Here are the facts. I live in a 1 bedroom condo in a complex with about 100 units. My mortgage is around $185k. The value of my home has been cut in half since I refinanced about 3 years ago to about $120k (I am underwater on mortgage now by about 50% due to price value drop). I have never missed a mortgage payment and should have much trouble making the payments in the future. I am unemployed..forced into early retirement about 8 years ago due to layoff and was unable to find another suitable position, probably due to my age and the bad market. I am now about 58 years old. My current mortgage rate is about 5.7%.
My mortgage is with PHH Mortgage, which I got through Merrill Lynch before they were bought by Bank of America. I think PHH is affiliated with Fannie Mae, but not sure.
Am I eligible? Can I lower my mortgage? And…will there be any fees to do this if I am?..I read that I wouldn’t have to get another appraisal, but am not sure.
Someone in the know…please advise. Thanks.
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Am I Eligible For Obama’s Home Affordable Refinance Plus Program?
Posted on October 27, 2011.
you should be able to google the proram and bring it up/read it/see if you fit the specifics
of it…….Know a realtor or whomever has the note now also has the info on the program
and can tell you since they’ll more than likely be the ones dong the note re work if you’re
ok for it. You need to get with them ; they have questions and only you can answer
them…pick up the phone/get started