Making Home Affordable Program: The New Government Stimulus Plan

Help available through the government: stimulus starts

Millions of American home owners that are behind on their mortgage payments or facing foreclosure may now find some relief through the new plan that President Obama has put in place. The Making Home Affordable Program is the new program that's just being rolled out to offer help to struggling homeowners.

What is “Making Home Affordable" all about?

"Making Home Affordable" is part of President Obama's comprehensive strategy to get the housing market back on track. Through the Making Home Affordable Program, up to 9 million American families may be eligible to refinance or modify their loans to a payment that is affordable now and into the future" (quoted from the make home affordable website)

Even homeowners that find themselves owing more than what their home is now worth may find relief through the refinancing arm of the plan.

Make Your Home Affordable Again

Through the making home affordable website, there is a lot of good information on how to save your home. There is also a very helpful "frequently asked questions" guide. One of the things that is stressed on the making home affordable website is this: if you are behind in mortgage payments or anticipate falling behind because of hardship - it is very important to call a housing counselor right away. There is more help available to those who start planning right now to get counseling and advice on their situation.

Because the making home affordable program is only weeks old, there might be some delay in getting processed but don't let that deter you from seeking help now. Lenders and mortgage servicers are hiring more people to get on board to help the flood of expected homeowners seeking help. At the same time, because it is a new program, there is understandably a learning curve for all involved. You can also call one of the HUD offices and get counseling about the Making Home Affordable Program, and those phone numbers are also listed at the website. There is also an easy questionnaire on the site to find out if your mortgage situation qualifies for the program.

To find out more you can visit the official government website at and get started in the process.

Good luck and make sure to watch the video there too. There are many homeowners in the same boat together, and seeing other people that are struggling helps you realize you are not alone. Although this can be a very devastating time, there is hope! The Making Home Affordable Program may be able to do just that - by making your home affordable again!

Need urgent help? Contact the Homeowner’s HOPE Hotline: (888) 995-HOPE

(This article brought to you by Dorsi Diaz, professional writer and blogger)

Good Video Explaining The Making Home Affordable Program

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Comments 72 comments

Nancy's Niche profile image

Nancy's Niche 7 years ago from USA

This Great article and vital information; thanks sharing it with us.

BristolBoy profile image

BristolBoy 7 years ago from Bristol

This is a very useful plan by Obama. There doesn't appear to be a similar plan for the UK, but it would probably help if there was one.

ocbill profile image

ocbill 7 years ago from hopefully somewhere peaceful and nice

As I recall and read somewhere it only applies to Fannie Mae and Freddie Mac. So if your loan is WAMU, Wells Fargo, Bank of America, Countrywide, Chase, JP Morgan, etc you most liklely are not eligble. Check to confirm that though. We all need help, not just AIG or Detroit automakers. But still a step in the right direction. It's an ocean liner not a speed boat.

A Hope Worker 7 years ago

I would have to say not to call HOPE. I actually work there. From the day I started I felt so guilty because there is no help. I feel HOPE was set in place for people to leave the banks alone. We are like an escape goat for the banks. I feel sorry for some people because they are loosing their homes through no fault of their own. Others I just want to tell them to get a life. Several times I have tried to schedule people for an appointment and they tell me they can not have that date because they are going on vacation. Now realize that they have not paid their mortgage and are going on vacation with the money.But either way they is no help for anyone. None of the banks are doing the Bush or Obama plan that was set in place. Remember that it is not mandatory for the banks to participate. It is voluntary and none will acknoledge the plan. When mentioned to the bank they all say they will have the information in about two weeks. They have been saying two weeks since last year.I hate my job because I have to give people false hope. I feel very low. But it is about the only job available in town right now and I also have a mortgage to pay.Buy the way, why would you trust someone that is funded by the people your are fighting. HOPE is funded by the mortgage companies.

Swapster 7 years ago

This is available to FHA loans AND to conventional loans. For conventional loans, they look at your total mortgage payment (including taxes, insurance, etc) and if it exceeds 31% of your monthly pre-tax income, then your bank should allow a modification. Specifically, they will lower your interest rate to as low as 2% for 5 years. After 5 years, the interest rate jumps to what the interest rate was the day you signed for the modification (at this time, Apr 2009 it is around 4.8%).

For those who are self employed, they look at YTD income. I'm sure this is a bit more complitcated, but there is help for anyone who is in over their head and can prove it with documentation.

Good luck.

Terra 7 years ago

Making home affordable program is joke. I just received my trail payments from Chase and they were equal to my current mortgage payment. How is that making a home affordable? I called Chase and told them the reason why I was applying for this program was because of a decrease in income and additional childcare expenses. Their response is you have to make the trail payments to determine eligibility. After reading the small print on the documents stating “this is most likely going to be your new modified payment.” So I saved $50 on my monthly mortgage payment putting me at a 40% debt ratio due to my pay decrease at work. What happened to the 31% that was set by president Obama?

