Got approved for a "Making Housing Affordable" modification - PowerStrokeNation : Ford Powerstroke Diesel Forum
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post #1 of 21 (permalink) Old 09-16-2010, 08:50 PM Thread Starter
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Got approved for a "Making Housing Affordable" modification

Over the past two years I have taken a 25% cut it pay, it has hurt BAD. We have kept current or within 15 days of such by cutting back, selling items and using savings. Our house is obvisouly the largest expense we have.

We tried selling but couldn't afford to take the highest offer on the house, $28k below what we owed. Refinancing at these insanely low rates didn't come through, the best we qualified for was 5.125% we already have 5.35% and it wouldn't be wise to spend the money on the closing costs for the difference.

Anywho, just for the heck of it we applied for a loan modification through our mortgage comany we were approved. I got excited.

Our payment would go down $7 a month.....you heard that correctly $7.

What a joke. But my bet, we helped them meet their quota for approvals even though it isn't worth the hassle.

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post #2 of 21 (permalink) Old 09-16-2010, 08:53 PM
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Re: Got approved for a "Making Housing Affordable" modification

Wow a whole 7 bucks. Another Obama fail

No wonder such a large percentage of the modifications failed

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post #3 of 21 (permalink) Old 09-16-2010, 09:07 PM
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Re: Got approved for a "Making Housing Affordable" modification

Quote:
Originally Posted by PsRumors View Post
Over the past two years I have taken a 25% cut it pay, it has hurt BAD. We have kept current or within 15 days of such by cutting back, selling items and using savings. Our house is obvisouly the largest expense we have.

We tried selling but couldn't afford to take the highest offer on the house, $28k below what we owed. Refinancing at these insanely low rates didn't come through, the best we qualified for was 5.125% we already have 5.35% and it wouldn't be wise to spend the money on the closing costs for the difference.

Anywho, just for the heck of it we applied for a loan modification through our mortgage comany we were approved. I got excited.

Our payment would go down $7 a month.....you heard that correctly $7.

What a joke. But my bet, we helped them meet their quota for approvals even though it isn't worth the hassle.
What did the "modifications" consist of?

In other words, what are the differences in the proposed new loan....compared to the old one?

Was the interest rate going to change?

There are a lot of reasons they could be close to the same.

Going from an adjustable to a fixed.

Combining a second into just one.

Changing the length of the loan.

Etc., etc.

Not enough info, to agree that it was just a quota thing.

.

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post #4 of 21 (permalink) Old 09-16-2010, 09:52 PM Thread Starter
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Re: Got approved for a "Making Housing Affordable" modification

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Originally Posted by AK Gandy View Post
What did the "modifications" consist of?

In other words, what are the differences in the proposed new loan....compared to the old one?

Was the interest rate going to change?

There are a lot of reasons they could be close to the same.

Going from an adjustable to a fixed.

Combining a second into just one.

Changing the length of the loan.

Etc., etc.

Not enough info, to agree that it was just a quota thing.

.
We have no second, only the first and it is fixed rate....Instead of paying on the 30th we are paying on the 15th of the following month, have been like this for the past year. We get dinged $45 every month for not paying by the 14th.

The adjustment was all of the late charges would be forgiven and the interest rate would go from 5.35% to 5.30%.

Even though I told them I wasn't interested they are sending out the packet with the preliminary approval and to fill out the paperwork as the final approval may be better.

Depending on the information they want I may just move forward to see where we end up.

'97 SCLB 4x4, 3.55, D60 w/ TrueTrac, 6637, Banks Techni-cooler, BTS Trans, Tru-Cool 4921 Trans Cooler, 1.0 exhaust housing, no ebv, 3" DP, Straight Exhaust, E-Fuel, TW tunes, International WP, 203*, Isspro Gauges
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post #5 of 21 (permalink) Old 09-16-2010, 10:00 PM
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Re: Got approved for a "Making Housing Affordable" modification

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Originally Posted by PsRumors View Post
We have no second, only the first and it is fixed rate....Instead of paying on the 30th we are paying on the 15th of the following month, have been like this for the past year. We get dinged $45 every month for not paying by the 14th.

The adjustment was all of the late charges would be forgiven and the interest rate would go from 5.35% to 5.30%.

Even though I told them I wasn't interested they are sending out the packet with the preliminary approval and to fill out the paperwork as the final approval may be better.

Depending on the information they want I may just move forward to see where we end up.
So actually, you are saving more than just the $7 a month if the late charges are being forgiven and they will no longer apply in the future.

That would be $450 a year in future late charges.... plus whatever you already owe.

That's a little different situation than you tried to portray in your first post.

If it were me, I would run a bluff and tell them that they need to lower the interest rate more........or you'll be handing it back to them.

Good luck.

.

Never have so many politicians, screwed so many Americans...just to make one black person lose his job.
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post #6 of 21 (permalink) Old 09-16-2010, 10:06 PM
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Re: Got approved for a "Making Housing Affordable" modification

I thought the HAMP rate was at 4.25%..
post #7 of 21 (permalink) Old 09-16-2010, 10:06 PM Thread Starter
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Re: Got approved for a "Making Housing Affordable" modification

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So actually, you are saving more than just the $7 a month if the late charges are being forgiven and they will no longer apply in the future.

That would be $450 a year in future late charges.... plus whatever you already owe.

That's a little different situation than you tried to portray in your first post.

If it were me, I would run a bluff and tell them that they need to lower the interest rate more........or you'll be handing it back to them.

Good luck.

.
You are right. It would save us $405 for back late charges and $7 a month going forward off the payment and $45 more if I can't get it caught up.

Of course there are closing costs that will be disclosed in the package that is coming.

Not much of any help and they wonder why the program hasn't helped.

'97 SCLB 4x4, 3.55, D60 w/ TrueTrac, 6637, Banks Techni-cooler, BTS Trans, Tru-Cool 4921 Trans Cooler, 1.0 exhaust housing, no ebv, 3" DP, Straight Exhaust, E-Fuel, TW tunes, International WP, 203*, Isspro Gauges
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post #8 of 21 (permalink) Old 09-17-2010, 02:45 PM
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Re: Got approved for a "Making Housing Affordable" modification

You are borrowing the entire balance on your home for an additional 15 days every month for the next 'X' years.

That represents a LOT more than $7/ month dude.

I'm officially...Stroke-less.
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post #9 of 21 (permalink) Old 09-17-2010, 05:55 PM Thread Starter
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Re: Got approved for a "Making Housing Affordable" modification

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You are borrowing the entire balance on your home for an additional 15 days every month for the next 'X' years.

That represents a LOT more than $7/ month dude.
It still doesn't help when you are struggling to make the payment.

Right now we are worried about the month to month payment, that is the problem we are having just like many that have taken hits on their pay.

'97 SCLB 4x4, 3.55, D60 w/ TrueTrac, 6637, Banks Techni-cooler, BTS Trans, Tru-Cool 4921 Trans Cooler, 1.0 exhaust housing, no ebv, 3" DP, Straight Exhaust, E-Fuel, TW tunes, International WP, 203*, Isspro Gauges
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post #10 of 21 (permalink) Old 09-17-2010, 06:33 PM
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Re: Got approved for a "Making Housing Affordable" modification

If you're paying closing costs and aren't seeing much of a difference in your monthly payment, it sounds like you're getting a re-finance and not a modification.

Feel free to PM me if you'd like to discuss. I'm not a subject matter expert, but I do work for a bank on the mortgage side of the house. And I've had to deal with my own mortgage issues for the past two years.

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