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New government mortgage help

Date: Thu, 02/26/2009 - 14:10
Submitted by motorcitykid on Thu, 02/26/2009 - 14:10
Posts: 4
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Does anyone have any information on whether or not bad credit will affect qualifying for these loan modifications? I know the refinance option you need to have good credit to qualify. The other option is for those who are behind, or over 38% of their income goes toward their mortgage. I would assume if your behind on your payments your credit is already shot, but I can not find the answer to this question no matter who I call, or in anything I have read. If anyone has any info I would like to hear it.


No, bad credit does not affect your eligibility to qualify for a loan modification program. To become eligible for loan modification, you should not have missed any payment on the loan for 3 months or more and the loan must be at least 12 months old. Moreover, you should have a stable income so that you can pay the loan as per the modified terms and conditions.


Submitted by jstn.credit on Thu, 03/05/2009 - 05:05

jstn.credit

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I never missed a payment, I never been behind in my mortgage, my income is approx. 73000.00 a year and my mortgage is approx. 1172.00 a month; why can't I qualify for the loan?


Submitted by on Mon, 04/20/2009 - 06:55

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From what it says, it basically adjusts your payments almost in a "you pay what you can afford" situation. They say they can reduce interest to as low as 2%, and extend payments up to 40 years to make people fit into the program. It does not reduce your principal balance. It does not appear to matter what your credit score is.


take a few minutes to look over the following website:

makinghomeaffordable.gov

Click on

Find out if you are elligible

Check both Home Affordable Refinancing and Home Affordable Modification.

From what this website says, the home I live in should qualify for the Home Affordable Modification, and the rental house we are trying to sell should qualify for the Home Affordable Refinancing. There are also Payment Reduction and Debt to Income Estimators to play around with. I do not yet know if employment comes into play (I am self employed) so when I call my mortgage companies I will report back with what they say.


Submitted by smo65d11 on Mon, 04/20/2009 - 14:56

smo65d11

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I looked over that makinghomeaffordable dot gov website very carefully and it says nothing about the loan needing to be an FHA loan ... I am calling the listed 888-995-HOPE number now to see what they say. If that is a requirement, they should definitely list that on the website under the eligibility requirements! I had really gotten my hopes raised up only to have them dashed this morning!


Submitted by smo65d11 on Tue, 04/21/2009 - 10:00

smo65d11

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