Kelley 7 years ago

Good information here. You might also add for anyone looking for some additional information. They seem to have it all in one website.

or you could try - Hope Program - General mortgage info, new but great because of the different view it has then most of your standard mortgage websites. - Just threw this in there because it has to do with the new investment program Obama passed. It basically seems to make the rich richer, but what do I know

DONT BE FOOLED 7 years ago


scott  7 years ago

This plan blows. My mortage company HSBC has someone in India calling me. Hope and this Obama plan DOES NOT WORK.

Dorsi profile image

Dorsi 7 years ago from The San Francisco Bay Area Author

Gosh thanks for everyone that has stopped by to read and comment on the making home affordable program. I am concerned about some of the comments made here about problems with the program. It seems to be limited and I can only hope that the vast majority of people seeking help can get help through Obamas new home program. If not, this program is defeating it's purpose. Please keep commenting on how the making home affordable program is helping you or not helping you. And thanks again for stopping by and reading.

TJ 7 years ago

Three people that I have spoken with in Michigan, as well as my husband and I, have not been able to get help. Who is this plan designed for?

bgamall profile image

bgamall 7 years ago from Las Vegas, Nevada

I would just walk away from an adjustable loan. The reason is we are either facing huge deflation or an inflationary environment of epic proportions. The manipulation of our currency is just incredible, and under those circumstances, it is impossible to value correctly anything, including houses.

I would walk away and let the banks suffer. They are taking our money, as taxpayers and we need to give ourselves a stimulus. With the alt a and option arms set to hit big in May going through 2011, these are perilous times. Don't stretch to make the payment, imo.

bgamall profile image

bgamall 7 years ago from Las Vegas, Nevada

And I would walk away from the banks inprotest as well. The toxic loans were a scam thought up in Basel 2 where off balance shadow banking was allowed. It was a scam and these bankers should all be in jail. But they control the US government so they won't be touched.

linda carraway 7 years ago

What happens to the people who have lost so much value on their home its rediculious.$200,000to70,000. Whos going to help them???????????? SHould they stop paying and have forglosure on their record or rent it out and hope they can buy something else???????

Wolfie 7 years ago

Has anyone heard anything about Wells Fargo not receiveing funding as of Tuesday 14th? That was the response I received from them and to call back.

charles 7 years ago

Don't worry if you can't take advantage of this plan. yeah it sounds good until you do the calculations. take the money from closing costs and buying down points and instead stick it someplace else, mutual fund or mortgage principal. this plan is only good for people that have outrageous interest rates due to an ARM. points are uber expensive when you start getting near the 105% mark. how convenient I have to refi with my current lender and go by the govt appraisal which has me coming in 40% less than what the same govt is taxing me for. of course even if I did appraise at value of the loan or what I am being taxed at this plan would cost me more. It's a big JOKE. More of the same politics. Its a win win for banks, but I have a feeling this one is gonna blow up in our govts face. if you think you are getting a deal talk to a financial planner before refiing.

April Campbell 7 years ago

Making Home Affordable is a joke and he is why: This a letter I have posted to President Obama.

Dear President Obama, I'm writing you today to plea for your help in what is fast becoming a fatal flaw in your program ,“Making Homes Affordable.” As you know, this program and the other , “Hope for Homes”, have been heavily hyped in the media and on politicians web-site as proof of the government's commitment to stem the tide of foreclosures. The Web-site for “Making Homes Affordable” is particularly enticing ---young families, their faces beaming with hope at the prospect of being able to keep their homes and refinance at a lower rate. But once the process of applying begins, hope quickly fades. For the fact is, even if you meet all the requirements for a loan refinance under this program, you will be denied. How can this be? Well, let me tell my own story.My partner and I own a home in Ann Arbor, Michigan. We've lived in Michigan most of our lives, and how this economy has beaten down the people of this state is something to see. Ann Arbor long thought itself resistant to economic downturns, but not this time. Home values in Ann Arbor are down 20-25%. Well, along comes Obama's “Making Home Affordable” program—hurrah! Finally, something for Middle America. We look into the requirements: Fannie Mae owned home. Check. No defaults on payments, no bankruptcy and up to date on mortgage payments. Check. Significant depreciation of home. Check. Difficulty making payments due to hardship. Check again. We even have stellar FICO scores at 800. And how many banks, including those listed on HUD's website as approved lenders were willing to refinance us? NONE! The reason for this, Mr. President, is fairly simple. Despite the the massive bailouts, banks do not want to refinance or modify home mortgage loans. They are now working in concert with private mortgage insurers to see that any homeowner with PMI will not be allowed to refinance. This just happens to include about 75% of the pool of people looking to refinance. In short, the Making Homes Affordable Program is turning out to be essentially worthless for homeowners and as anyone with eyes can read, foreclosures have actually risen in the past month. So, I was told by not one, but ALL the banks in my area, they could not help me because I had PMI. If a family with stellar credit can't get refinanced, then what is the chance that those with credit problems will?Mr. President, these programs carry your name. They will become part of your legacy. Only you can bring to bear on these institutions the kind of pressure required to make them execute tyour programs in the spirit in which they were intended, not the cruel joke they've become (“Hype for Homeowners”, “Making Homes Unaffordable”). Fannie Mae must do something quickly about the PMI problem and the banks should not be allowed to add stipulation, after stipulation to the program that cuts out 85% of qualified homeowners. It seems clear, that Americans are going down the tubes waiting for the banks to do the right thing. Banks remain fully committed to finding loopholes and other imaginative ways to keep from lending while they hoard taxpayers money. Homeowners are not their concern, profit is. And that's where you come in, Sir. You promised Americans help but, so far, Wall Street has been the big beneficiary while foreclosure looms for me and millions more. My only question is this: When are you going to really help us?

