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ciscokidinsf · 05-24-2009, 05:15 PM

Yeah, this is what keeps me awake at night. I am NOT clear if the re-definition of a jumbo loan is retroactive or not. On February 2008 President Bush signed the first economic stimulus package that temporarily increased the conforming limit in the United States to $729,750 until December 31, 2008.

The limit for any area would be the greater of (1) the 2008 conforming loan limit ($417,000); or (2) 125% of the area median house price, but no more than 175% of the 2008 conforming loan limit ($729,750, which is 175% of $417,000)

In my case, I'm slightly above the original Jumbo limit in total ($480K) but my loan was an 80/20 and Both loans are with EMC, so the amounts were $410K and $70K

Now, When I called EMC I was GIVEN the MHAP application. Which I assume it means my loan qualifies for the MHA Plan. Did you get that package from EMC or did you get the EMC letter for modification. As far as I know, EMC's best offer will likely be a 5 yr reduction on interest that goes BACK to the original terms of your mortgage. This does not include taxes/insurance/etc...

If you sent it over 6 weeks ago, you may want to call again to see. A lot of people here who had applied for mods over 2 months ago have been told by Chase to re-apply under the MHA. I am not sure of the amounts have changed or not in terms of what loans qualify and which ones don't.

05-24-2009, 05:15 PM	#2 (permalink)
ciscokidinsf Member Join Date: May 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Emc loan modification application Yeah, this is what keeps me awake at night. I am NOT clear if the re-definition of a jumbo loan is retroactive or not. On February 2008 President Bush signed the first economic stimulus package that temporarily increased the conforming limit in the United States to $729,750 until December 31, 2008. The limit for any area would be the greater of (1) the 2008 conforming loan limit ($417,000); or (2) 125% of the area median house price, but no more than 175% of the 2008 conforming loan limit ($729,750, which is 175% of $417,000) In my case, I'm slightly above the original Jumbo limit in total ($480K) but my loan was an 80/20 and Both loans are with EMC, so the amounts were $410K and $70K Now, When I called EMC I was GIVEN the MHAP application. Which I assume it means my loan qualifies for the MHA Plan. Did you get that package from EMC or did you get the EMC letter for modification. As far as I know, EMC's best offer will likely be a 5 yr reduction on interest that goes BACK to the original terms of your mortgage. This does not include taxes/insurance/etc... If you sent it over 6 weeks ago, you may want to call again to see. A lot of people here who had applied for mods over 2 months ago have been told by Chase to re-apply under the MHA. I am not sure of the amounts have changed or not in terms of what loans qualify and which ones don't.