Question about the making home affordable plan the government signed.?

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I’ve been online and researched about the making home affordable program and I’ve found out there’s two parts to the program: one called the home affordable refinance and the other home affordable modification.

The home affordable refinance requires the loans to be either fannie mae or freddie mac to qualify. The home affordable modification helps the others that do not have loans with fannie mae or freddic mac.

I keep calling my mortgage company, Countrywide, becuase they posted online that they supposedly started to take applications for the goverment program. But everytime I call, they keep saying my loan is not a fannie mae or freddic mac loan; therefore, I do not qualify.

I just want to know if there is anybody that does not have a fannie mae or freddic mac loan that has been able to get through to the mortgage company and successfully completed the government program. Or is it that the whole program requires people to have a fannie mae or freddic mac loan, and I’m just basically out of luck. Please let me know what you know about the government program. Thanks!

  1. Reply
    May 14, 2011 at 12:21 am

    yours may have been a sub prime note and they were never backed by Fannie or Freddie

  2. Reply
    May 14, 2011 at 12:35 am


    Countrywide is correct. They do not have to accept your application. What you will need to-do is call Feddic Mac or Fannie Mae and have your re-fi processed through there office which means you will have to request for a loan pay-off amount through Countrywide.

    Also, if you have low income or a low credit score the chances of you getting a re-fi is slim because they know you won’t be able to make the payments. You must show proof that you can maintain the home and payments during the life of the loan. It’s not a cake walk anymore. If you default once you re-fi they will restrict you from purchasing a house for the next seven years.

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