Dorsi profile image

Dorsi 7 years ago from The San Francisco Bay Area Author

I am very very concerned by what I am reading here. I'm not quite sure what to do with this information yet. I do think Pres. Obama needs to know exactly what is happening because I think if he does pressure will be put on the banks. This is not ok, not OK at all.

ljabbar 7 years ago

Like most people who have commented on here, I,too was full of "hope" when I read about Obama's plan on the making home affordable web site. I did the check list and under those guidelines I did qualify for a loan mod. I called my lender (countrywide) and me too have spoke to nothing but people from India! (they are merging with Bank of America...could this be why all the customer service reps are now from India?) After being on the phone with the rep for more than an hour...he finally came back and said "Yes, mam, you do qualify for the program...but there is currently no availability in your area" What does that mean? I asked him and he started talking in circles and told me that I need to understand that this is a GOVERNMENT program and there is very limited availability! I still didn't fully understand what he was trying to explain to me but instead of going round and round with him any more...I just got off the phone. THERE WENT ALL MY "HOPE"!! I agree with the previous posters that this plan gives NOTHING but FALSE HOPE!!!

Jamie 7 years ago

This plan is a joke. I was laid off in Feb. I have continued to make my mortgage payments in full and on time. I have not been late once. In an attempt to refinance under this plan to continue to be able to cut expenses and ensure I can continue to make my payments, I was told by a loan specialist that I am not qualified. Why? Because I am unemployed. I thought this was the purpose of the program, to help people who have hit financial hardships so they can continue to pay their mortgages??? Just another bill passed that doesn't help the common public. I guess instead of being proactive you have to let your home go into foreclosure before you can get any assistance. Thanks for nothing.

Cooley 7 years ago

I just signed up for the home affordable loan to refinance our home here in Dallas through Wells Fargo. Everythng went smoothly and in 30 days we will be saving $150 a month on our mortgage payment. We will see if everything works out like the young man says it will. Our interest went down about 1 point.

tlf 7 years ago

Cooley, Do you have PMI?

EJohannsen  7 years ago

I am not sure if this program was even intended to work or if it was intended to make it look like something was being done to pacify the resistance to the bailout. My husband and I who have never missed a payment and have a stellar credit rating have been denied the ability to refinance through this program. We are with WF so I consulted with a refinance advisor at my local bank to see if we could transfer our loan to him. He essentially told me that even though there are guidelines for this program, the banks can adjust them any way they see fit. Of course this is going to be in their favor and there are no regulations in place to stop them from denying us. It is simply a way for them to avoid losing money.

I am not sure Obama will change anything about this as it seems the banks hold too much power in this country.

Dorsi profile image

Dorsi 7 years ago from The San Francisco Bay Area Author

Well I am going to call the HOPE line and see if I can get an interview and check this program out. I'd like to refinance my home so I'll see how it goes and let you guys/gals know what happens for me with the making home affordable program. From what I can see here in the comments, it looks like it has helped very few.

Make Home Affordable 7 years ago

The Make Home Affordable plan has merit if you ask me. It seems as if lenders have done well with the incentives given to them by the Obama Administration.

Keep up the great work dorsi i enjoy your posts and they serve a good purpose.

Check out one of my blogs on the subject...

