final closing and let cyberspace folks if i recommend the company i am refinancing with now. Good luck to you it is very tricky and it sometimes sounds good but the deal is really not that great. find a website that has refinance calcultors and plug some of the numbers in to see how long it would take you to break even if you refinance. I spoke to at least 4-5 different companys, including wells fargo and they all seem to exagerate the great deal, but once I started the process the figures kept changing and in the end it just was not worth it to me. so far the compay i am working with seems to be accurate and they are sticking to what our original cost were but only time will tell. i am pretty good at detail and working with numbersn and have bought and sold several properties in my life, so if you are not to good with numbers and details, it would be good to get someone who is knowledgeable and can put it all together and figure it out. i will post my final closing and let cyberspace folks if i recommend the company i am refinancing with now. Good luck to you

]]> By: spnerd http://www.biblemoneymatters.com/2009/08/my-experience-with-the-making-home-affordable-refinance-program-part-2.html/comment-page-1#comment-21511 spnerd Wed, 07 Jul 2010 13:31:26 +0000 http://www.biblemoneymatters.com/?p=3895#comment-21511 Correction to previous note: should state LOAN office, not load...Thx. SP Correction to previous note: should state LOAN office, not load…Thx. SP

]]> By: spnerd http://www.biblemoneymatters.com/2009/08/my-experience-with-the-making-home-affordable-refinance-program-part-2.html/comment-page-1#comment-21510 spnerd Wed, 07 Jul 2010 13:30:02 +0000 http://www.biblemoneymatters.com/?p=3895#comment-21510 Guys: Is the Making Home Affordable program via BOA really too good to be true? The way the load officer made it sound on the phone was too good to be true. I am always suspicious about such things and not sure if I can go ahead with this refi. Just around 3K for refinancing, no PMI, no 5% or 20% downpayment, payment reduced by over 300 $$, no income verification, no origination fees, no points etc. BTW: we are a current customer of BOA for our mortgage. Can someone pls educate me - should I move forward with this loan? Does it make sense to start another 30 year refi at around 4.875%? Please advice. Thank you. SP Guys:
Is the Making Home Affordable program via BOA really too good to be true?
The way the load officer made it sound on the phone was too good to be true.
I am always suspicious about such things and not sure if I can go ahead with this refi.
Just around 3K for refinancing, no PMI, no 5% or 20% downpayment, payment reduced by over 300 $$, no income verification, no origination fees, no points etc.
BTW: we are a current customer of BOA for our mortgage.
Can someone pls educate me – should I move forward with this loan?
Does it make sense to start another 30 year refi at around 4.875%?
Please advice.
Thank you.
SP

]]> By: ida terry http://www.biblemoneymatters.com/2009/08/my-experience-with-the-making-home-affordable-refinance-program-part-2.html/comment-page-1#comment-21474 ida terry Mon, 05 Jul 2010 19:47:20 +0000 http://www.biblemoneymatters.com/?p=3895#comment-21474 i have a loan through wells fargo and had called about refinancing, at first sounded great, saving about 170 month then when the paperwork came it was only 22 a month, i called the guy i was dealing with and he did not have much to say, its a scam to get you started!! right now i am in the process of refinancing with a company named carnegie mortgage its part of grand bank, so far everything is falling into place but i am just wondering what the final closing will show as, has anyone done busines with this company?? i have a loan through wells fargo and had called about refinancing, at first sounded great, saving about 170 month then when the paperwork came it was only 22 a month, i called the guy i was dealing with and he did not have much to say, its a scam to get you started!! right now i am in the process of refinancing with a company named carnegie mortgage its part of grand bank, so far everything is falling into place but i am just wondering what the final closing will show as, has anyone done busines with this company??

