Making home affordable

Hello!

This post is for any random person searching for some hope that the "Making Home Affordable" program actually works. The short answer: YES IT DOES! It took 10 months from our first trial period payment, and LOTS of phone calls, but our mortgage was eventually modified and our payment was essentially cut in half. So, again, the short answer, it'll work, just hang in there.

IT WAS A NIGHTMARE THOUGH! We first started in May of 2009 and were told that we qualified. Then we heard nothing. Eventually, I called back and we were approved. We made our first trial period payment in August. We qualified because I'm no longer working and so our debt to income ratio was higher than the allowed amount. We made trial period payments, not hearing anything (but expecting to) because the 3 month trial period was over. In November, we got papers from the bank to get notarized, and were given a different mortgage payment. Sent them back. Heard nothing. In January, we got the same paperwork, but different numbers. No explanation, just a letter saying notarize and send back. We got a notice in the mail saying we had to do credit counseling. Did both. Waited and were told 4-6 weeks. Waited. Told 3-4 months. FINALLY the May statement reflected the changed interest rate and official payment.

I'm actually on the phone right now trying to fix a supposed late payment (we've NEVER been late). The account isn't showing on credit reports as delinquent anymore, just one late payment in January. Hopefully it'll be easy to fix.

Please feel free to share your experiences -- I've had a hard time finding a good site for these and I can move the comments to another blog if necessary!