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Debt Relief – Insolvency – Bankruptcy Information » Mortgage Refinancing » With the Making Home Affordable program,can I be denied loan modification if I already refinanced last year?

With the Making Home Affordable program,can I be denied loan modification if I already refinanced last year?

Only about 8 months ago Bank of America solicited me and offered to refinance my mortgage with the government “Making Home Affordable” program. I was struggling and it made perfect sense so I did it. Now things have gotten even worse for me and I’ve been working with a credit councilor to try to avoid bankruptcy. He suggested that I call the HUD and ask them about a loan modification. I spoke quickly with someone today, not an actual HUD councilor, that said that because I already refinanced with the program, that I’m not eligible to do a loan modification through it. Is this true!? If so, what options do I have? Can I get a loan modification without the government program? The credit councilor said that my housing costs should be about 30% of my income, and right now mine are 61%. I have absolutely no savings so I have to assume that I’m qualified for a modification.

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4 Responses to "With the Making Home Affordable program,can I be denied loan modification if I already refinanced last year?"

  1. kemperk says:
    assume nothing
  2. spalmer says:
    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. Common Sense says:
    There is no law entitling you to any modifications.
  4. Landlord says:
    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.

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