]]> By: John Davenport http://www.biblemoneymatters.com/2009/08/my-experience-with-the-making-home-affordable-refinance-program-part-2.html/comment-page-1#comment-21193 John Davenport Sat, 26 Jun 2010 16:40:43 +0000 http://www.biblemoneymatters.com/?p=3895#comment-21193 I applied for a loan mod through wells fargo. Throughout the process, they insisted that I setup a escrow account. I was never late on my payment and my taxes were paid on time. So, I did not know what the issue was. But that was their requirement so I had to agree. Anyhow, they later DENIED the loan modification, but guess what? They stuck the escrow account on my mortgage anyway. So now my mortgage is HIGHER! Simply because I tried to be proactive by seeking a loan modification. I applied for a loan mod through wells fargo. Throughout the process, they insisted that I setup a escrow account. I was never late on my payment and my taxes were paid on time. So, I did not know what the issue was. But that was their requirement so I had to agree. Anyhow, they later DENIED the loan modification, but guess what? They stuck the escrow account on my mortgage anyway. So now my mortgage is HIGHER! Simply because I tried to be proactive by seeking a loan modification.

]]> By: Krista S http://www.biblemoneymatters.com/2009/08/my-experience-with-the-making-home-affordable-refinance-program-part-2.html/comment-page-1#comment-14267 Krista S Sat, 16 Jan 2010 18:53:04 +0000 http://www.biblemoneymatters.com/?p=3895#comment-14267 We've had a HORRIBLE experience with Chase. We started in April 09' with 3rd party who still owes us $2200 to this day and haven't paid us. We stilll don't have a modification because Chase says we don't qualify even though our mortgage payment is 50% of our monthly income. We borrowed money to help keep our payments current and we are figuring Chase used that money as income. The truth is we have to pay that back, it never was income and wasn't listed on our payment stubs. They looked at our bank account and said that we were getting money from somewhere so they assumed we have money we aren't telling them about. We have told the complete truth. They just don't want to help anyone is bending over backwards to keep their payments current. I don't trust them and honestly don't think they are using correct information. I know the truth prevails and God will honor our honesty. And, I pray that others who are in worse shape than we are are given mods quickly. However, this program isn't working as the Gov. has promised. We’ve had a HORRIBLE experience with Chase. We started in April 09′ with 3rd party who still owes us $2200 to this day and haven’t paid us. We stilll don’t have a modification because Chase says we don’t qualify even though our mortgage payment is 50% of our monthly income. We borrowed money to help keep our payments current and we are figuring Chase used that money as income. The truth is we have to pay that back, it never was income and wasn’t listed on our payment stubs. They looked at our bank account and said that we were getting money from somewhere so they assumed we have money we aren’t telling them about. We have told the complete truth. They just don’t want to help anyone is bending over backwards to keep their payments current. I don’t trust them and honestly don’t think they are using correct information. I know the truth prevails and God will honor our honesty. And, I pray that others who are in worse shape than we are are given mods quickly. However, this program isn’t working as the Gov. has promised.

]]> By: Robyn http://www.biblemoneymatters.com/2009/08/my-experience-with-the-making-home-affordable-refinance-program-part-2.html/comment-page-1#comment-12054 Robyn Thu, 03 Dec 2009 02:27:08 +0000 http://www.biblemoneymatters.com/?p=3895#comment-12054 We started the loan modification process with B of A in June due to hardship. I lost my job and my husband was on temporary disability due to a second hip surgery. After fulfilling all of the requirements for a loan modification and turning in the mountains of paperwork. B of A will not work with us because we have not had a consistent income. Even though we have not been more than 30 days late on our payments. I just heard that the government is supposed to be coming down on these banks because they are not doing their jobs in helping people keep their homes. The idea is to offer assistance even temporarily to see if people can keep their payment agreements. We have been great customers to B of A and I am really frustrated- if you call their automated "making home affordable" line they read off a list of requirements to qualify for a loan mod. We meet ALL of those requirements: # 1. We are in a hardship situation. 2.Our mortgage payment is greater than 30% of our gross monthly income. 3. Our loan is for our primary residence and we live in our home. 4. Our loan is for less than $750,000. and 5. Our loan origination date is prior to Feb or ? 2009. We are really concerned and I am wondering if there is a way to get this information to the GOV. Today B of A was not available by phone to discuss the matter - our Loan Modification sits as "under review" We started the loan modification process with B of A in June due to hardship. I lost my job and my husband was on temporary disability due to a second hip surgery. After fulfilling all of the requirements for a loan modification and turning in the mountains of paperwork. B of A will not work with us because we have not had a consistent income. Even though we have not been more than 30 days late on our payments. I just heard that the government is supposed to be coming down on these banks because they are not doing their jobs in helping people keep their homes. The idea is to offer assistance even temporarily to see if people can keep their payment agreements. We have been great customers to B of A and I am really frustrated- if you call their automated “making home affordable” line they read off a list of requirements to qualify for a loan mod. We meet ALL of those requirements: # 1. We are in a hardship situation. 2.Our mortgage payment is greater than 30% of our gross monthly income. 3. Our loan is for our primary residence and we live in our home. 4. Our loan is for less than $750,000. and 5. Our loan origination date is prior to Feb or ? 2009. We are really concerned and I am wondering if there is a way to get this information to the GOV. Today B of A was not available by phone to discuss the matter – our Loan Modification sits as “under review”