Lori 7 years ago

Then figure this one out-- My loan IS owned by freddie mac, but my mortgage co. "Midland Mortgage" says that my mortgage does not qualify for Obamas plan because it is fha insured.?!?! And, something about how my mortgage has been sold since obamas plan but yet you go to freddie mac site, key in my personal info and WHAM- it says that yes freddie mac is the owner of your mortgage.

I am a soon to be a single mother of 3, work full time and go to school full time. I am fighting to keep my home but it does not look good. I was so very happy to hear about the MHA plan via Obama, had a flicker of hope, but no longer. I am tired.

Foreclosure Hope 7 years ago

Hello lori

I am sorry to hear that you are having such a hard time.

Have you tried demanding your agreement or rather mortgage contract agreement and proof of ownership? It sounds like something screwy is going on there. Who buys a nonperforming loan as an investment during a terrible economic period centered around the very asset purchased. Hmmm... I call BS on whoever you were talking with. Trust me I have talked to plenty of folks on that end and there is no supervision or incentive or ability for those folks to do anything. They just answer the phone to get you off the phone. Thats there job plain and simple.

Try again lori... you can pull this off! Be a salesperson on that phone line right from the begining. Try and buddy up with the rep, see what sort of relationship you can establish with that rep that has just finished his 28th call 24 of which most likely gave him a hard time and made him feel like dirt. So he is responding to you and past callers as well as his expectations for future callers all collectively wrapped up in his underpaid and degraded attitude and ego, he is cranky and on a power trip.

How many telemarketing calls have you flat out hung up on and yet they all have this persistence and pep.

Incentive drives all, You have a huge incentive so get on it.

Also if you get some weird sounding explanations make sure you probe politely and get all the facts and repeat them back to clarify as if you were an attorney.

"Ok... so Bob... forgive me for being slow this morning I know you folks are busy and god bless you for helping me, I just want to make sure I understand correctly, haha you know get my small brain around all this. My mortgage loan # 15342634 with the property 213 bhhbjh ,hjg uh 242325 was with Freddie until the date wbvw9292 and it was then sold to an investor who purchased it as a nonperforming loan that was in that correct?"

How much was it sold for. When did you send me notice ? who bought it? How do I contact them.

Then do the same but in writing, both certified mail and fax.

Make sure you call several times!

More info can be found at site below, take a look.

The more at stake the more hassle.

Esquyre 7 years ago

I'm confused!!! I called my lender to apply for the Home Affordable Refinance program. I met all the qualifications.......current on mortgage, never been late, owed less than 105% of value, etc. However, I was flat out denied! When I asked why, the rep couldn't give me an answer......just said I was denied. So who the heck is the program for?!?

Laura 7 years ago

I went to my mortgage lender in January 2009 before I got into trouble. Since then I have spoken to at least fifty people form Hope for home owners to congress and senators. What the heck is going on? I was told I was approved for this modification and a week later I am only pre qualified. If it has to be this hard there is something that is just not right. The lender said it would take four to six weeks to modify my mortgage it has been nine and counting.

Allan 7 years ago

This program is a joke. Been waiting over 2 months for Chase, I call every week and my status is always "We recevied your information but it hasn't been assigned to anyone". Meanwhile the interest rates keep going up. Chase just keeps giving me the run around.

Michael 7 years ago

Wife lost her career. Had a 24wk preemie with serious health issues. Lost our car, have no savings left. But in spite of that, we stayed current and never missed a single payment, desperately trying to keep our home despite the horrible 20yr / 7.125% loan... would Wells Fargo help us? We qualify in every way for this Making Home Affordable program- a Mannie Mae loan, owe less than 105% of value, lived here two years...


According to them, we don't qualify because we have mortgage insurance. We haven't paid them enough yet, I guess. Now we're forced to walk away from our home next month. No other options left. Thanks a ton, Obama. HOPE no one makes the mistake of voting for you next time.

Joker 7 years ago

This plan is an utter joke!!! My adjustable rate is spinning out of control but I'm finding ways to make the payment. For my good faith efforts I'm ineligible under this great plan.. No one is getting the refi's they need and it's more of the same o same o bureaucracy. Someone remind me again why I voted for Obama? He's done nothing but spend on corporate america for their mismanagement well the little people he made promises too continue to suffer.

