Trying to figure out whether you qualify for a Home Affordable Loan Modification or Refinance?
You’re obviously not alone…we’ve been getting tons of questions about it on many of our blog posts.
While we’ve been doing our best to give you the qualifications for the programs, we’ve unfortunately been unable to provide information specific to your situation. But a project called Mortgage Relief Online can now do that!
Mortgage Relief Online is a solution designed to help consumers determine if they may be eligible for mortgage relief under the Making Home Affordable program. It’s completely free and brought to you by myFICO, Money Management International and the Homeownership Preservation Foundation.
There’s no one trying to sell you anything or collect your personal information for their gain. Here’s more info on these “Trusted Partners” as they call them.
myFICO
myFICO is the consumer division of FICO. myFICO is a trusted source of consumer credit education and products winning the Kiplinger’s award two years running for the best place for consumers to get their credit scores.
Homeownership Preservation Foundation
The Homeownership Preservation Foundation is a 501(c)(3) nonprofit which creates partnerships with local governments, nonprofit organizations, borrowers and lenders to help families overcome obstacles that could result in the loss of their homes.
Money Management International
Money Management International (MMI) and its family of Consumer Credit Counseling Service (CCCS) agencies make up the largest nonprofit, full-service credit counseling agency in the United States. MMI has provided counseling services to thousands of US homeowners in need of mortgage relief.
So What’s Different About Mortgage Relief Online?
If you’ve been following our advice, you’ve probably been to the Making Home Affordable web site and been through their eligibility calculator.
Mortgage Relief Online has something very similar, but they take it one step further…if you qualify, they’ll actually submit your information to your lender for you.
How it Works
Mortgage Relief Online helps US homeowners determine if they are eligible for a loan modification or a refinancing option under the MHA guidelines.
Here’s how this free program works:
1. Click the “Start Now” button and complete a short online form about your current housing and mortgage situation.
2. Based on the information you enter, we’ll present you with one of the following options:
a. Eligible for a loan modification and credit counseling
Homeowners who appear to meet the guidelines for a loan modification under the program will be provided with step-by-step instructions for gathering the information they will need to request a loan modification and be asked to provide contact information.
b. Eligible for refinancing
Homeowners who appear to meet the guidelines for a refinancing option under the program will be provided with information they will need prior to contacting their mortgage servicer and requesting to refinance.
c. Eligible for credit counseling
Homeowners eligible for credit counseling will be asked for contact information. A certified professional counselor will contact you to discuss possible debt and budget solutions based on your specific circumstances.
d. Not eligible for mortgage relief
If you’re eligible for credit counseling, you’ll also participate in steps 3 & 4 shown below. If you meet the requirements for a loan modification, you’ll also participate in steps 3, 4 & 5.
3. Your information will be securely transmitted to Money Management International – the largest nonprofit consumer credit counseling agency in the US who employs certified professional counselors.
4. A certified professional counselor from Money Management International will contact you and assist you through the loan modification process. There is no charge for these services; they are explicitly chartered to help consumers through difficult financial circumstances.
5. Money Management International will submit your mortgage relief information to your servicer. Your servicer will then work with you to determine the best next step.
Tags: government regulation, Home Affordable Modification, Home Affordable Refinance, loan modification, loss mitigation, refinance
May 12th, 2009 at 5:55 pm
Hi Todd, I’ve submitted my answers in that link you provided. It was very easy and quick. Thanks. I hope you remember my case? I posted my situation back in March when this whole thing was brewing …. please see comments of Andy on RBC in this link http://www.truthinforeclosure.com/take-advantage-of-president-obamas-plan …there you helped me then and am back for more HELP again
Since then I am keeping track of your updates and I think things are really getting HOT now…I am 100% positive that I qualify for modification and I believe in my heart that this would be the best thing for me vs refi…My question to you is do I have to lose my 66k paying job in order to qualify for it? trust me it won’t be the worse thing losing this job…i just hate it anyways and if getting fired, and collecting unemployment gets me the loan mod, I’ll gladly do it…(just trust me on that). i see having job as a slavery anyways now…eyes are wide opened and I’m finally awake!!!
so my friend what do you think?
BTW – i called RBC and their collection dept has sent me a work-out form for modification…so before i send them this form…want to know if losing job would be helpful!!
Todd Temaat Reply:
May 12th, 2009 at 7:26 pm
Thanks for staying with us and I’m glad you found the link and our information helpful.
The question you have to consider is whether you will have enough income to support a modified payment if you lose your job. You have to be able to prove you can pay the new payment or they won’t modify…and that’s much easier to do if you have a job than if you don’t.
Even if you’re thinking of starting your own business or something, I’d recommend waiting until after the modification is complete. You need verifiable income and a brand new job or business cannot provide that.
January 21st, 2010 at 6:45 am
this wont help if your mortgage is with ocwen. as they told me they don’t have to.and i was told they don’t need a reason why you were denied. so it does not mater who you get for help.