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home affordable: What to Do When Your Bank Stonewalls Your Modification Request | Tips From A Housing Counselor - 09/30/10 01:35 AM
Applying for a loan modification when your world has been turned upside down and you are facing financial hardship can be difficult and frustration, to say the very least.
The recommendations I have for you if you are encountering “we lost your paperwork”, “your request was denied”, “you didn’t respond to our request in time”, etc. is to do the following:
· Request to have your financial hardship package transferred to “the Office of the President” at your servicer (every servicer has a division set up for “special cases”, although the name of the division may vary slightly from … (4 comments)
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home affordable: Fannie Mae and Freddie Mac Imminent Default Guidelines for Home Affordable Modification Program - 04/07/10 11:08 PM
In a recent webinar on the “Imminent Default” category for homeowners seeking help through The Obama Plans – the Making Home Affordable Programs aka Home Affordable Modification Program – I was pleased to learn the process for homeowners who have not yet defaulted on their home loan that are seeking assistance through loan modification in order to remain in their home will have some more straightforward guidelines established for their servicers to follow. For example, previously a homeowner who had not yet defaulted on their mortgage could not have more than 3 months PITI in reserves, but now they can have … (4 comments)
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home affordable: HOPE Arriving For Struggling Southern Oregon Homeowners - 10/16/09 08:03 AM
Are you, or is anyone you know, struggling to find a way to stay in your/their home here in Southern Oregon? HOPE is arriving for struggling Southern Oregon homeowners who may have been attempting to refinance under the Home Affordable Refinance Program only to find out they needed to be under the Home Affordable Modification Program because they did not qualify.
Bank of America, Wells Fargo and Chase will all be here in Medford Oregon to talk to homeowners who have existing loans with these three banks and may have been caught in phone system hell trying to work their … (6 comments)
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home affordable: Making Home Affordable Refinance Rolling Out at 125% of Current Value - 09/19/09 12:53 PM
Well, we've been waiting quite a while since the announcement was made that eligible homeowners could refinance their home loan under the Making Home Affordable Program borrowing up to 125% of their home's current market value vs. the previously established 105%.
More lenders are now making this program available, giving a company like mine who is a mortgage banker AND a mortgage broker the opportunity to shop rates with many different banks/lenders for homeowners who could benefit from refinancing their home loan in order to obtain today's low interest rates. This may help offset some of the further value declines … (2 comments)
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home affordable: Have You Encountered Financial Difficulties and You Have An Oregon Bond Loan? - 06/24/09 04:47 PM
I have heard from several Oregon Bond borrowers now who are struggling due to financial hardships, and running in to difficulties due to the owner occupancy requirement and the potential recapture tax provision a homeowner may face on an Oregon Bond loan when they sell their home and their income has increased enough to trigger this provision. Some of these homeowners were trying to get the Home Affordable Refinance or Home Affordable Modification programs to help reduce their monthly payments, but the Oregon Bond Loans are not eligible for these programs that were approved through the federal stimulus packages.
I asked … (2 comments)
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home affordable: A Successful Home Affordable Modification Story! - 06/09/09 12:45 AM
A call came in this weekend from a client I worked with back in 2005. We had worked together on multiple real estate transactions for her in Southern California, and again on the purchase of her move up house in Ventura County.
Due to the timing of this latest transaction, she was caught - as was all of the equity and savings she transferred to purchase this house - in the economic spiral continuing to drag down some Southern California markets. The calls I was receiving from her earlier this year were pleas to tell her everything was going … (4 comments)
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home affordable: Note To President Obama/Senate Banking Committee – It appears Not Everyone Is Onboard With The Home Affordable Programs - 05/08/09 05:15 PM
Here it is a month after the Home Affordable Programs got up and running. Well, more like a week, since many lenders did not come out with the pricing on the Fannie Mae DU Refi Plus until within the past couple of weeks, and only a few are coming out with the Freddie Mac Relief Refinance pricing.
Here are some discoveries/experiences I've encountered.
On Home Affordable Refinance:
Private Mortgage Insurance Companiesare restricting the transfer of their mortgage insurance policies to the existing lender/servicer only, eliminating the homeowners' opportunity to shop for their pricing and eliminating competition.
Banks/Mortgage companies holding … (6 comments)
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home affordable: Southern Oregon Homeowners, You’ve Heard of Short Sales, But Have You Heard Of Short Refinancing? - 05/05/09 04:31 PM
So, you heard about the really nice low interest rates people are getting on their mortgages, and you thought "hey...I'd like to save money every month to put back in to my budget". You made a call or two, and found out "I'm sorry, Mr./Ms. Homeowner, but we can't help you due to the amount you owe on your home vs. the amount your home is worth in today's market". So, you go back to chugging along, thinking all these stories you are hearing from people and in the news is just a bunch of hooey. Maybe, you're even a little … (0 comments)
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home affordable: Riding the Roller Coaster of the Home Affordable Refinance Wave - 04/15/09 09:42 AM
I shouldn't be surprised by the ebb and flow in this business. Real estate markets have always been cyclical, driven by local economic forces and demands. Driven by migration trends related to those demands and forces. Driven by Acts of God. I know this - I've EXPERIENCED these many times over!
But what a roller coaster ride we seem to be on today! Weeeeeee.... Home Affordable Refinance and Modification programs are rolled out to help struggling homeowners refinance to today's interest rates or modify their terms in order to help them stay in their homes and stem the tide of foreclosures! Whooosh, if … (0 comments)
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home affordable: Home Affordable - When “No” May Not Necessarily Mean No Any More - 04/01/09 12:49 AM
Are you a homeowner who wanted to refinance to get the incredibly low interestrates available on fixed rate home loans? Maybe you wanted to trade-in your adjustable rate mortgage for one of these shiny low fixed rate jobbies? You heard about those interest rates that people have been getting that are in the mid-high 4% ranges, and wanted to put some of that interest savings back in to your own pocket, but WHAMMO - you found out that bank owned foreclosed homes and short sales have been driving the bus when it comes to current market value for you home. Even … (1 comments)
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home affordable: REAL Help for Struggling Homeowners On The Horizon? - 03/04/09 07:22 PM
Although the Making Home Affordable Program is to be made available to struggling homeowners today, and official announcement went out today from the Federal Housing Finance Agency, the banks and mortgage companies have not yet figured out the details of the Home Affordable Modification or Home Affordable Refinance programs. A call made to Countrywide Home Loans today to inquire about Note Modification through the "Making Home Affordable" program resulted in being directed to call back at the end of March. I hope they get on this soon, as some of the people I've been talking to have been teetering on the … (2 comments)
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Karen Pierce Cooper
Medford,
OR
More about me…
Karen Pierce Cooper| Housing Counselor |Oregon
Address: PO Box 4126, NMLS#223305 , Medford, OR, 97501
Office Phone: (541) 779-6691
Email Me
Bringing 28 years of experience providing Southern Oregon and California Home Buyers and Homeowners | Serving all of Jackson County Oregon including Ashland- Talent- Phoenix- Medford-Jacksonville- Ruch- Central Point- White City- Eagle Point- Shady Cove- Gold Hill, as well as Josephine County including Grants Pass- Merlin- Wilderville | Helping Southern Oregonians on the road to fulfilling the American Dream of Homeownership - and staying there! ,
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