Question by Glo: Help understand the new home mortgage assistance program?
I hear there is a new refinance program to help home owners who have been making their mortgage payments.
If anyone has any knowledge and/or credible web sites to view, I would be so appreciative.
I am curious to know what the qualification criteria is and how to get things started.
Answer by Common Sense
You hear wrong.
No lender is required to modify a loan.
Give your answer to this question below!
Just curious but why do you think someone who is able to, and don’t get me started on the newest reward for those irresponsibles, should rely on someone else to bail them out? My home has been paid for for years because I took out a 20 year loan and paid it off in 6 so who is going to come in and me and those like me money because our houses too have decreased in value. Okay I am stopping!
You may be thinking of HAMP, take a look at that. But lenders are NOT required to participate in that.
The latest program is the Home Affordable Mortgage Modification Program(HAMP). But it is not a refinance, it is better, it’s a loan modification. Some of the qualifications are: the property needs to be your primary residence, it needs to be no more than $ 729k in value, your housing to income ration needs to be 31% or less: meaning if your house payment is $ 31/month you can not make more than $ 100/mth before taxes(gross). If you do, you might want to see what other loan modification program other than the HAMP you may qualify for. I write extensively about this topic on my site below, and I have been in the mortgage industry for over 10yrs dealing with just about everything mortgage.
Not exactly new.