Making Homes Affordable Program can help you or maybe not…

The government is currently trying to help out distressed home owners by providing assistance either through re-financing the current loan or modifying the terms of the existing loan. They have put up a handy website at http://www.makinghomeaffordable.gov and at the website there is a quiz to see if you are eligible or not. Okay, thus far everything is great. The quiz is only 5 questions:

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So great! According to this, I’m eligible for help! They also give you the ability to look up your lender to call them.

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My loan is through Bank of America so I went to their page at http://www.bankofamerica.com/mha/ to get the 411. Thus far everything is going well. I finally get a hold of a loan officer after getting transferred around 2 times ( don’t get discouraged ) and I find out I don’t get any help.

What?

Here is the lowdown. Currently the MHA program is in Phase I. What does that mean? It means:

  1. You need to have a loan through Freddie Mac or Fannie Mae. Period. Your loan can be owned and serviced by a different company. To get government assistance, your loan needs to be owned AND serviced by Freddie Mac or Fannie. My loan is owned and serviced through Bank of America, so no dice.
  2. What happens now? Well, in Phase I if you don’t get any help from the government you can get help through your bank…if you have a job. Unemployment does NOT count as income, so they will not give any assistance. If I am unable to make payments in the future, I can let them know and they’ll try to do something at that point.

So basically I’m SOL until I either find employment or the MHA moves on. Argh! I love how my tax dollars paid for all those banks but now I’m locked out of the programs that are suppose to help people like me out. Our government at work….:(

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