Has Anyone Refinanced Using The Home Affordability Act?

[momtosam]

We tried to refi a little while ago, but didn't qualify because we've been in the home a short period of time and owe more than 80% of the value of the home. I know that with the home affordability act you can refi 90% of value. I was just wondering how smoothly the process goes and are the rates competitive with what's going on in traditional refis. We have excellent credit scores, assets, etc. Just bad timing!

 

[Golf4food]

ONE person has used the home affordability act to refi according to a report I heard on the radio a few days ago with only around 40 others in the process. So much for helping thousands of Americans save their homes from foreclosure... evidently there is an effort underway to relax the restrictions somewhat so that more people can make us of the program.

 

[enchantingodin]

We tried but couldn't. Got a gov grant for downpayment assistance - so we can't refi for 5 years into the loan.

We ARE makeing our payments ok. But it sucks that when we bought the value of our home was 225k (even though we got it for 199k) and now its only 'worth' 125-130k.

 

[meriface11]

i called my mortgage lender while were technically, the specialist told me it wouldn't be worth it without paying down a significant amount of money down. we have an 80/20, are about $10K underwater on our mortgage due to declining housing price. he said that since we have low fixed rates on both the initial mortgage and the piggyback we shouldn't waste our time. i got the sense that if our rates had been worse or adjustable, we could have done it. i guess it's good to know he thought our rates were very good.

 

[AuroraBeauty]

ONE person has used the home affordability act to refi according to a report I heard on the radio a few days ago with only around 40 others in the process. So much for helping thousands of Americans save their homes from foreclosure... evidently there is an effort underway to relax the restrictions somewhat so that more people can make us of the program.

I read this as well, in the NY Times. It's unfortunate that there isn't more cooperation in all of this. It sounded great a few months ago, but the reality is that there are so many hoops to jump through you'd have to be an acrobat to get through it.