Mortgage/Debt Relief

Where to start? It's confusing when the rules change constantly and that sure is happening in the mortgage market. If you are trying to refinance under all the new programs it's almost impossible to know the right thing to do and how best to do it. The same goes for debt settlements and loan modification programs. On March 4th the Obama administration unveiled MHA or making home affordable program. The goal was 3 to 4 million people would be able to refinance under this and other similar programs. I haven't seen final numbers but I doubt seriously if the number has or ever will come close to the goal. I do know that recently only 200,000 people have successfully completed the program. Apparently the new goal is 500,000 borrowers. Nothing is easier than moving the goalposts closer calling it a touchdown and calling it a day. There are two parts to this program. This is HARP . If your loan is owned by Fannie or Freddie then you are at least eligible for the program. If your loan is not owned by the GSE'S then you must speak to your current lender and see what can be done. This program is for people who have paid on time and have lost equity or are even upside down on their mortgages. The program was supposed to be up to 105% if the value of the home but there were too many people beyond that point so it was raised to 125% That is just for the first mortgage in theory you can have a second up to a higher CLTV.
Second lenders can be reluctant to approve the new loan though. Your loan also must be under $729,750 and could be lower depending on where you live. It's set county by county. Check here to see if your loan is owned by Fannie or Freddie. http://loanlookup.fanniemae.com/loanlookup/
https://ww3.freddiemac.com/corporate/

There is also HAMP<> and you are only eligible for this if you are having trouble making payments and are at least 30 days behind on your mortgage.
Many of the rules are the same, you must be under $729,750, have verified income and that your payments are over 315 of your gross income. Debt to income may be higher under the MHA program. I just did two with DTI over 55%.