Anyone have any experience with Making Home Affordable REFINANCE?

[Juliet25]

Just wondering if this program is as ineffective as the modification. Our 5 year ARM adjusts in July and we aren't able to move as planned. Is this any different than a regular refi? Does it negatively impact a credit score like a modification does? Is there any benefit to going through our lender (Chase) versus another lender (eg, Wells Fargo)?

 

[seashoreCM]

If it works for you provided you follow all of the directions (excluding getting a third job to earn more money) then the government program worked.

If not (at least one person, you, who tried failed) then the government program is a failure and a lie.

What does your ARM adjust to?

 

[Juliet25]

Found out one answer...it doesn't affect your credit score. Anyone with personal experience? I'm trying to figure out of there's any reason to do this program over a regular refi?

 

[Luv2trav]

We did a regular refinance through our lender last March. We didn't qualify just a couple months prior to that because we didn't have 10% down due to the loss in value. Then the Obama plan came out and we qualified and it was treated just as a normal refinance with an awesome rate 4.8... I hope this helps. I would call your lender and see if you qualify for a refinance. We had outstanding credit so I don't know if that made a difference.

BTW we were refinancing because our adjustable was set to start this coming May.

 

[Juliet25]

We did a regular refinance through our lender last March. We didn't qualify just a couple months prior to that because we didn't have 10% down due to the loss in value. Then the Obama plan came out and we qualified and it was treated just as a normal refinance with an awesome rate 4.8... I hope this helps. I would call your lender and see if you qualify for a refinance. We had outstanding credit so I don't know if that made a difference.

BTW we were refinancing because our adjustable was set to start this coming May.

Thanks for the info. This must be a relatively new program. It sounds like you're in our boat -- need to refinance but your house dropped in value and your down payment went with it (I feel your pain!). Glad this program can address this problem -- we were worried we'd be faced with an increased payment and no way to refinance! Good to know it worked for someone. I plan on calling tomorrow to get the ball rolling.

 

[quentina]

Depending on your current rate, you may go down. When my 3 year was up, I was going to re-fi.....well, it went down...then it went down again. I know that when we rebound it will go up....I just don't feel the need to pay the $$$ to re-fi until that happens.

We also have wells-fargo.

 

[Juliet25]

Depending on your current rate, you may go down. When my 3 year was up, I was going to re-fi.....well, it went down...then it went down again. I know that when we rebound it will go up....I just don't feel the need to pay the $$$ to re-fi until that happens.

We also have wells-fargo.

Hmm...just looked into this, and it actually might be in our best interest to let it re-set. Lots to think about!

 

[Luv2trav]

Hmm...just looked into this, and it actually might be in our best interest to let it re-set. Lots to think about!

I wouldn't let it set..What goes down must come up. I would lock in an interest rate now. I didn't realize you were with Wells Fargo. That is who we refinanced through. It took about 3 months to complete so I would start the ball rolling now. I am not sure why it took so long but they said it was because everyone was refinancing because of the program and the rates. Good luck. We are SOOOOO relieved that we refinanced...

 

[2_Eagle_Mom]

I don't have any personal experience with refinancing. I do work in a partnering business and I'd suggest checking out an organization called HOPE NOW. It is a non-profit organization and have councilors that you can ask all your questions. They should be able to help you gather all the paperwork that you need. Their website has an assessment tool that will tell you if you are eligible to qualify for a MHA modification.

If you have difficulty getting through to your servicer (whoever you pay your current mortgage to) and if you happen to have mortgage insurance - try contacting your mortgage insurance company. They have a vested interest in your loan as well. They might be able to assist you getting through to your servicer.

Good luck!