No HOPE! 7 years ago

I also got my hopes us when I read about the Making Homes Affordable program. According to the govt website, I qualified for the Refinance Program. Freddie Mac owns the loan, etc, but everytime I called Wells Fargo, they said I didn't qualify and could not give reasons why I did not qualify. I've been calling for months, since the program was first announced, at first it was we don't have all the program details yet, but now it is just - you don't qualify. One person at Wells Fargo did say it was because I had PMI - the other 20 times I've called, no explanation. I then tried to refinance through FHA loan, only to get a sucky appraiser who appraised my house at the same amount a house like mine sold for 3 weeks before, but that house did not have the $20k in upgrades that we had. I was so irritated. So now the appraisal is less than we owe (even though we had $10k down pmt)and interest rates continue to rise. I called the HOPE for homeowners program and went through the consouling and she said I probably would not qualify because I only had a small deficit in my budget and I was affording my mortgage. I am affording my mortgage because I am not going on vacation and spending money. I am on a very strict budget and watch every dollar to afford my mortgage. I just want a lower interest rate and I have a 800 credit score. THe govt website makes it seem so promising - only to be denied in the end. What are they looking for - to be able to qualify?????????????

jeana 7 years ago

Hope is a joke. They do absoutely nothing. Been waiting for a loan mod since 08. Chase has lost my documentatins or they say they never receive it going on now 6 times faxed and also sent hard copies fed ex. Did the last payment on MHA first of aug, now I was told today I have to start all over and fax all docs again. Of course never received or now they are expired I am drained. Enough. The banks have the power and money and the govt is in there pocket. I wish we could of got one of those VIP loans! MHA sounds good but all the restrictions and guidelines they find something to deny a loan they like all that money in there pockets.

bludstream profile image

bludstream 7 years ago

You need to use a REAL company that specializes in Loan Mods in order to get one. You can't just go directly to your bank. But thanks for the info.

Dorsi profile image

Dorsi 7 years ago from The San Francisco Bay Area Author

There are some people that have been helped by the Make Home Affordable program and some that have not been able to get any help. Since writing this article I have seen varied responses but will share my recent personal experience with calling the HOPE HELPLINE - I found them to be very helpful, thorough and I had NO problem getting through. Within a day I had received a workout sheet from the Make Home Affordable program outlining my budget and a workout sheet for my lender (it was sent directly to my email from them). Now it was still up to me to contact my mortgage lender because he is a private lender, but after showing him the workout sheet he agreed to modify my mortgage till next March, when I will probably refinance my loan at that time. This temporary modification is saving me over $300 a month, which is really helping me out right now since I just recently started a new day job position. So to all who read this I would still try calling the Making Home Affordable Programs Hope hot line, and maybe they can help you!

And BTW, I live in California. I don't know if it matters what state you live in, but I had no problem getting through to them and getting good advice.

heather 7 years ago

I waited six months to get flat out denied. I met all qualifications. Business has suffered severly, no child support. Just wanted a little help with the high interest rate because I didn't want to lose our house. I don't understand this. And these people want to run our health care??

private 7 years ago

Its a scam!!!!funded by the banks. If you have equity in your home they will make sure you loose it. When trying to modify your mortgage the bank asks for the amount the home is insured for. This info should irrelevant, except for the fact that if you owe $75k and your house is worth $150k the bank can foreclose on it and make a fast buck. I was late on my house payment by 2 months. I filled out all the paper work for the modification and faxed it. Two days later I received a letter demanding the money with a threat of forecloser. Then they left messages on the answering machine saying that they were in the final process of my modification and needed more info. When I called, they directed my call to debt collections where they demanded payment. This was Washington Mutual. The Making Homes Affordable plan is a complete LIE!!!!!!!!!!

Peter 7 years ago

I was accepted in the the trail of Obama plan. After I completed the program and made all the payments, GMAC denied my application to modify the loan. Then they called to threatened foreclosure if I don't pay up. Worst yet, they threatened to send maintenance workers to change my locks of my home. I just gave up and moved out.

sylvia 7 years ago

i have a hard money loan and can't get no help. what about us I us money to finish building our dream home. than we done that and now it is time to pay back the loan and can't get a loan the money we had in my haband retairment we are living out of it. how can we get some help. Mr Obama You did not put my hands on the paper to sign for the loan I was looking to refainancing this loan and to get on the write track Just don't seem like it going to work for us we work with other company about our other homes which is my income just can't win they said no why to much income upside down inside out no way.

Rebekah 6 years ago

I was also accepted (Like Peter) in to the trail of the Obama plan and after making 4 payments I was told that we didn't make enough. Isn't that the point of the program? We made all of our payments on time and Suntrust, our mortgage company, turned around and told us they denied us and we owed them around $8000.00 and to pay up or they would foreclose on our house! This was in Feb 2010 that they denied us and we just got served foreclosure papers as of March 31st 2010! How are we supossed to come up with all that money when they are the ones that told us to pay it and then decided we weren't qualified enough. The whole reason we tried to get help is because we knew we wouldn't be able to make our payments in the future. The hard thing about this is we were not behind on our payments until they told us to make smaller payments!

