Ginnie Mae

[briknope]

Hello all, I am told that my investor is ginnie mae, and have read previously that they are not participating in the making home affordable program or the "Obama Plan" I just read online that it seems they are changing their policy about this? When I got my trial mod papers there was no mention of a Obama Plan or anything of that nature. My "proposed" interest rate reduction was to be 4.875 which is a fantastic rate don't get me wrong, but still doesn't bring the amound monthly down to anything affordable, or close to the 31% guideline from the Obama Plan. Does anyone here have a Ginnie Mae backed loan and what are their experiences?

[dtap57]

I have a FHA loan backed by Ginnie Mae. It looks like this new program for FHA loans will help a lot of us. The way i understand it is that they will go with the Obama plan and on top of that they will reduce your principle up to 30% to get you a loan you can afford. They will also bring you current if you are behind on your payments. The only thing is you will have to pay back the 30% of principle and any payments you were behind at the end of the loan but it is interest free.

This new plan should help a lot of FHA borrowers IMO.

[briknope]

I don't know about the principle thing, but I knew there is such a thing as a partial claim where they loan the money for the missed payments and then lien on the house. Then the Obama plan comes into play which may make them more flexible with me (or any of us) I'm into the 3rd month on my trial mod or forebearance and let me say the is no mention of a making home affordable or Obama or anything stated on it. I really feel compelled to not make 3rd trial payment, and demand the Making Home Affordable plan. I would make it on a 31% of gross income for sure, where they got me (trial plan) at about 40% now.

[SillyWorld]

I have a FHA loan backed by Ginnie Mae. It looks like this new program for FHA loans will help a lot of us. The way i understand it is that they will go with the Obama plan and on top of that they will reduce your principle up to 30% to get you a loan you can afford. They will also bring you current if you are behind on your payments. The only thing is you will have to pay back the 30% of principle and any payments you were behind at the end of the loan but it is interest free.

This new plan should help a lot of FHA borrowers IMO.

Man I do hope you are correct, I have been waiting or messing around with all this stuff since March and seems there still is no movement with the Ginnie Mae FHA loan, and I am serviced by Citimortgage they had the Bail out cash so maybe they will expidite for me...

[dtap57]

HUD No. 09-137 Lemar Wooley (202) 708-0685 www.hud.gov/news/

For Release Thursday July 30, 2009

HUD SECRETARY DONOVAN ANNOUNCES NEW FHA-MAKING HOME AFFORDABLE LOAN MODIFICATION GUIDELINES
New FHA guidelines projected to help thousands avoid foreclosure per year

WASHINGTON - U.S. Department of Housing and Urban Development Secretary Shaun Donovan today announced the Federal Housing Administration (FHA) has implemented changes to its loan modification program to ensure consistency with the Obama Administration's Home Affordable Modification Program. By August 15, FHA borrowers will be able to significantly reduce their monthly mortgage payments by seeking a loan modification through their current mortgage company or loan servicer under the new FHA-Home Affordable Modification Program (FHA-HAMP).
"Today, we're bringing another important tool to the table to help struggling families who are desperate to keep their homes," said Donovan. "Tens of thousands of FHA borrowers will now be able to modify their mortgages in the same manner as so many others who are taking advantage of the Administration''s Making Home Affordable program. This is just the latest tool we are providing to help homeowners prevent foreclosures through the Making Home Affordable program. Earlier this month we announced an expansion of the Home Affordable Refinance Program to borrowers who are up to 125 percent underwater. Together, these actions will significantly increase the help available to homeowners."
The Helping Families Save Their Homes Act of 2009, signed into law on May 20, allows FHA to give qualified FHA-insured borrowers the opportunity to reduce their monthly mortgage payment by modifying the mortgage through FHA-HAMP. FHA released the program's implementation guidelines today. FHA expects all servicers to implement the changes by August 15. The program permanently reduces a family's monthly mortgage payment through the use of a partial claim, which defers the repayment of mortgage principal through an interest-free subordinate mortgage that is not due until the first mortgage is paid off.
FHA has used the partial claim option in the past, which allows a lender to advance funds on behalf of a borrower, to reinstate a delinquent loan that was up to 12 months delinquent. Now, this program will allow HUD to bring the borrower's payment down to an affordable level. This will be accomplished by bringing the mortgage current, buying down the loan by up to 30 percent of the unpaid principal balance and deferring these amounts in a partial claim.
FHA will pay an incentive to loan servicers for each FHA loan modified under this program. A Mortgagee Letter, along with detailed requirements for the FHA-Home Affordable Modification Program, was distributed to all FHA lenders today. The implementation of this program will further the Obama Administration's efforts to stabilize the housing market by helping homeowners to stay current on their mortgages and stay in their homes, therefore preventing the destructive impact of foreclosures on families and communities.
Making Home Affordable, a comprehensive plan to stabilize the U.S. housing market, was first announced by the Obama Administration on February 18. More than 200,000 trial loan modifications are already underway, tens of thousands of refinancings have closed, and informational mailings about the program have been sent to more than one million borrowers who may be eligible.
FHA borrowers who are experiencing difficulty making their mortgage payments should contact their loan servicer or HUD's National Servicing Center at (888) 297-8685 to determine if they qualify for the FHA-Home Affordable Modification Program. The Mortgagee Letter, with detailed information about the program, is available on the HUD website. Non-FHA borrowers can find information about the Obama Administration's Making Home Affordable program at www.makinghomeaffordable.gov.

