Making mortgage modifications work — hopefully

12.05.10

By Christa Buchanan
C & G Staff Writer

So far, the $75 billion federal Making Home Affordable program is a long way from its intended goal of helping 7 million to 9 million homeowners stay in their homes and preventing the destructive impact foreclosures have on families, communities, and the economy in general.

That’s why, on March 26, the Obama administration announced several enhancements to various MHA programs under the umbrella of the federal Homeowner Stability Initiative of 2009: the Home Affordable Refinance Program, which expires June 30; the Home Affordable Modification Program, which ends Dec. 31, 2012, and now includes new options for unemployed and underwater homeowners; as well as a new Home Affordable Foreclosure Avoidance facet — not to mention other Federal Housing Administration programs, including the Hope for Homeowners and Streamline Refinancing programs, among numerous others.

With so many different criteria to qualify for and changes to the myriad federal programs, it can be confusing, so it’s no surprise that so few people have had success in obtaining a HAMP modification.

Source: C&G Newspapers

Should I refinance my mortgage?

A mortgage expert gives advice on refinancing your home, and explains the "break even" point.

Refinance My Mortgage - News


The FHAs Short Refinance Program: Frequently Asked Questions Wall Street Journal (blog)
- Sep 06, 2010
table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serif/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNFNpeH_TcL7FkZ3yrf1HSrdVY28Awamp;url=http://blogs.wsj.com/developments/2010/09/06/the-fhas-short-refinance-program-frequently-asked-questions/bThe FHA#39;s #39;Short bRefinance/b#39; Program: Frequently Asked Questions/b/abr /font size=-1bfont color=#6f6f6fWall Street Journal (blog)/font/b/fontbr /font size=-1Because they#39;re getting an FHA-backed loan, they#39;ll also be paying bmortgage/b insurance. Q: Will participating in this program affect bmy/b credit score? Yes. b/b/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dqMjRoM6j6gJdSMnobrband morenbsp;raquo;/b/nobr/a/font/div/font/td/tr/table

Escrow deal is perfectly legal Philadelphia Inquirer
- Sep 07, 2010
table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serif/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNEvAJZT9TipzrOfLN9qWUPIyol9YQamp;url=http://www.philly.com/dailynews/columnists/harry_gross/20100907_Harry_Gross__Escrow_deal_is_perfectly_legal.htmlbEscrow deal is perfectly legal/b/abr /font size=-1bfont color=#6f6f6fPhiladelphia Inquirer/font/b/fontbr /font size=-1bMy mortgage/b company gets to use this escrow money without any interest credited to me. That#39;s outrageous! I could easily invest that money in a savings b/b/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dJiyKH4DGZJNI5Mnobrband morenbsp;raquo;/b/nobr/a/font/div/font/td/tr/table

Where Do I Go to Refinance My Mortgage? San Francisco Chronicle
- Aug 17, 2010
table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNGvr0MHntFU-6qVujdeMRA6jWPzawamp;url=http://www.credit.com/news/housing-market/2010-08-16/consumers-find-it-tough-to-refinance-underwater-mortgages.htmlimg src=http://nt0.ggpht.com/news/tbn/TNwxW0okNtcB9M/6.jpg alt= border=1 width=80 height=80 /br /font size=-2Credit.com News/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNEv_m5yb7bqvHXjAPCxgfNFwJ1ejAamp;url=http://homeguides.sfgate.com/refinance-mortgage-3163.htmlbgt;Where Do I Go to bRefinance My Mortgage/b?/b/abr /font size=-1bfont color=#6f6f6fSan Francisco Chronicle/font/b/fontbr /font size=-1Clearly knowing your goals is important when determining what type of brefinance/b to apply for. If your goal is to pay off your home, inquire about b/b/fontbr /font size=-1a href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNEDVn5YW2qHqZKSgGJPdnnmzN_GhAamp;url=http://blogs.forbes.com/greatspeculations/2010/08/19/banks-need-to-offer-low-refinance-rates-for-responsible-borrowers-not-deadbeats/Banks Need To Offer Low bRefinance/b Rates For Responsible Borrowers, Not Deadbeats/afont size=-1 color=#6f6f6fnobrForbes (blog)/nobr/font/fontbr /font size=-1a href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNGOMB1ICU_6DkjHON3eTnZrwHBy3Aamp;url=http://www.washingtontimes.com/news/2010/aug/19/mortgage-qa-refi-out-of-reach-for-many/bMortgage/b Qamp;A: Refi out of reach for many/afont size=-1 color=#6f6f6fnobrWashington Times/nobr/font/fontbr /font size=-1a href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNHFQlWzk2M3E2w1knRFIZSjxAvd-wamp;url=http://www.kypost.com/dpp/money/real_estate_news/underwater-mortgage-refinance-tough-to-find-ews-shns-wmar1281997591673bmortgage refinance/b tough to find/afont size=-1 color=#6f6f6fnobrkypost.com/nobr/font/fontbr /font size=-1 class=pa href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNFkaRefsh_81qS2T9NEVeDrbdvF9Qamp;url=http://www.foxbusiness.com/personal-finance/2010/08/16/prepaying-mortgage-raise-rate/nobrFOXBusiness/nobr/a/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dBVtcfcgK-v1rUMcGnUEWVbshFzsMnobrball 566 news articlesnbsp;raquo;/b/nobr/a/font/div/font/td/tr/table

