Obama 'home affordable program' and CH7

[davephx]

Chase seems to be about the worst in dreaming up all sorts of crazy reasons to deny permanent mods. They really come up with duzzies to deny since they make far more money as servicer to foreclose and resell than the incentives under HAMP. It is the investor (often us via Fannie/Freddie) that take the huge loss on a foreclosure sale.

Treasury does not approve any mods, only a month end report goes to Treasury.

If the investor is Fannie/Freddie they have to approve the final mod but usually that is easy vs getting the servicers to first say your qualified and pass on to Fannie/Freddie.

[Flowers]

December 28: I just spoke with Chase. Representative tells me on 12/24 my loan was sent to the final stages of underwriting for approval.
I should make the #9 trial payment due for 1/1/10 and follow-up with a phone call in a week.

Still not sure what to make of all this.
But will make the payment by phone or Western Union on 12/30 so it is in.

[gophermn]

Hey Flowers, any update??
I basically got the short end of the stick with GMAC. They denied me because one of my balloon disclosures was not sent ontime. I have it showing they received it on the 4th of December and they denied me on the 9th.

I did hear this today - if you DO proceed and get approved with the Loan Mod you can not apply for a FHA for 2 years. Anyone else hear this? Supposedly the lady who has been doing mortgages for 9yrs said this info is not disclosed.

[Flowers]

gophermn - what is FHA and why do I want that?

[gophermn]

gophermn - what is FHA and why do I want that?

Federal Housing Administration - they have several programs to promote home ownership. FHA loans are mortgages obtained with the help of the Federal Housing Administration.
With a small down payment, buyers can purchase a home. FHA loans make it easier for people to qualify for a mortgage.

A neat website where I got some of my info is here: http://www.hud.gov/offices/hsg/fhahistory.cfm

[Flowers]

Home Affordable Modification- Approved

Dec. 30, 209
Update
I just got a FedEx package from Chase.
It says "Congratulations! You have qualified for a Home Affordable Modification".
They set up an
I can sleep as I have learned it is resolved.

Years 1-5 2%
Year 6 3%
Year 7 4%
Years 8 - 28 5%

[NoMoreCards]

Flowers...CONGRATS!!

I have a question however. If the mortgage is IIB and discharged, and then you apply for a loan modification through this program, you are again liable for the mortgage, right?

How about if you are upside down?

I ask because, my Mortgage was IIB, and I have kept up payments
first = 168K
Second 13K
Home value = closer to 155-160K

I am not sure if a modification would be smart in this case.
Advise??

[gophermn]

Flowers...CONGRATS!!

I have a question however. If the mortgage is IIB and discharged, and then you apply for a loan modification through this program, you are again liable for the mortgage, right?

How about if you are upside down?

I ask because, my Mortgage was IIB, and I have kept up payments
first = 168K
Second 13K
Home value = closer to 155-160K

I am not sure if a modification would be smart in this case.
Advise??

YOu ARE NOT LIABLE for the mortgage!! I asked the same question to GMAC and they sent me a letter stating that they know my home was IIB and discharged and they also know I am not legally or financially responsible. The letter further states the loan mod does not in any way change the status of the IIB or the status therof.

[Flowers]

what is IIB ?

[AngelinaCat]

what is IIB ?

Included In Bankruptcy

Congrats on your modification.