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A representative at my lender mentioned if you have over 30% equity in your house, the modification can be denied based on that. But a counselor at the Making Home Affordable Hope Hot line told me that the equity should not be considered for approval.

4 Thoughts on For a Making Home Affordable loan modification, is amount of equity considered in the approval process?
  1. Reply
    godged
    June 10, 2011 at 12:22 am

    Ask the counselor to provide you with a link to the information that states the amount of equity is not to enter into the equation. SHOULD NOT is very weak footing though, if the information really says should not, the lender can deny you based on your equity.

    Best of luck to you.

  2. Reply
    Ed Atun
    June 10, 2011 at 1:01 am

    No. The only “amount” that matters is the amount on the appraisal. It has to be high enuf to cover the loan or be within 125% of the existing loan.

    If you really have 30% equity, you would have much better loans to choose from. You would not want a MHA “modification”.

  3. Reply
    Micheal
    June 10, 2011 at 1:28 am

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  4. Reply
    Janet P
    June 10, 2011 at 2:26 am

    Equity itself does not really come into play. However, as you are not facing foreclosure and can easily refinance your property on our dime, not the tax payers, you may not qualify for this program.

    The program is to help people who can not obtain a normal refinance.

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