By: dawnb

dawnb — Wed, 28 Oct 2009 18:21:41 +0000

The home affordable program was frozen over a month ago and is no longer available.

By: Pengy

Pengy — Wed, 28 Oct 2009 14:47:24 +0000

Would be figured on your income, in either case if you want to keep the home you will need to refinance to get him off the mortgage or sell the home and split the profit/loss. The mortgage cannot continue in both of your names

By: Mike

Mike — Wed, 28 Oct 2009 10:16:41 +0000

If your current payments would be over 38% of your (ex) husband and your gross monthly income then there is a good chance you can qualify and no need to refinance. However, if that is not the case you will need to refinance to make the payments under your income alone greater than 38% of your gross monthly income.
The specific guidelines for Obama’s Federal Loan Modification Program, Homeowner Affordability and Stability Plan are:
1. Do you live in the home?
2. Is your current loan amount within the Fannie Mae conforming limits ($625,500 in high cost areas
and for other areas it is $417,000)
3. Are your current house payments more than 31% of your gross income?(Loan modification kits can
help with all financial calculation your lender may want to see)
4. Are you must be able to prove you have current income?
5. Do you currently have a job?

Comments on: Will “home Affordable” Plan Help Me Avoid Foreclosure In A Divorce?

By: dawnb

By: Pengy

By: Mike