Mortgage `victim got into this mess all by herself MiamiHerald.com
- Sep 05, 2010
table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serif/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNFsdcZU7LAk8zfCxEwHdyeTLWI-cgamp;url=http://www.miamiherald.com/2010/09/05/1808552/mortgage-victim-got-into-this.htmlbbMortgage/b `victim#39; got into this mess all by herself/b/abr /font size=-1bfont color=#6f6f6fMiamiHerald.com/font/b/fontbr /font size=-1In addition, the current value of bmy/b home ($160000) is now $110000 less than bmy/b loan amount ($270000). I brefinanced/b two years ago into an interest only b/b/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dg_kTSnQwxnwifMnobrband morenbsp;raquo;/b/nobr/a/font/div/font/td/tr/table

Friday QA: 20or 30-Year Mortgage? MainStreet
- Sep 03, 2010
table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNFzMz0RDA3F4VDoP-CFZckjCLhjewamp;url=http://www.themoneytimes.com/20100901/mortgage-activity-rises-slightly-week-id-10126660.htmlimg src=http://nt0.ggpht.com/news/tbn/VG6JeRqy01oUfM/6.jpg alt= border=1 width=80 height=80 /br /font size=-2The Money Times/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNFbs9mZzFjeaR6jTJmjN4jJ8Kqbowamp;url=http://www.mainstreet.com/article/real-estate/refinancing/friday-qa-20-or-30-year-mortgagebFriday Qamp;A: 20- or 30-Year bMortgage/b?/b/abr /font size=-1bfont color=#6f6f6fMainStreet/font/b/fontbr /font size=-1By Brian O#39;Connell Q. bMy/b wife and I have decent equity in our house, which we#39;ve owned for about 10 years. We#39;d like to brefinance/b and are interested in b/b/fontbr /font size=-1a href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNGy6iMyfAb7JABzv6BZLV6JOv3sVgamp;url=http://bucks.blogs.nytimes.com/2010/08/28/refinancing-a-mortgage-but-paying-it-off-early/?src%3DbuslnbRefinancing/b a bMortgage/b, But Paying it Off Early/afont size=-1 color=#6f6f6fnobrNew York Times (blog)/nobr/font/fontbr /font size=-1a href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNGzo0GCOOxKpQVnpapgrbClSba3EAamp;url=http://helenair.com/business/local/article_b8c082e8-b32c-11df-b130-001cc4c002e0.htmlHistoric lows: Helena homeowners rush to brefinance/b/afont size=-1 color=#6f6f6fnobrHelena Independent Record/nobr/font/fontbr /font size=-1a href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNG-n1o6aSHkt0n5gsn5OcqyouNIOwamp;url=http://www.fwdailynews.com/index.php?option%3Dcom_content%26view%3Darticle%26id%3D8754:Factors-to-consider-before-refinancing%26catid%3D99:mike-wilsonFactors to consider before brefinancing/b/afont size=-1 color=#6f6f6fnobrfwdailynews.com/nobr/font/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dlWMDDqdxT8h-VMt_zvGOGWOxeC5Mnobrball 351 news articlesnbsp;raquo;/b/nobr/a/font/div/font/td/tr/table