Another successful Making Homes Affordable client

By
Services for Real Estate Pros

After a year of persistence to keep this family in their home, we finally received news from Chase that they had made this families loan permenant through the MHA program.

This family suffered what I consider a great hardship. The mother has been battling cancer for a few years and became disabled.  She is married so her husband has been taking care of all the bills. I am happy to see her and her family will get to stay in their home and at an affordable rate. Great job! Happy New Year for this family .

The Plan was approved through Chase at 2.0% interest to peak at 4.75% after 5th yr. Payment went from $2,765.91 to $1,080.87 with escrows. Nothing due upfront - mortgage was over 1 yr delinquent - all delinquent funds capitalized.

The Making Homes Affordable program since its release in March 2009 has been slow to 

There are many factors that have contributed to the delay in success of the program.   Many homeowners have contimplated even staying in their homes because of how far under water they are; many decide to just walk away. For those homeowners who were put into the trial plan - 33% of them did not return the necessary paperwork to proceed with the program.  Another contribution to its slow success is the overall process with working between the government, lender and homeowner. 

 

There are current 3,299,780 loans that currently qualify for this program
697,026 loans are in active trial plans
31,382 loans have become permenent modifications under the MHA program

Hoping to see a lot more completed in 2010

Comments (2)

John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

Barbara - Congratulations on your success.  Did this case receive a reduction in principle? How does their loan balance compare to the value of their home? 

Dec 31, 2009 06:11 AM
Barbara Rissmiller
Tucson, AZ

Thank you John.   No reduction in principle - I've not seen that with the MHA program.  There is a 100k difference in the balance vs. the value.  I'm happy they received better than their expectations......

Jan 01, 2010 02:20 PM