Loans, Debt & Credit - View Single Post - Successful mod under obama's plan without paying late

Rumor · 06-27-2009, 09:20 PM

Sandy,

I still don't have an answer but from what it looks like, Fannie Mae might be giving out the MHA mod. No one seems to really know though because Fannie Mae is taking so long to get back to people. I think that's what they're giving out because why would they be asking for the hardship affidavit that's associated with the MHA plan? I don't know but at this point,I'll take anything to pretty much stay in the house. As long as they lower the payment so we can stay and if the rate goes up in 5 yrs, then so be it. I guess I'll deal when the time comes. I was hoping that our Naca proposal goes thru though because we have an 80/20 loan and from what I read on here, others that had the same loan also had their 2nd mortgage lowered and it would help a lot since our interest is at 11.5% on that loan. I guess we'll wait and see.

Does anyone know......if Naca tries to lower to 31% of income, does the MHA plan also do that? because I guess if MHA lowers to 31% then, it should come out to around the same payment except not for the life of the loan but for 5 years. Does anyone know if I'm right?

06-27-2009, 09:20 PM	#17 (permalink)
Rumor Senior Member Join Date: Feb 2009 Posts: 442 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Successful mod under obama's plan without paying late Sandy, I still don't have an answer but from what it looks like, Fannie Mae might be giving out the MHA mod. No one seems to really know though because Fannie Mae is taking so long to get back to people. I think that's what they're giving out because why would they be asking for the hardship affidavit that's associated with the MHA plan? I don't know but at this point,I'll take anything to pretty much stay in the house. As long as they lower the payment so we can stay and if the rate goes up in 5 yrs, then so be it. I guess I'll deal when the time comes. I was hoping that our Naca proposal goes thru though because we have an 80/20 loan and from what I read on here, others that had the same loan also had their 2nd mortgage lowered and it would help a lot since our interest is at 11.5% on that loan. I guess we'll wait and see. Does anyone know......if Naca tries to lower to 31% of income, does the MHA plan also do that? because I guess if MHA lowers to 31% then, it should come out to around the same payment except not for the life of the loan but for 5 years. Does anyone know if I'm right?