Cda Lifeline Refi Maryland?

Anyone in Maryland ever hear of CDA lifline program? It is supposedly a refi program that helps people in certain income levels to refi sub prime mortgages regardless of credit to a fixed 30 or 40 year loan. Also has an ltv of 100-110%. I contacted 2 banks and had no luck. One bank talked to me and took some basic info, but never called me back after I left messages and emails, the other bank told me I was better off defaulting on my loan. which I now have to FHA is out of the question. Anyone ever get anywhere with this program

[Moe Bedard]

Hi Ranjen,
I am not in MD, but I have heard of this program........here is a link to the FAQ's about the program and at the bottom you can click on the approved lenders for that program and they should know what you are talking about.......

Hope this helps you.........

FAQ

Yeah I have already exhausted that site. I called 2 of the major "approved lenders " on the site and they didn't help me at all they said the house wasn't worth anythign even though they took no info except my name and address. I think the paperwork for the loan is tedious and lenders do not want to deal with it. That is my honest opinion.

[03penny]

There is most likely a state agency that administers this program. Call them. Your state legislators had to vote on this program. Call them.
Some of these programs are structured to provide minimal return for high risk loans so the lenders do not have a lot of financial incentive to do them, however, they do have political incentive. Use it.
Good luck.

[Moe Bedard]

Well the program is put out by the Maryland Department of Housing........so I am sure you have probably already contacted Governor O'Malley regarding the run around you received with the program that he and others have rolled out for your state..........right?

I emailed DHCD yesterday but I am going to look for info on contacting the govenor today.

I just emailed Govenor O'malley and I had a question. I filled out an application for the first contact that I made and never recieved anything back. Aren't lenders supposed to send a denial letter if you fill out any kind of application? I never got anything and I filled out my ssn# and wage info and everything.

[Moe Bedard]

Ranjen,

Any news from the governor's office? I just can't believe that Maryland comes out with a really great program to help and then they don't acknowledge you when you need the help they offer.........

They sent an auto reply stating that my email was received but that is all so far.
I was so relived when I saw that plan online a few months ago. I mean it was perfect for my situation, but they never responded. Hope now wasn't much help either b/c I was deliquent at the time so I decided to skip a payment and default and pay some other past due bills instead. I am trying to get First Franklin to do a mod, but I will probably not qualify since my credit is bad and they apparently check that as well.

[Moe Bedard]

I don't know which one on the list you contacted, but if I were you I would stick with the larger banks that are approved to do the Lifeline program.......

Chevy Chase Bank: 1-888-287-2059
Countrywide Bank: Towson 410-683-3133 Severna Park 410-544-3400
Bank of America: Bethesda 301-571-1480 Columbia 410-884-8241
JP Morgan Chase: 410-992-6660


Tell them you have a call into the Attorney General's office, and this bank is on the list for approved lenders to the Lifeline Refinance Mortgage Program, and you want to know if they do this program........before you give info.

I contacted Chevy Chase and they forwarded me to a broker. Than I tried a smaller local bank M & T and they told me to default and try to get a modification. I called Bank of AMerica and Suntrust and left messages several time and emailed the local branches and no one called me back. Teh M & T offficer told me that even though they say they do 110% ltv they only do those in certain zip codes and my zip code was not included. It was very frustrating.

[Moe Bedard]

How is the modification going with FF? Any news there?

On the program you LTV might exceed the given limits........

100% LTV; 103% (105% for Maryland Housing Fund) LTV if upfront mortgage insurance premium financed
Maximum CLTV cannot exceed 110% with all second mortgages, including forgivable grants.

And they do requite debt to income ratios not to exceed 45% for interest only loans and 50% for amortizing 30-40 year loans......

I know you mentioned that you were going to talk with CCC about the credit card debt............if the debt to income with a mortgage payment is higher than these parameters that might be another reason you aren't able to qualify for the program too........

But they never even told me I didn't qualify. I thought they had to send a letter or something. FF never got my fax so I sent it again and I am going to call tomorrow. I faxed it to all three numbers on the loss mitigation form they sent me. I will keep on them but I doubt they are going to help us either. Our Arm doesn't reset until 2009 and we can't afford the loan now as it is. It also went up to 300 a month because they paid our deliquent taxes and are setting up an escrow so that just killed us. We can't afford the house and really need to start looking to just give up the home. Our income isa too low and it is getting lower in a few months b/c my alimony is expiring in October.

[Moe Bedard]

Well if you have to go with letting go of the house............
You might want to consider a Short Sale as the impact on the credit isn't anywhere near what it would be for foreclosure........

Yeah I have to go on that forum and see what they are saying. Also thought about a deed in liue. Where should I post a thread about those?

[Moe Bedard]

Most lenders are not accepting Deed in Lieu but some are accepting Short Sales........
We can not advise you on Deed in Lieu as that is an attorney question and something you would have to contact the lender about, and we are not attorneys......

You can just come and update this thread right here for your Short Sale, otherwise for the FF mod just update us on how it is going in your original thread.....o.k.

Keep us posted on how you are doing.....