Dorsi profile image

Dorsi 6 years ago from The San Francisco Bay Area Author

Rebekah) I am so sorry to hear about your situation.My understanding is that there is even more help now for homeowners in foreclosure. I would urge you not to give up and call the Hope line back. Let us know how things go.

Waaah, poor bitter owners 6 years ago

You should all lose "your" (and by your I mean the bank's) homes. Stupid home debtors that got in over your heads. Waaaah, I need a bailout. Sob.

Dorsi profile image

Dorsi 6 years ago from The San Francisco Bay Area Author

bitter owner) You sound bitter. Did you lose your home? Or unable to buy? I wouldn't lump everyone together into owners that got in over their heads. Many people have lost jobs, lost their income,lost their savings,businesses, etc. Yes maybe some extended into too much credit, but that's not the case with everyone!

Hope you have a better day and thanks for stopping by to read.

JLM 6 years ago

I am yet another of the people who applied for this program,a nd was denied... TWICE. I first requested it in July of last year, even asked for the program by name. 10 months later, Bank of America had me call them with more information. In short, I was told that I was not even considered for the MHA plan, and did not meet requirement for a BoA traditional modification b/c my income fell below my monthly cost of living. I was then transferred to another really b@!chy representitive, who basically told me I was not going to get the MHA plan, but I could apply for it. I then contacted the Hope Foundation- was pre-approved for the MHA plan, the representitive told me that the bank could still choose to deny it- they did. I had fallen 3 month behind on my mortgage- which put me into forclosure territory... after borrowing money from my brother to bring my loan up to current- within 3 days, I was denied the MHA plan, with absolutely NO explanation. What's more- they are now not applying the payments I am barely making to stay current to my mortgage, but putting them into "misc. postings", so, according to them, I am now 3 mos behind again, and receiving "intent to accelerate" notices. My husband worked for Caterpillar and was laid off (while they are currently making record breaking profits), and it is the first time he has been unemployed in his adult life. He can't find another job b/c these corporate scum suckers still refuse to hire anyone- the market is literally dead. I work in education with profoundly mentally disabled kids, and don't get paid well at all. Do the banks care? Nope- they just care about taking my money, and from the look of it, also my house... EVEN THOUGH I AM PAYING ON IT!!!

VTF 6 years ago

I'm at a loss as to what I can do at this point. We saw our financial demise coming over 2 years ago. I contacted our bank to see what we could do and they tell me nothing. Advise me not to miss a payment, but also tell me that they can't do anything for me unless I do. So, we pay until we can't pay anymore. Our home was up for foreclosure, ad in the paper, the whole nine. Then about 2 weeks before it was to be sold on the courthouse steps, we had an investment come in for my husband's business. Called up bank, told them we have income coming in now and they told us we now qualify for the making home affordable plan. Waited for over 6 months, always making our "trial" payments on time, only to be told that our trial period was indefinite. Which seemed true until we missed our first payment, then we got our final papers in the mail and they have been calling us daily to get a notary out to finalize the paperwork. Which would be great, except that our new, more cost effective mortgage, is almost $1000 more than what we were paying before we were in any financial hardship. I keep asking how they got to this conclusion and they keep giving me vague answers...aka...I don't know. Now I'm in queue to speak to an underwriter. Not sure when I'll get that phone call, but it ought to be an interesting conversation. Our home is already underwater, and while I don't blame them for us not being able to make our payments, I also think they're out of their mind if they honestly think I can afford to pay more.

tom 6 years ago

chase has been screwing with me so bad on this making homes affordable its un real !!!false hope!this has been going on for over a year and a half countless hours on the phone answers once they told me i was recommened for approval and then waiting it working for two weeks later was told i was denied when asked why no one could give me an give me an answer i struggled to make payments ontime and work with chase ..and i did it now i have two months more of making payments on time and i can refinace they srew u dont waste your time i haven heard of it working for anyone but also in the same breath they tell u dont go to outside sources....state legisletation needs to get involved!

Dorsi profile image

Dorsi 6 years ago from The San Francisco Bay Area Author

Tom) Yes I agree state legislation needs to get involved. I don't think Obama is aware of what is really happening here. This hub would provide great insight into how this "program" has really "not" been working the way it was intended to.

Kenya 6 years ago

My husband and I have recently applied for this program twice. The first time we were denied. The second time we were accepted. I have found patience and persistance to be the two ingrediants needed in dealing with today's real estate issues. We currently have a 280.00 deduction in our mortgage through Wells-Fargo. I will update you on the outcome after we make our final trial payment. BTW HOPE to me was helpful in what it's designed to do...which is provide credit couseling and possible solutions to financial mishaps.

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Dorsi 6 years ago from The San Francisco Bay Area Author

Kenya) Glad to hear that. Patience and persistance can pay off!

