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Only about 8 months, Bank of America asked me and offered to refinance my mortgage with the government “Making Affordable Home” program. I was in trouble and it made perfect sense, I did. Now, Things are even worse for me and I try to work with a credit counselor to avoid bankruptcy. He suggested I call the HUD and ask about a loan modification. I spoke briefly with someone one today, not a HUD counselor, because I’ve already refinanced with the program I do not have permission to do a loan modification through it said. Is this true and if so, what are my options? Can I get a loan modification without the government’s agenda? The credit counselor said that my housing cost should be about 30% of my income, and now my 61%. I absolutely no savings, so I guess I qualified for a change.

5 Thoughts on By making affordable home program, loan modification I can be refused when I refinanced last year?
  1. Reply
    May 18, 2011 at 11:31 pm

    assume nothing

  2. Reply
    May 19, 2011 at 12:25 am

    Banks aren’t required to modify your loans… they have the choice. Lowering it to 30% of your income is a huge jump… it sounds like you can’t afford the house. Have you considered renting your home, selling it, or trying to do a short sale if you’re under water? Then you could rent a more affordable apartment until you’re back on your feet. Definitely don’t assume anything — and refinancing often makes it very difficult to sell your house because you’ve taken out equity… it usually takes years to recoup the money spent in refinancing (but obviously that doesn’t help you now – just future information). Good luck to you.

  3. Reply
    Common Sense
    May 19, 2011 at 1:01 am

    There is no law entitling you to any modifications.

  4. Reply
    May 19, 2011 at 1:55 am

    No, you are not qualified, if you are at 61% a modification would not help you. You are already at the program interest anyway, the bank can not lower it enough to make a difference.

  5. Reply
    Karli Thompson
    May 19, 2011 at 2:52 am

    try this

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