###

HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the ********, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

This is what they released late last week. You guys take a look at it and see if my thinking is right.

[briknope]

Well, I called and asked about it and they said the MHA program will be implemented Aug 15th. Im on a BS trial mod now, and I said I'm not paying the 3rd payment. I want the OBAMA mod, or I'm never paying again. They told me to call back on the 16th of August so I said I would do that.

[SillyWorld]

But do not let them know you are not paying just because you don't want to because if they see you could make the payment and did not this will make you not elligible for any obamba plan

[briknope]

I told them this (and its the truth, no games) about the original trial mod, or forbearance:

1st payment was made on time, becasue I missed two payments
2nd payment was mad 10 days late becasue I had no money
3rd payment due August 1st cannot afford, too much money again.

Trial payments are at about 38-40 percent of gross income=totally unaffordable. House is underwater by about 70k. Cheaper rental alternatives available, and ready to throw in the towel. Hey I'm honest, I lost my job, got a new job making less. Can't afford house, time to cash in my chips, take my spanking and go live within my means. I am not going to get 3 jobs, cut out cable and ride a bicycle to make payments on a dead (almost) horse. This is basically the attitude I have taken both personally and to Chase. If they don't want to do anything to help me, then later days...have my house back. I am even getting sick of being proactive and calling them, faxing stuff, blah blah. Too stressful, and from the looks of it on this website, a pure waste of time. BUT I will sit here in this house untill either A) they modify the mortage to something more affordable, or B) They kick me out.

[SillyWorld]

Just start saving CASH under the matress, no banking they can see it

[Devo76]

I told them this (and its the truth, no games) about the original trial mod, or forbearance:

1st payment was made on time, becasue I missed two payments
2nd payment was mad 10 days late becasue I had no money
3rd payment due August 1st cannot afford, too much money again.

Trial payments are at about 38-40 percent of gross income=totally unaffordable. House is underwater by about 70k. Cheaper rental alternatives available, and ready to throw in the towel. Hey I'm honest, I lost my job, got a new job making less. Can't afford house, time to cash in my chips, take my spanking and go live within my means. I am not going to get 3 jobs, cut out cable and ride a bicycle to make payments on a dead (almost) horse. This is basically the attitude I have taken both personally and to Chase. If they don't want to do anything to help me, then later days...have my house back. I am even getting sick of being proactive and calling them, faxing stuff, blah blah. Too stressful, and from the looks of it on this website, a pure waste of time. BUT I will sit here in this house untill either A) they modify the mortage to something more affordable, or B) They kick me out.

So has anything new happened with your loan, im just wondering because im in the exact same boat as you.

[Devo76]

Let me know what happens briknope, im curious cause thats my situation also, almost to the "T" of what im going thru.

[briknope]

I decided or THEY decided not to work with me. I gave up. Banking cash so I can move out and get on with my life. Not throwing any more money down a black hole. So nothing new on this at all.