More About Making Home Affordable - Jean Chatzky - Making money make sense
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More About Making Home Affordable

housingOn my post about the Making Home Affordable loan modifications, CMPIPE commented:  “This site tells you if you may qualify, however, the mortgage lender can chose to not allow the modification – correct?”

Yes, that is correct.  The site outlines the stipulations to make you eligible to apply for a loan modification from your lender; however, the program is voluntary and there is a chance your servicer isn’t participating (many are, though – and there are financial incentives for them to do so.  You can find a frequently-updated list of servicers who have signed on here.)

If your servicer is participating, they will then put your loan through a series of tests to determine if you qualify.  This includes:

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