]]> By: IS http://www.biblemoneymatters.com/2009/08/my-experience-with-the-making-home-affordable-refinance-program-part-2.html/comment-page-1#comment-11218 IS Tue, 17 Nov 2009 20:27:28 +0000 http://www.biblemoneymatters.com/?p=3895#comment-11218 I tried to refinance through Aurora Loan. They informed me that LVT has to be 95 percent instead of 125. I was denied I tried to refinance through Aurora Loan. They informed me that LVT has to be 95 percent instead of 125.

I was denied

]]> By: William http://www.biblemoneymatters.com/2009/08/my-experience-with-the-making-home-affordable-refinance-program-part-2.html/comment-page-1#comment-9764 William Fri, 18 Sep 2009 21:51:55 +0000 http://www.biblemoneymatters.com/?p=3895#comment-9764 After US Bank denied my request for a loan modification about a Month ago, I originally applied last April, I called them and spoke to a customer rep. She couldn't tell me the reason because that info wasn't available to her at her computer. She wanted me to re apply so we did that day. That was about a Month ago, Today... Received a letter stating my home loan modification request has been denied because I "Did not meet the Net Present Value ("NPV") requirement as defined by H.A.M.P." I'm just curious to know what this NPV is? When I re applied, I got a little concerned when I spoke to that person, she mentioned that the NEW value of the property was at 300K (loan amount is at 297K). My last appraisal was May 08 for 450K. Now, I know property values went down somewhat but jeez! Could owning another piece of property thats paid for outright (say 30-40K to be generous) be whats screwing up the computer model US Bank uses? I was told that the banks really don't have to do anything for us because the program is voluntary. Has anybody actually heard of, seen on tv, read about in the newspapers.... people that this program has been granted too? I haven't. Ah... Ohwell...... good luck everyone hope it works out for you all! After US Bank denied my request for a loan modification about a Month ago, I originally applied last April, I called them and spoke to a customer rep. She couldn’t tell me the reason because that info wasn’t available to her at her computer. She wanted me to re apply so we did that day. That was about a Month ago, Today… Received a letter stating my home loan modification request has been denied because I
“Did not meet the Net Present Value (“NPV”) requirement as defined by H.A.M.P.”

I’m just curious to know what this NPV is? When I re applied, I got a little concerned when I spoke to that person, she mentioned that the NEW value of the property was at 300K (loan amount is at 297K). My last appraisal was May 08 for 450K. Now, I know property values went down somewhat but jeez! Could owning another piece of property thats paid for outright (say 30-40K to be generous) be whats screwing up the computer model US Bank uses? I was told that the banks really don’t have to do anything for us because the program is voluntary. Has anybody actually heard of, seen on tv, read about in the newspapers…. people that this program has been granted too? I haven’t. Ah… Ohwell…… good luck everyone hope it works out for you all!

]]> By: dm http://www.biblemoneymatters.com/2009/08/my-experience-with-the-making-home-affordable-refinance-program-part-2.html/comment-page-1#comment-9508 dm Fri, 04 Sep 2009 15:28:16 +0000 http://www.biblemoneymatters.com/?p=3895#comment-9508 I had a typo in earlier post. The sentence should be we had to sign or be foreclosed on. Like I said above any help would be appreciated. Can I contact the government since this was a government program and the bank is supposed to be receiving funds for this. Ours bank is Countrywide now Bank of America. I had a typo in earlier post. The sentence should be we had to sign or be foreclosed on. Like I said above any help would be appreciated. Can I contact the government since this was a government program and the bank is supposed to be receiving funds for this. Ours bank is Countrywide now Bank of America.

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