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Robert Longley

Obama’s Home Loan Help Goes Online

By March 30, 2009

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The Obama Administration has made a commitment to help troubled homeowners. As part of fulfilling that commitment, a new web site from the Treasury Department and the Department of Housing and Urban Development provides great information and assistance for homeowners interested in the administration’s Making Home Affordable loan modification or refinancing programs.

With the interactive self-assessment tools available on MakingHomeAffordagle.gov, borrowers can find out if they are eligible to participate in the Making Home Affordable program and even calculate the monthly mortgage payment reductions they could realize.

The refinancing element of the Making Home Affordable plan is intended to help homeowners who are keeping current on their mortgage payments, but cannot get refinancing at advantageous interest rates because their homes have dropped in value since they got their loans.

If you are considering refinancing, you need to know that in order to be eligible, the first mortgage loan on your home cannot exceed 105 percent of the home’s current market value. For example, if the market value of your home is $300,000 and you owe less than $315,000, you may qualify.

Loan modifications are for people who can no longer make their mortgage payments, because their family income has been reduced or because the interest rates on their loans have increased. The goal of the loan modification is to reduce the mortgage payment to no more than 31 percent of the homeowner’s gross income. That is, income before taxes. A calculator is provided to show the homeowner an estimate of the new, lower mortgage payment.

To qualify for a loan modification, you will have to demonstrate to the satisfaction of the Treasury that you can make your modified loan payments for at least the first three months. If you make the first three payments on time, your modified interest rate will remain fixed for the next five years.

For all the program details, tips and pitfalls, be sure to carefully read the excellent Frequently Asked Questions collection.

Also See: Economic Stimulus Breaks for Homebuyers, Families and More


May 29, 2009 at 12:56 pm
(1) Bob says:

After trying two years to get my loan re-set to more affordable payments, still leaving ample interest earned by my loan company, Wachovia, I am still told by Wachovia that I have to wait for Government assistance package so Wachovia can help! What a JOKE! I’ll try to sell or file bk.

August 6, 2009 at 5:12 pm
(2) eve says:

theprogram didnt help me and i have no where else to go with my family no program to help ididnt leave my house for a different house like alot of people did

August 14, 2009 at 2:25 am
(3) jeana reed says:

finished 3 months trial loan mod with MHA thru Chase. Now they are saying that the system is flawed. Have to start all over again since now info is outdated. MY thinking is if they put us all off eventually interest will be back up homes start appreciating and the banks are happy with all the bailout money they are filling there pockets and all of our tax money which we all have been paying goes to the Govt banks and investors. Nice little plan. just like wall street AGI Enron car factories. They all benefit from the TARP and the loan modifications guidelines are so strict that no one will be able to qualify. If all homes go into foreclosure eventually investors buy them all up for a very small price and then we will be so lucky to rent them back. Lucky lucky us.

August 19, 2009 at 8:09 pm
(4) Raymond Ferrara says:

I,m disabledw/4children I,m first time homebuyer bought this house cash then Home LoanInvestment of Warwick,R.I told me to borrow money against home to repair credit!they lied AT9.25%adjustable I,m going down since eletric bill Doubled!went to Funding FIGHT.Net for loanmod !being disableds hard to keep upnow they won,t return no calls since they have my money att,gen,won,t helpFunc,Fight.net told me not to pay mortgage either now7mo,behind SOME ONE PLEASE?!HELP ME R.Ferrara,PH#518-291-4494

September 21, 2009 at 10:45 am
(5) Dawn says:

Mr. Ferrara,

FundingFight.net did the same to me then disappeared with my money. The BBB of NY is investigating them on my behalf. I suggest you file a claim against them as well.

Best of luck to you; I hope your situation improves.

October 16, 2009 at 11:23 am
(6) Willie says:

I would like to express that i since all the frustration you all are going thru. My family and I are hanging on by a thread. the banks are doing everything that can to keep people in their loans. I have 3. A lot loan(arm), 1st and 2nd (arm)on our house. Well we could not build our new house so the 2nd came Due. I tried to get the lot loan and 2nd converted to one fix loan and they would allow me to get out of lot loan. this loan comes due Oct 2010. I’m just mad so I have two fixed loan and the one arm coming due and rates may increase pushing over my income.

November 6, 2009 at 12:11 am
(7) DisgustedbyChase says:

We always paid our bills on time but recently like so many others we were having a hard time paying all of the bills. We have been trying to get a home loan modification thru Chase since Jan 2009. We’ve completed our 3 month trial period in which we made payments on time and are still being charged late fees and interest. When we started the loan mod we were told by Chase not to make a payment while they were processing our loan, we are now $15k behind on our loan, penalties and interest. It’s outragious just to think about it, its like the banks want you to get in more debt so they can make a profit off of the hard times people are having; while they sit on the bail out money from the government. Now we have to re-submit our paperwork so everything on file will be “current”, all of this b/c the bank is dragging their feet. What happens if we don’t qualify??? I’m beyond disgusted, I’m just tired of it all! I don’t think the right thing is to walk away but after going thru this I can certainly see why some people resort to doing that.

