Making Home Affordable Help

by Hopeful Homeowner
(New England, USA)

Ask Kate for Making Home Affordable Help: Hi Kate, Due to the decline of home values and increase in foreclosures in my area, I now owe more than my home is probably worth.

Hopeful Homeowner continues... I purchased this as my first home 6 years ago at 5.8% with 5% down, zero points, on a 30 year fixed conventional mortgage. I would like to stay in my home, but be able to take advantage of a lower interest rate.

So I have contacted my mortgage servicer/originator to refinance my Fannie Mae mortgage at a lower interest rate, but they said they do not participate in any of the government programs currently offered nor would they refinance an underwater mortgage.

Until finding your website, I didn't realize I could use a different lender to originate a refinance under HARP. I shopped for a different mortgage lender using your six steps.

I researched their programs, talked to friends and relatives and followed up on my top five choices. All five said they do not refinance Fannie Mae mortgages under HARP that they did not originally write or currently service.

I am not sure what, if anything, I can do next. I have an excellent credit score, never been late on any payments, and have only a primary mortgage (no second mortgage or home equity loan) on the property. Are there any other options out there available for me? Thanks.

Kate Answers: Making Home Affordable Help

Dear Hopeful Homeowner,

It's hard to know if and when these days, a mortgage borrower is getting the straight scoop. See the letter I just answered at Home Mortgage Help for a home buyer who was also thrown a curve ball.

So back to your predicament. This hopefully will help you. The following are instructions given by the government for homeowners seeking Making Home Affordable help but having problems with their loan servicer.

Making Home Affordable - Help And Instructions

Question: What should I do if my servicer tells me that the investor is not participating in the Making Home Affordable Program?

Answer: Check to see if your servicer participates with the phone numbers and links below or go here for a partial list of Freddie Mac Lenders.

Keep in mind that all servicers for loans owned or guaranteed by Fannie Mae and Freddie Mac are required to participate with respect to those loans.

If your servicer is on our participant list, or your mortgage is owned or guaranteed by Freddie Mac or Fannie Mae, call your servicer back and ask to speak to a supervisor.

You may also contact a HUD-approved housing counselor for assistance.

If your servicer is not participating in the Making Home Affordable Program, ask your servicer or a housing counselor about other options that may be available.

Making Home Affordable Help - How To Contact

Hopeful Homeowner, go here to find out if your home loan is owned or has been guaranteed by Fannie Mae or Freddie Mac.

For Fannie Mae:
1-800-7FANNIE (8am to 8pm EST)
Fannie Mae Look Up

For Freddie Mac:
1-800-FREDDIE (8am to 8pm EST)
Freddie Mac Look Up

Call for Making Home Affordable help to speak with a HUD approved counselor at 888-995-HOPE (888-995-4673).

Help For Finding Lowest Fixed Mortgage Rates

Here is a page on my website with letters written by homeowners, with tips for finding mortgage originators and companies - How To Compare Mortgage Rates. I received many of these letters before the recession hit but being gems, they still offer hope and help.

And here's Compare Mortgage Rates And Lenders In Six Steps - the article Hopeful Homeowner referred to.

Hopeful Homeowner, one more thing. I'd like to hear back from you. Let me know if this page was helpful to you. Comment here on Making Home Affordable Help.

Or Ask Kate another question here.

Best wishes,

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