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jennason21 · Joined: 23 Sep 2009 Posts: 1 1.28 Dollars($)

HELP!! We have applied for the making homes affordable and have gotten no where!! Our ARM mortgage is at a 9.65% and is 42% of our gross income. We have done housing counseling (NO help whatsoever!!) and are currently 2 months behind. We can't refinance. What do we do??

jenkin7 · Posted: Wed Sep 23, 2009 10:14 pm Post subject:

Hi jennason,

The interest rate on your ARM loan is quite high and the loan payments take up a lot of your gross income. You should qualify for the Making Home Affordable Modification program. There are many homeowners in your situation and many have applied for the modification program. The lenders are over-flooded with the modification applications. This could be a possible reason why your lender is taking so much time. Apart from that, I don't see any valid reason for this delay. They can simply tell you whether or not you qualify for the program. There's no point in delaying things.

Have you contacted your lender? What do they say? Are they still reviewing your application for modification?

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