Mary 6 years ago

My father needs to "walk away" from his upside down house loan that he has had for 31 years. He is 77, my mom passed away recently, nobody living near him so he needs someplace close to family. What problems do you see if he leaves the keys on the counter?

Dorsi profile image

Dorsi 6 years ago from The San Francisco Bay Area Author

Mary) To be safe, I think your dad should get some free legal advice. Try the legal aid society, and some libraries have free 15 minute sessions with lawyers. I have had friends "walk away" from upside down loans and are much happier without the huge monthly mortgage. Good luck and my sympathies on losing your mom. I know that's hard.

SHARL 6 years ago

I applied

SHARL 6 years ago

I applied for Homes Made Affordable program. I lost my job over a year ago and my wife and I have benn living from her income. She recently had her hours reduced, lost her health insurance, and lost her holiday and vacation pay. I just received my answer back from GMAC. What a joke!!! I don't qualify because we don't make enough money. Insufficient income. HMMMMM I am current on my mortgage and home owners insurance. HMMMM

Dorsi profile image

Dorsi 6 years ago from The San Francisco Bay Area Author

SHARL) I'm sorry to hear that. If you live in California there are some programs for people in your situation (job loss and hours reduced) If not check your state programs and see if they have any funding/help for mortgage help.

jose fonseca 6 years ago

for me there is no hope one time they call me and set to me and said youwill recive a pack age singh and send so i was waiting for the next month to start paying mi mortgage i wited and waited then i recived a letter saing i have a sale date thats so frustrated at this point i know what to do

Dorsi profile image

Dorsi 6 years ago from The San Francisco Bay Area Author

@Jose) I would call them until you get to someone that will help you. I called them and they were very helpful. It's not too late. Keep calling and tell them you did not get your package. Also, have you considered bankruptcy to stay the home sale? You might want to talk to a lawyer. Some lawyers will give you a free initial consultation. Good luck and let me know how things go.

royblizzard profile image

royblizzard 5 years ago from Austin / Leander, Texas

This program is a joke! Only about 4% of the homeowners can qualify for help as the mortgage lenders can only find about 4% of the loan notes and other paperwork to show they own the home. For more info about this scam and more go see our blogs and hub pages.

Dorsi profile image

Dorsi 5 years ago from The San Francisco Bay Area Author

@Roy) I'm not hearing very good reviews of this program. Sad. I think Obama needs to take a look at this hub and the comments here to see how well this program is NOT working!!

royblizzard profile image

royblizzard 5 years ago from Austin / Leander, Texas

Hey Dorsi, My wife and I have become very expert in this mess over the last ~18 months. You should see my postings on the criminal activity going on. It seems strange to me that the best estimates for the total scamming going on is about 17 trillion dollars. This is the national debt! Don't you think it is a bit strange that no one is being prosecuted even though there are at least 20 different Felony areas such as SEC Fraud, Mail Fraud Forgery, etc etc. What is very odd is that Obama's programs pays the mortgage industry for what they legally can't be doing and that is modifying loans when they don't hold paper to it. That is why only 4% can work. The other 96% can't be legally done without forged paperwork(they are frantically doing this at forgery mills). Find me on facebook- Homeowners against mortgage servicing fraud. Obama and the whole government-both parties are up to their eyeballs in fraud and none seem to care. I've spoken to many politicians here in Texas and they can't fathom the depth of fraud and they keep trying to pass it off to another agency. This is sad.

Dorsi profile image

Dorsi 5 years ago from The San Francisco Bay Area Author

@Roy) WOW!! I had no idea about the extent of the mortgage fraud. I knew there were cases but did not know how widespread it was. I'll see you over at Facebook and thanks for taking up the cause!

Deb 5 years ago

My husband & I applied for the reduced interest rate as the value in our property was less than what we owed. We qualified, was able to get our interest rate reduced from like 7.5% to like 4.5%. The 1 thing I had a serious problem with in all of the lowering the interest rate thing with our bank at the time (Countrywide which then changed to Bank of America) was that in the lowering of the interest rate, it added like almost $4,000 to the end of the loan. So, we applied, were approved & got interest rate lowered, & had an additional $4,000 added to end of loan. I was told "you saved a lot of money even with the $4,000 being added to the end of the note" just in reducing the interest rate, but I'm sorry, this was suppose to be a plan that helped us & any fees were to be paid by the banks & they would seek reimbursement from the government. Instead, we paid for the buying down of points & all fees which were like another $3,500 added to note. Then, when all was said & done, monthly loan went from $900 range to $1,076. I protested on that end too saying, "ok, where's the lower monthly payment?" However, my husband escrowed property taxes & insurance into the note then which increased the loan by $265 per month. This "tax free" phrase is pretty meaningless to me! Tax free or no tax free, loan went up & we paid over $7,000 to have interest rate reduced in 2009.

