it just keeps getting worse.......

[worried]

I have been waiting patiently for this mortgage modification to help me and just found out today that my mortgage company will not be participating. They had a meeting on Monday and they will not be doing it and no reasons why. I think I'm calling them back tomorrow because I want to know why they are not participating. Will it be because they were not offered enough incentives. My mortgage is not really any different than FHA except it's USDA formally (FMHA). It is a federal mortgage loan. Is it just the big bad banks that have to participate or the ones that got the bailout. Will they refinance my loan in a chap 13 even though I'm a little behind in my payments already. I can call Hope for Homeowners but they will take half the equity when you do sell. Anyways where is this bailout that goes by 31% of your income for a mortgage payment. Is that a different program coming yet?

[blindsided]

The new program is called Making Home Affordable, and information about it is at http://www.financialstability.gov/

From what I understand USDA loans will be eligible for similar modifications..

http://blogs.wsj.com/economics/2009/03/04/treasury-loan-modification-guidelines/

http://kdka.com/seenon/facing.foreclosure.ACBA.2.954857.html

[worried]

I read this but they all say "participating lenders" which my lender is not participating. they didn't tell me anything about which other assistance programs that would qualify me for a modification except one of their subsidy programs which I make too much for that anyways. They've had that one for years which isn't really helpful. See below I'm not sure what other options there are. Does this mean check with another lender? Thanks

The refinancing option is available only for conforming loans owned or secured by Fannie May and Freddie Mac, so this will include most loans. The only loans not eligible are FHA, VA and USDA loans. Those types of loans qualify for other assistance programs which would allow you to modify the loan so that you can retain ownership of your home.