Housing Rescue Plan - I have CW loan

[kent302]

Hello everyone,
I have a CW fixed 1st and an adjustable HELOC on my home. I have been following the Housing rescue plan HASP, details unveiled today. It seems like the 105% LTV requirement is removed, which would've kept eliminated me as I am in Sacramento with 30-40% market down from peak. I am under the maximum loan amount. My house was bought at in 2007 at $470k and is now $325k per zillow.
I am draining whats left of my retirement funds to pay the mortgage and the house value keep falling. I have been paying CW on time but my wife is saying we should walk and not pour money in what feels like a bottomless pit?

My question to you folks: What is the bottom line on the Fannie Freddie loan backing requirement that was on some but not all guidelines on this program?
On CNBC, they bulletized the qualification requirements and said nothing of Fannie-Freddie. I went and looked up my loan doc and all I see is " Conf loan uninsured fixed rate". I called CW and they cannot tell me.
Anyone can shed light on this?

Thanks in advance for offering your knowledge.

-kent in SAC'ed

[Moe Bedard]

Kent,


They would let you know if your investor is Fannie or Freddie........


For the refi.............the 105% is still there...........

http://www.financialstability.gov/docs/counselor_qa.pdf

FinancialStability.gov

[kent302]

***, you just rang a bell for me. I think there are 2 separate programs here,
1) Refinance loan
2) Loan Modification

Why I didn't see this? All the talking heads did not make it clear there are two programs to this announcement.

I may qualify for the Modification which may defer some cost for 5 years. Anything will help. Maybe in time the RE will rock again, I can dream. Or US$ will be worthless and doghouses in cental valley will be $1M.

As for CW telling me if my loan is Fannie/freddie, ...that must not be on the script the Indian girl on the phone was reading!
Grrr...the service was so good until I signed the loan.

But the 105% LTV is removed.

thanks.
-kent_in_SAC'ed

[kent302]

Just to clarify myself, the 105% LTV does not apply to Modificaiton, but applies to Refin. What *** said.

I read the document and I don't understand how they will determine the home value. It seems like whoever, can make or break your application by the comp/appraisal if you're like me.
My LTV is between 100 to 130 depending of V.

On th Modification doc, it is not simple to understand. Front end DTI, back end DTI, waterfall analysis, and interest rate cap at the end of the term:

"If the modified rate exceeds the Freddie Mac Primary Mortgage Market Survey rate in effect on the date the modification document is prepared, the modified rate will be the new note rate for the remaining loan term. "

Anyone know what this mean in layman's terms?

Thanks,
-kent in SAC'ed

[Moe Bedard]

Both Fannie Mae and Freddie Mac have established toll-free telephone numbers and web submission processes to make this data available. Borrowers will provide or enter information to determine if either agency owns or securitized the loan. This information is not a guarantee of eligibility for the refinance program, as other qualifying criteria must also be met.

For Fannie Mae,
1-800-7FANNIE (8am to 8pm EST).
Does Fannie Mae Own Your Mortgage

Freddie Mac
1-800-FREDDIE (8am to 8pm EST)
Freddie Mac - Avoiding Foreclosure