Millions of hard-working, responsible families are at risk of losing their homes as home prices fall and jobs are threatened. The Making Home Affordable Refinancing program will expand access to refinancing for up to 4 to 5 million families who are current on their mortgages but otherwise unable to refinance because their homes have lost value.
You can give your opinion on the poll below. Use comments to elaborate or discuss the following:
- Do you qualify for assistance under MHA?
- Was your home foreclosed after you applied for MHA assistance?
- What would you tell someone who's thinking to apply to MHA?
- Is MHA a good or necessary? Will it make a positive or negative difference?
- Where are you finding USEFUL information about MHA?
JUNE 11. Today CNBC is reporting that a million homes were foreclosed in the past three months. I hope it's not you or anyone you know, but if it is . . .
Here's something solid but not encouraging: in its May 14 Progress Report on MHA, the U. S. Treasury Department reported that as of May 14, some 14 participating loan servicers had "extended offers on 55,000 trial modifications". Treasury also gave specific figures obtained from Wells Fargo, Chase, GMAC and Saxon.
Point worth noting: From what I'm hearing, different mortgage lenders apply very different standards in evaluating an application for MFA assistance. In your comments below, please mention your lender by name if you feel safe in doing so.
Some further background:
1 A story Washington Post writer Renae Merle: "More Homeowners Getting Aid, but Demand Keeps Rising". With a million homes foreclosed in the last 3 months and, Merle says, only "About 55,000 homeowners . . . offered modified loans" so far by MHA, the program is clearly way behind the curve in meeting demand. Merle, the only writer I've found so far who's following the MHA story, goes on to describe actions being taken in one state:
Last week, Fannie Mae, the government-controlled mortgage financing company, obtained a temporary restraining order from the South Carolina Supreme Court to stop the foreclosure sale of more than 1,000 properties there so it could give the program more time to work.
2 Here's a related June 4 story by Merle, "Refinancing Boom Fizzles as Interest Rates Rise From Historic Lows", has an unpleasant quote:
"If you were looking to refinance for under 5 percent, this puts the brakes on that," said Guy Cecala, publisher of Inside Mortgage Finance.
3 You can email Renae Merle here. I just did. She sounds like a reporter who listens to readers. Any other sources that should be brought into the mix at this diary?
4 Here's a sample of the (vague) guidelines that one lender (GMAC)offers homeowners who may apply for assistance under MHA.
Well that's it for now: the best info I could find in 3 hours of surfing!! Thanks for reading. Anything big that I've overlooked?