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Is The Home Affordable Refinance or Home Affordable Modification Working For Anyone?

Updated on June 7, 2009

Is the Home Affordable Refinance or Home Affordable Mortgage Modification working for anyone out there? That’s what I want to know. I know there is a lot of talk and a lot of activity around it, and my personal experience is less than a drop in the bucket. So I thought I would look around online to see what others are saying about it. So far… not really so good.

In a nutshell, my personal experience (dealing with Countrywide) was not good. Initially it sounded very positive. The woman said I was a perfect candidate for the program rather than a regular refinance since I had lost my job, and she gave me a list of all the documents they would need. After submitting all the required paperwork to them (the following day), I waited the 30 days they said it might take for them to review it and get back to me.

At day 35, I still hadn’t heard from them, so I decided to reach out and see what was going on. They told me my application had been canceled because they hadn’t received my documents. I found this odd as I had a fax confirmation. Nonetheless, I re-submitted everything and prepared to wait another 30 days.

After the 30+ day waiting period, I again had to be the one to reach out to them - again. This time they told me that I did not qualify and they attempted to provide some ‘career counseling’ over the phone.

Forgive me if I appear unappreciative, but I didn’t call my mortgage provider (who seems to be having a hard time managing my mortgage paperwork) to get career counseling from someone in a call center.

In the end, my frustration was high but I assumed that I legitimately did not qualify for a mortgage modification. So be it. I would focus my attention on finding a new job so that I could refinance my mortgage to a current, more affordable rate.

The interesting thing is, I shared this story with one friend who said it sounded exactly like what he went through with Countrywide when he called them. Additionally, a different friend of mine told me his story, and… believe it or not, it sounded an awful lot like mine!

So here’s my question; is this program working for anyone out there? From what I’ve read, it doesn’t really seem like it. From what I’ve experienced and heard from people first hand, it definitely isn’t working very well (i.e. not working at all).  It sure isn't anything like an FHA Streamline that one article I read suggested.

My sincere hope is that others are having better luck than what I’ve uncovered. If you are one of the lucky, feel free to leave a comment to give others some hope that they too will be able to benefit from one of these programs.


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