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My loan is owned by Freddie Mac. Like most people my house value is less that what I owe. But the above program lets me refiance. I called my bank and checked. But they told me that since my loan is owned by Freddie Mac I can only refiance with them and cannot shop for loan from other banks. Is this true? I heard that this condition does not apply to Fannie Mae owned loans. Wierd.
Thanks, I did mention that I meet the criteria per makinghomeaffordable.gov. But my current back say that I can only refinance through them as my loan is owned by freddie mac. If it was fannie mae owned loan then I could seek other banks for loan. Is this true is my question.

go to makinghomesaffordable.gov and see if you are eligible for the program, there are some guidelines you must meet.

I have a few questions about the program.
1. IF MY Loan company transfers me to debt company for the program(thats what they do) what if i dont qualify for it? what happens to my loan?
2. when u are on trial period and for exmaple my mortgage was 2000 and trial period is 1500, the 500 that we dont pay do they add that to ur loan?
3. The program is for five yrs what happends afterwards?
4. is there a service that can help wtih all the questions?
Ryan M: would it go to my original lender if i dont qualify? i ve heard that they just foreclose on you if u dont qualify.
Ryan M: so if does 500 get added to my loan? how are the helping me if my loan just keeps growing????

The program is an attempt by the government to deny the fact you can afford the home. If you could, you would not need the program. That is the only question that is worth answering.

my lender for my house is Bank of America, and we started the modification process last year in October. till this day i have not even recieved a trial modification and they are once again asking for all documents to be completed and fed exed to them. It’s been such a struggle trying to make a 2400 house payment and it looks like i cant even make any more payments. I’m the only one working and my husband is still on unemployement wich is nothing compared to what his salary was. Has anyone had any successful modification with Bank of America? I’ve heard the worst about them and i dont want to not be able to make my payments and loose my house.

Both BofA and Wells Fargo are terrible at both loan modifications and short-sales. They have managed to put you off for six month. Since you are not behind in your payments they are not motivated in doing the modification. They will just continue putting you to the back of line and placing people who are near foreclosure in front of you.

If I qualify for this program will my credit score or any other future loans be negatively effected by it? (I am not sure but lender might ask me to to sign a financial hardship statement..)

i would think so as they are modifing the loan and they have to make a notation in your credit file per the Fair Credit Reporting Act

http://makinghomeaffordable.gov/pr11102009.html
You can have your home reduced to 31% of your gross monthly income. So if you have a $500,000 mortgage and then are laid off and begin working at McDonald’s for $1200/month. Your new monthly payments would be approximately $380 under Obama’s plan.

Wall Street Journal:

"Obama is No Socialist"

http://online.wsj.com/article/SB123751241072091037.html

"Obama’s No Socialist. I Should Know." (Written by the Editor of Socialist Magazine billy Wharton)

http://www.washingtonpost.com/wp-dyn/content/article/2009/03/13/AR2009031301899.html

"Socialists say: Obama is no socialist (but here’s what one looks like)"

http://www.chicagotribune.com/news/opinion/chi-perspec1101socialismnov01,0,5511171.story

If you think Obama is a socialist, why don’t you either see what the Conservative Wall Street Journal has to say or ACTUALLY ASK a SOCIALIST?

Couldn’t refi because my home decreased in value and my debt to loan ratio was too high. Would this new program work for me?

It may, depending on the particulars of your situation. But, it is VERY likely, that you will not qualify at all if it is determined that you simply cannot afford the house @ 31% of your gross income.

My husband and I recently filed chapter 7 bankruptcy on everything but our home and car due to him losing his job with zero unemployment benefits for 6 months. It was horrible and we could never catch up with all the crazy over the limit and late fees on our credit cards.

Anyway, I have an ARM mortgage that will NOT adjust until 2014. I have negative equity thanks to the wonderful market. My appx value is probably around $83k and I owe about $96k. My interest rate is about 8% but with zero PMI with a monthly payment (with escrow) of $900.

This MHA program sounds like they could get me down to about $700 a month, which would be great. Do you think I will qualify? I am 1 month behind on a mortgage payment. Any other advice on this program?

I think you should pursue it My advice: follow up immediately!

has anyone has any success with this program as of yet. if so which company do you work with because chase is not working with us at all we are a month behind because of job cuts but we are still fighting.

I would like to know the answer to this as well. I have Countrywide, and they are not working with me either. I am also a month behind and they told me there are "no options" for me. They have posted on their website that they are working with "every" homeowner that needs help. yea right. I have an FHA loan, which may be why, but I thought there was a program for those loans as well.

If a married person is the only borrower on the loan, will their spouse’s income be considered in determining eligibility or is it just the income of the borrower?

Just the income of the borrower(s), no one not on the loan matters in the slightest, they have no legal obligations to pay the loan as the money was never given to them in the first place.

my husband makes to much money….but are rate is arm 10.875%

That is potentially a lot of money on something as expensive as a home. Most arm loans have a fixed interest period (2yrs, 5yrs…). Did you gain any equity in your house in that time period before your rate became adjustable? Can you refinance? Can you sell and get a less expensive house?