When Obama’s plan to help homeowners with their mortgages was released in March, I took a look at it and presumed it could not help me- I would not qualify for a restructure, and my mortgage was not backed by Fannie Mae or Freddie Mac. Or so I thought.
I got a letter a couple of days from my mortgage servicer. In it, they invited me to apply for a refinance even though my house’s value has come down, and they would pay all the associated costs. My rate could go as low as 5% (I’m not sure where they got that from). The Making Home Affordable program made this possible, they said. So I went to that site, and I took the brief test to see if I could qualify for the refinance. It turns out that my loan is held or secured by Freddie Mac, making me eligible. Now, call me naïve, but I still don’t understand what that means, even after researching it. I went to my mortgage servicer’ site to apply online, as they requested I do. The problem is it won’t let me change any of the pre-filled data, so now I fear it will be weeks before anyone gets back to me about how I should proceed. In addition, I have these questions that I can’t find answers to: must I refinance with my orfginal servicer, or can I go elsewhere? Will the rate I receive be a market rate, or derived from some other calculation? I hope it’s not a market rate, because those are the same as my current. I’ll let you know if I ever hear back from my servicer.
0 comments:
Post a Comment