My mortgage company just approved me for a lower

[blueamy66]

fixed interest rate.

Thank you President Obama. My payment will now be $300 a month less than before, with a 2.5% less interest rate.

It did work for some!

[tabatha]

1. Congratulations - and may you live in your house for many years.

[Liberal_in_LA]

2. $300 saving... congrats!

[RKP5637]

3. Great News!!! That's wonderful!!! n/t

[Bozita]

4. Congrats! ... How did you do it? Any tips?

So many others are having problems trying to do exactly that.

[WillieW]

5. Congrats!

[JesterCS]

6. My parents...

got theirs reducded from like 8 to 5.5% but they had to get the house appraised higher than the original loan. But they got it.

[blueamy66]

22. Wow, those were the same rates that I had.

But I didn't have to have the house appraised.

Tell them congrats from me!

[virgogal]

7. Wouldn't that be thanks to the American taxpayer?

[JanusAscending]

10. Yeah....

Let's give credit, where credit is due!!! Obama didn't do a damn thing that Bush could have, and didn't!! Yeah, thanks taxpayers, or should I say, "thanks virgogal"!!............I don't really need to put up the sarcasm thingy, do I???

[jwirr]

8. Good.

[Fridays Child]

9. How the heck did that happen and...

...can I get my bank to do it, too?

Congratulations, by the way. I'm happy that a fellow DUer is getting a break.

[JanusAscending]

11. I'm thrilled for you and your family!

Hope this encourages many others to try. Way to go!!

[tammywammy]

12. I'm going through a refi right now

I'll be 1.5% lower. :)


Congrats to you! :party:

[usregimechange]

13. Any tips? How did you do it?

[lumberjack_jeff]

14. I got a relief refinance in April.

Saved me almost $300/month too. :thumbsup:

[usregimechange]

15. Please let me know how you did this. I would like to get that as well

[lumberjack_jeff]

16. You need to talk to your current lender.

http://www.freddiemac.com/sell/factsheets/relief_refi.html

Your existing mortgage needs to be held by freddie mac or fannie mae. The link above is for freddie mac.

[safeinOhio]

17. Also needs to be

NOT CHASE. They make you jump through a million and one hoops, then turn you down.

[blueamy66]

23. My lender was not either of those.

Other lenders are involved as well.

I've heard horror stories about BofA and Chase loans though. My neighbor walked away from his house cause BofA wouldn't work with him. x(

[lumberjack_jeff]

25. most lenders resell the mortgage to FNMA or FHMC. It pays to ask. n/t

[jbnow]

19. Here is the page for home owners, you can find what programs

are for and more about if you are eligible
They say it has to be Fannie Mae or Freddie Mac but if you don't know they have a link to fins out easily. (I had no idea that I was.)
Home Affordable Refinance
http://makinghomeaffordable.gov/refinance_eligibility.html

Home Affordable Modifications
http://makinghomeaffordable.gov/modification_eligibility.html

[OPERATIONMINDCRIME]

18. What Is The Rate And Term? I'm Thikning About This.

[Ruby the Liberal]

20. Is this a refinance or a loan modification? Does

anyone know if the loan modification program has an impact on credit rating?

[blueamy66]

24. It hits your credit...hard. I was denied a $5k car loan because of it.

But I hope to clear mine up with these new lower payments.

I got smart though...bought a nice little used car for $3k.

I am going to call my lender next month and inquire about what they are reporting to the credit agencies.

[blueamy66]

21. Thanks to everyone for the nice replies.

I guess "thank you taxpayers" is also in order.

I contacted my lender when I read that the HAMP program was approved.

ADVICE to those interested....don't pay a third party to do this for you if you own lender is involved in this program...especially those that tell you to not make payments for a few months to show that you "really should be eligible". I had one company tell me to just send those payments to him and then when the modification was approved, he'd send them to my mortgage company. Yeah, right.

I had to fill out alot of paperwork and explain why I thought that I was eligible for this modification. Based on the fact that I was a dumbass and signed up for a rate that would rise after 5 years and the fact that I have had many unexpected expenses in the last 3 years, I was finally approved...after 5 months of a trial period that was originally to be only 3 months. As long as I made the "new" payment on time for those trial months, I remained eligible.

I'll tell ya...I went from 8% to 5.625 %. Yeah, my credit sucked. I'm ashamed. The terms are for 30 years I hope to start sending more against the principal as soon as our (my fiance and I) financial situation changes (less child support next year).

Anyway, I am going to make my first new payment today.

Feel free to PM me if anyone has any questions about my experience. Although I think I've already told you all of my personal business.

:)

[Kurovski]

26. How long did it take from filing paperwork to the approval?

We're into the eigth month and things are astonishingly stressful. It's really horrible not knowing what comes next.

We're trying to keep my mom in her home. Chase gave her a ridiculous re-fi that was more than her income, and it ate up her retirement savings. the value is underwater.

she was foolish and desperate to do so, it's infuriating, but what's done is done. Chase was completely immoral in approving the re-fi. Now Chase is dragging this shit out.

I personally thing the bastards are just trying to get as many payments in before the house is lost.

Thank you.

[blueamy66]

28. I'm sorry about your Mom's situation

and hope that all turns out well.

My mod was supposed to take 3 months, but took almost 6.

[Kurovski]

29. Thank you, oddly enough...

I take comfort in that. :)

Congrats to you, and may you continue to well weather the economic storm.

[Kurovski]

27. Self-delete