Updates: Below is my phone log on when I call the bank and what they have told me.
4/28/09 Jacquelyn Loss Mitigation Dept. Ref# Called and talked with Jacquelyn. It takes 60 days to be assigned to an agent. Does not protect credit. I asked her about getting on their website for the Making Home Affordable program (MHA). I told her we entered our account # and said we were not eligible. I told her that didn’t make since, since when I call to get our hardship packet of paperwork the person I spoke to said we were Freddie Mac backed. She then transferred me to MHA Dept. new dept at the bank. 4/28/09 Karen Making Homes Affordable Dept. Ref# I told Karen about what their MHA web page said about us not being eligible. She then asked what the market value was on the house. I said $485,000 when we signed the loan and the loan amount was for $385,000. She said then we would qualify for the refinance. I then re-asked her about weather we were Freddie Mac backed and she said yes. So I asked again about doing a Mod. through MHA. She said it would depend on weather Freddie Mac wanted to do it. She said it didn’t look like we qualified for it because we are current on our payments. I said that didn’t make since the MHA.gov and Freddie Mac websites both said we could be current on our payments but going through a hardship like change in income. She said she would have a loan officer call us in 3 business days and to explain to them what my questions are. They may have something faster for us then to go through the MHA program. 5/5/09 Ronald Home Lending Dept. Ref# Ronald Keen called us from the Home Lending Dept. He said since we are current on our payment we could refinance our loan for 4.75% which would knock $275 off our payments. I then told him I put in a hardship letter. He says he sees it. It was scanned into their system on 4/10/09. I said we were able make May’s payment because a contractor that owed us money paid us and we used that money plus savings to pay. I said we are not working at this time because we are in the construction business and everything and just flat out stopped in our area. He then said oh then you can not get the refinance because you are not working. I said that is one of the reasons we put in a hardship letter and we are interested in the MHA Mod. He then looked closer at our paperwork. Then he said it didn’t looked like we qualified. I said that didn’t make since because of our hardship. He said that our loan was in a FMC Pool of loans-a mortgage bought by investors. I said we have been told every time by lost mitigation we were back by Freddie Mac. He then said Freddie Mac services the loan and Flagstar Bank is the note holder. The program is not set up for pooled loans. He then said maybe we could do a Freddie Mac Release Refinance Program. From there I said I will talk to lost mitigation knowing we could not do a refinance. We put in for a hardship. He did try and look up on Freddie Mac’s website to see if Freddie Mac owned our loan, the site was down. So, I got on there later and put our info. in and it said that Freddie Mac owned our loan. I made a copy of it. ***** I really don't think he knew what he was talking about. Could someone please explan what the FMC pool loan is? I think I know from doing some research but would like it to be explained better. I didn't sign up for it so don't know why that would matter. And since my loan is owned by Freddie Mac then that means my bank is the servercer (which is a pooled loan, right?) and not how he explained it- He then said Freddie Mac services the loan and Flagstar Bank is the note holder. Explain please.