September 17, 2011 at 10:23 am
(8) Karen says:

OMG chase did the same thing to me. I was only one month behind when i started a loan mod with them. Now I am several months behind. To top it off i am going through a divorce and i got the house and they are going by his income too but he isn’t going to pay on it. I don’t know what to do anymore.

January 2, 2010 at 2:27 pm
(9) yvette says:

When I got hurt at work I tryed to get help right away but it didn’t come for five years now my my spouse lost his job I am working part time and getting ss he took a job making less money and I have two kids in collage and trying to keep my home the have me at ten per int rate I tryed to get them to lower it they said my creat was to bad and the said you have to be behind so I thought I would let it get behind so they would help ha it didn’t help now they are really full of it is there really help out there where and when does it come

January 11, 2010 at 8:23 pm
(10) gene says:

banks are a rip off. they drag you thru the bs for 3 months and then deny you. I know I’ve been there.
then you got reginal jones and russel pastorino from fundingfight,net. What a couple of crooks. Paid them a fee 9 months ago and haven’t heard from them since. Contacted BBB, ATTORNEY GENERAL OF NEW YORK, AND THE FEDERAL TRADE COMMISSION, After several months they told me there wasn’t much they could do because reginal jones doesn’t return their calls. WELL GIVE ME A BREAK! Naturally the guy isn’t going to call back. I thought these companies were suppose to help people that get ripped off. Same old crap, the law protects SOB’S like that. I hope some one else has better luck.

May 23, 2010 at 12:47 pm
(11) Sarah says:

The Obama home loan modification program is a big bless right now , and if people say it dont work is because they are to lazy to gather their document to send in nomatter how many times they ask you for the same paper work, People are not appricative no more thse day’s they just always want to make up excises and cry about it and blame the goverment, their even to lazy to help them selfs..I thank God for this program because it has saved the roof over my kids head.Thank you Mr President.and God Bless America.

October 15, 2011 at 1:15 pm
(12) p.ginther says:

Hi Sarah

I am trying to help my daughter to get a loan mod, loan is with
bank of America. We are not lazy, My daughter works 6 days a wk
has 3 children, husbanh moved out with his two boys,and is not helping her.She is trying to find the time to file divorce paper, When you have only one day off its kind of hard. I would like to talk to you to see what to do, I dont have a computor, I go to the library to use one.plus my typing is lousy..
My daughter wants to keep her house, but keeps getting more behind on payment. My hour is just about up..
If you respond I will get you more info om myself’
Thank you.

June 9, 2010 at 3:30 pm
(13) obamamod says:

Get Qualify For Obama Loan Modification Program

We’ll cover ways to negotiate with your lender
to get the best possible Home Loan Modification
terms for your new mortgage under the Obama Loan
Modification program.

Obama Loan Modification – 877-927-9990

June 25, 2010 at 1:49 am
(14) NoTimeToSleepGottaWorkToPayBills says:

I have been trying to re-finance for two months. The appraisals cost money, have to leave work to sign forms and lose money, meanwhile the darn rate keeps climbing, still not re-financed. Why?? They can’t find comparables for my house. I’ll tell you why, EVERYONE is getting jerked around by these jokers who have no clue how the world turns. There are no comparable because nobody can afford to buy a house now, and those that can are struggling with the comparables. Banks won’t refinance me because I’m trying to borrow 90% value on my house. What the heck is wrong with 10% equity and I’ve never missed a payment? And the fact of the matter is, why do I need a comparable? You can’t go out and buy the materials for my home for what I owe, let alone buy a lot and have someone build it. The decision makers obviously have never gotten their hands dirty, don’t know what a callous is, think building a house is stressful because they have to tell the contractor what color paint and what species of wood to use on the floors. A good ear boxing might help. You also get penalized for having an older home. My home is over 100 years old, historic, and built ten times better than any new home today. The 2×4′s are 2″ x 4″, solid, no knots, etc. I completely renovated my home 5 years ago and brought it up to the latest codes. If I put a small ramp into my home it would be 100% ADA compliant, thats how up to code it is. But the appraisers still penalize me for the age of the house. I have seen how most new homes are built, good luck finding one standing 100 years from now.

June 30, 2010 at 12:16 pm
(15) tina says:

I started the loan modification process sent all the paperwork to chase I kept waiting and calling finally to be told they. Had lost the paper work this has been over a year ago I am a single mom tryino raise my kids and work if they want to helpthen why wait for over a year just to say oops we lost you paper work I am fed up I don’t leave off the system I recently got hurt at work lost my ins I can’t even get help with medical

September 25, 2010 at 4:05 am
(16) Gamaliel says:

Based on all views expressed it seems the U.S. Government is not really working. The president was right, we do need a change.

