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| Making Home Affordable In March 2009, the Obama Administration published detailed program guidelines for the Making Home Affordable (MHA) Program. Many mortgage servicers have begun loan modifications under the plan. But it looks like many homeowners may not be getting the help the they were promised and some are simply getting rail roaded. This forum is designed to discuss these issues with the MHA ands share with others your experience. This forum provides general guidelines and overview documents available to homeowners as well as an open discussion area to ask other homeowners about the loan modification process. |
This is a discussion on Making Home Affordable-Obama Plan within the Making Home Affordable forums, part of the Stop Foreclosure and Tell Us Your Story category; In reading many of these threads, I'm in the same boat as everyone else. We have a First Franklin/Nationpoint-Fannie Mae ...
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| Member Join Date: Apr 2009
Posts: 5
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Making Home Affordable-Obama Plan In reading many of these threads, I'm in the same boat as everyone else. We have a First Franklin/Nationpoint-Fannie Mae MBS Loan. I've been talking to our First Franklin negotiator for a few weeks and am told they are still waiting for training from Fannie Mae on the HMP program. In reviewing the background guidance on the HMP Net Present Value Test (http://www.hmpadmin.com/docs/NPV%20Overview.pdf) I have no doubt they need extensive training just on the NPV Test, let alone the balance of the documentation required for HMP Mods ( Home Affordable Modification Program). I'm curious if any professionals out there know how much weight Default Rates will be given versus REO stigma? I was surprised to learn that weight would be given to credit worthiness in the Default Rate analysis, especially when during the program roll-out they went to such great lengths to say that credit worthiness would not be a factor. Also, if credit worthiness is given great weight in the Default Rate analysis, doesn't that fail to recognize the situation that most borrowers are in who meet the basic qualifying parameters of the Modifaction Program, i.e. your'e already in default? Also, I see in one of the loan modification documents an inference that back taxes and insurance will be spread out over payments over so many months, I wonder if that will be capitalized within the 31% calculation or will that be on top of the monthly payment? |
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| Member Join Date: Apr 2009
Posts: 5
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Making Home Affordable-Obama Plan Here's more information on the NPV Test (https://www.efanniemae.com/sf/techno.../aps/index.jsp). |
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| Member Join Date: Apr 2009
Posts: 5
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Making Home Affordable-Obama Plan Has anyone had a loan modification successfully completed through Obama's Home Affordable Modification Program on a Fannie Mae or Freddie Mac loan? |
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| Founder Join Date: Aug 2007 Location: Southern California
Posts: 16,887
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Making Home Affordable-Obama Plan Members are just now receiving the Trial Modifications for the three month period. from Fannie/Freddie..............so nobody would have as of yet.
__________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book | Please donate to LoanSafe.org | Loan Modification Training For Attorneys | Rate Your Mortgage ServicerThe comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here. |
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| Member Join Date: Mar 2009
Posts: 5
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Making Home Affordable-Obama Plan What is a trial Mod? I was given a loan modification last month and Fannie Mae is my investor. I received 5% interest rate from a combined 9%. which decreased my monthly payment by $500.00 per month. I had a 80/20 and the 20% was charged off. |
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| Member Join Date: Apr 2009
Posts: 5
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Making Home Affordable-Obama Plan Spoke with Nationpoint today, they are telling me they still haven't received training on the program from Fannie Mae. Anyone else hearing the same thing or anything else? |
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