Now, it is 2011. We are both unemployed. We've been living off unemployment checks & cashing out my 401k to get by each month paying bills. That money is almost gone. We signed up for the Hardest Hit program in Michigan & are currently going through the steps to hopefully get that assistance as it is supposedly suppose to pay up to 1/2 of your mortgage each month for up to a total of 12 months. However, because at the time that we first applied, I had over $6,000 left of my 401k in savings which we were living off, they wanted us to wait until the savings account was down to $4,000 & then apply. We are down to as I said $3,000 now & due to my husband's loss of his job, we now had his 401k pulled which was like $25,000. Here we go again. Now the savings is too high again, we will have to live month by month hoping not to lose our home & my husband says "I hope to save some of my 401k & we do not have to use it all to live off." I told him there is no way to hide that money & we had to pull it out for hardship.

So, here we sit! We can't get help from the state because of that savings. We do not want to lose our hundreds of years family owned property of 55 acres & our house. The initial loan is only on the house & 5 acres & the 50 acres is paid for free & clear, but I told my husband I was ready to let the darn banks have the house back, keep our 50 acres & put something up on that, or just hang onto it & rent a place.

Does anyone know if we let the bank have the 5 acres & the house back if they will also take our 50 acres?

We also have another 401k plan that we cannot get too (unless we claim hardship again but we really do not want to use that as we are both in our mid 50s & want it there for retirement).

Will we end up losing all savings, the last 401k account, our home & 5 acres, & the 50 acres if we let the bank have the 5 acres & house back?

Does anyone have any suggestions as to how we need to deal with this situation, i.e. keep home & property, keep last 401k account for retirement, & keep 50 acres?

Who should we talk with? We truly need help in managing this situation, ASAP!

Lastly, with us both being unemployed & stuck @ home together 24/7, we are truly getting on each others nerves. To the point of me beng told what I should & should not do all day long, what time to go to bed & what time to get up, & lastly constantly being told of all my downfalls & bad habits.... Something has to give!! Probably me!

Dorsi profile image

Dorsi 5 years ago from The San Francisco Bay Area Author

Deb) I'm sorry for your troubles. I know that must be hard especially that it is your families property. Email me privately at and I'll give you a link to a closed Facebbook group where you may get some answers. Also try my website at It's mostly for Ca. residents but you may get a couple helpful links there too. Look for the links under the donation page. It's a new non-profit I'm starting.

Jerry 5 years ago

This is another scam using President Obamas name, just apply for the help and Quicken Loan pops up and nothing in this article remotely relates to what they are offering.

Ron 5 years ago

I just applied for this joke and was told there was nothing they could do because I was upside down and I would have to pay off 75% of the loan in order to qualify. In addition, I was told that having perfect credit did not matter because the value of my home is too low in relation to what I owe. REALLY!! I lost my job after 20 yrs and disabled, can't afford the monthly payments. However, If I could payoff 75% of what I owe on my home I would not need a to restructure my loan. This is insanity, totally asinine!

Dorsi profile image

Dorsi 5 years ago from The San Francisco Bay Area Author

@Jerry) I am so sorry that you did not find what you were looking for here but if you read through the comments you would find alot of personal stories about the Make Home Affordable Program.

@Ron) Try NACA Ron and if see if they can offer you any help. Sorry to hear of your plight Ron.

carolyn 5 years ago

Some of us have jobs and the value of our houses have dropped so low it would be stupid to keep paying the bank....some of us have had the banks offer modified loans were we are taking the loss and the bank takes none...even when they are the ones who sold security mortgages that dropped the values....I am not paying for their mistakes.

Dorsi profile image

Dorsi 5 years ago from The San Francisco Bay Area Author

@Carolyn) Yes what a fiasco. This is one of the reasons the 99% and OCCUPY protests are gaining momentum. People are fed up. Thanks for reading carolyn.

Tabatha 4 years ago

We applied for the making home affordable program, when we got the paperwork back our payment was higher then before. We couldn't afford then and they expect us to afford it now. Now we are giving the home back and moving out we are all out of options. Good luck to those who have benefited from this program. I am located in oregon

Dorsi profile image

Dorsi 4 years ago from The San Francisco Bay Area Author

@Tabatha) I am so sorry this program did not help you. Best of luck on your move.

Didge profile image

Didge 4 years ago from Southern England

What a great hub: Many thanks for sharing.

Dorsi profile image

Dorsi 4 years ago from The San Francisco Bay Area Author

YW Didge and thanks for reading.

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