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Making Homes Affordable

Has anyone actually been approved?!? We have been in the process with Bank of America since September! Still nothing. no denial which is good but no approval either. in fact they just now have sent us the packet with some additional papers they need. I just want to know what to expect. I mean so much for the 30-90 days they promised...

 
Anonymous

Asked by Anonymous at 2:00 PM on Dec. 14, 2009 in Money & Work

This question is closed.
Answers (6)
  • Did you have any luck with it? We were in a similar situation as you; purchased our home 5 years ago, excellent credit score so we got a great interest rate, didn't buy a house that was above our income, etc. but DH was laid off in November 08. In March of 09, we contacted our mortgage provider to see if the Make Home Affordable program was available to us since we were burning through our savings fast. The only thing that they offered was to make 1/2 payments for 5 months and on the 6th month, we would owe a huge balloon payment consisting of a normal monthly payment plus the 5 months of 1/2 payments. Obviously, there's no way we would have been able to do that so we passed on their "help". Good thing too since DH is still laid-off. Our savings is gone, we've sold any personal property that we could, and just filed for bankruptcy to try to keep our house. We're limping along and hope that this economy will improve soon!
    Anonymous

    Answer by Anonymous at 10:29 PM on Jan. 6, 2010

  • Okay so do you know anything about this? I already qualified for my loan 2 years ago. I paid on time and and never missed a payment until my husband lost his job you know like a 1/4 of the nation. We emptied our savings and then started dipping into our 401k's. He found a job 3 days later by the it was just at half the pay so he got a part time job to...still not enough. Oh and he is in school so we never see him because he is working so hard to provide. Yes. I have a job to. We never even collected unemployment. This program is for people who DID work hard to get what they have and are now unable to hold onto it. I am having to 'jump through hoops' to get this modification. Which is fine I understand that. I hope to God nothing happens to your income and you are faced with loosing what you worked so hard for.
    Anonymous

    Answer by Anonymous at 3:53 PM on Dec. 14, 2009

  • I think the things they make you go through for a home loan are ridiculous...Im sorry but the repayment on the home i wanted was 200 less a month than the rent im paying now!!! it wouldve been much cheaper for me to own the house i wanted...but now im going to wait another year and see how things change.
    Anonymous

    Answer by Anonymous at 11:33 AM on Dec. 15, 2009

  • Oh, and to "anon" who is so quick to judge people in this situation, you can shove it! I'm so sick of hearing people say that getting a home was "too easy" for people and that people who are struggling must have purchased houses that they couldn't afford. Obviously you've been living under a rock for the past year and don't realize that homeowners who are struggling now, are struggling due to loss of employment, not because they purchased homes that they couldn't afford. Don't be so quick to judge until you've been in the same situation!
    Anonymous

    Answer by Anonymous at 10:36 PM on Jan. 6, 2010

  • When did home ownership become a right and not a privilege?

    Anonymous

    Answer by Anonymous at 2:36 PM on Dec. 14, 2009

  • Sorry I think people should have to jump through many hoops to get a home loan. It was too easy before and should be hard. We have nearly perfect credit and a long work history with our companies and it was easy but we pay our debts and have the ability to pay a mortgage. Home ownership is a privledge that is earned and should never be given. The fact it wasn't the past 10-15 years is one of the biggest reasons our economy collapsed. I think 20 percent down should be mandatory or no loan. Make people start saving instead of expecting something for nothing.
    Anonymous

    Answer by Anonymous at 3:39 PM on Dec. 14, 2009