October 25, 2010 at 4:40 am
(17) paula says:

To Sarah
do not tell me I am lazy I have been working on my loan modification with chase for a year now. They are the worst company to deal with I became disabaled and divorced which killed my income. I have a stack of paperwork that is 6inches thick that I have faxed to chase. They finally received all of my paperwork without losing any and will try to work on a modification loan. Thanks to them dragging their feed I just received a foreclosure letter. Let me know when you get back to reality.

February 6, 2011 at 2:06 pm
(18) danielle greil says:

i also have a home modification through chase. its been ongoing for over a year. they always need new ifo or lost info or cant read the fax . i have mailed and faxed and fedexed all info countless times. ive had nothing but trouble with chase. i feel they are just putting me off.

March 23, 2011 at 9:23 pm
(19) Tifany says:

I have also been working through Chase trying to refinance and or modify my home loan I have had a adjustable intrest for 7 years now I am at my wits end I graduated college this time last year and I have student loans for 40,000 plus dollars please someone help me find a loop hole before I go under. Thanks for anyone who helps with any information.

March 27, 2011 at 10:04 pm
(20) Disgusted says:

Chase is a JOKE,
we were almost getting behind in 2008 when I filed my fisrt set of paper work. I was told to wait 3 months. 3 months later I was asked if I also did a phone application…as if the on line app was not enough. I left for the military to which they would not lower my interest rate and no one ever called my husband or answered the phone when he called. After I returned home almost a year later I filed. Went on the 3 month trial. Was promised they would lower my interest rate. They lowered my payment almost $80 did not drop my interest rate AND at the end of my loan inv 2035 there would be a ballon payment of almost $60,000 that I could finance. This ballon payment is a result of the $80 per month they saved us by lowering my payment. In essense we would be buyin our small 1 floor 2 bedroom house twice. This is not helping america…..chase SUCKS royally.

June 28, 2011 at 12:18 pm
(21) STB says:

I have been dealing with Citimortgage since last oct. we finally got a company named liberty. who qouted a 3.5 rate and a mortagate of $573 a month. today they finally called to say they got us approved for $888.10 a month. When I asked them what happened to the original agreement they told me that was the best they could do. Because Obamas home aid program was repealed. and I should take the offer. This does not sit right with me. But I dont know where else to go or do. Another agency is telling me we are getting screwed. Which makes this mess even worse. What I do know is that Liberty did a in house modification. which was not what we paid for. Does any one have any suggestions. HELP…… email me at bigbrd19143@yahoo.com

July 22, 2011 at 5:51 pm
(22) terry says:

I,m neediing help to keep my home and it,s like a joke I ,ve tryed sents 2009 I make to much or not enough

January 9, 2012 at 12:20 pm
(23) sma says:

i know understand i tried to do it like the pro’s say go to your lender tell them the situation but no help was not behind good credit still no help now bad credit behind underwater and still no help.

March 10, 2012 at 9:54 am
(24) Arc says:

Yes we are being jerked around…chase, bank of America and the rest. They are like giant chickens running around with thier heads cut off. And we are cattle waiting for slaughter!

July 17, 2012 at 12:12 am
(25) Marta Cruz says:

Chase Is a Joke They promess us help, told us everything look good for our mod , and i just found out our house has been in foreclosure for months, they just keep making us get behind even more there is no way we will be able to pay almost 8 months of mortgage they don’t care !!!

February 6, 2013 at 11:38 am
(26) jane says:

My name is jane khali. I live in Florida USA and I am a
happy woman today? and I told my self that any lender that rescue my family
from our poor situation, I will refer any person that is looking for loan
to him, he gave happiness to me and my family, I was in need of a loan of
$100,000 to start my life all over as I am a single mother with 3 kids I
met the God fearing man loan lender that help me with a loan of $100,000,he
is a God fearing man, if you are in need of loan and you will pay back the
loan contact him tell him that is jane khali that refer you to him.
Contact Mr. adams via email; excellcommunitybankloan@gmail.com May God
bless Mr. adams bond for bringing happiness to my life and my family life.

May 1, 2013 at 3:00 pm
(27) Becky says:

I have a laon through HFC and they do not work with yIou at all. They do not do Modifications or refinance since 2007. They have what they call is a hardship program which I applied for and they denied stated we didn’t meet the guidelines. My husband and I both have gone through cancer and treatments in the past two years. Income has decreased, no raises in he past 6 years. We have tried for the past 2 1/2 years to get refinanced or modification through these programs and no one can help. My credit scores sucks because I am behind. My interest rate is 9.9%. Is there anyone out there that would help us save our home

August 13, 2013 at 2:16 am
(28) Tom says:

Beck says I also have HFC and what ever they call the, self now
I have had the same problem I had the same problem they are the worse to deal with I’ve been trying to get a lower rate for 5 yrs no other bank will to over there mortgage they are loan predators

January 4, 2014 at 11:20 am
(29) Kim says:

I went through this with Bank of America and they only lowered my mortgage $72!!! How does that help????

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