Homeowner affordability and stability plan

[Ryan_PA]

So I got this letter from the company that services my mortgage saying I qualify for Obama's homeowner affordability and stability plan. Essentially they are offering to lower my rate from 5.5% to 5% for no money out of pocket, no closing fees, and not rolling any fees onto the principal.

Does anyone know the details on this plan, and if it is legit? I did some google-ing and it appears to be for real, and since it is from my actual mortgage provider with my loan info, I tend to think it is worth a call to review the details.

Is there a catch?

 

[bobjohnson77]

It seems real Icalled them and they were able to look up all my info on the note but could only get me a slightl;y smaller percentage and it wasn't worth it. but might be for you.

 

[Ryan_PA]

The funny thing is, the more I read about this plan, it is really for those in danger of foreclosure and those upside down in their home... neither of which are the case for us. I assume this may be a blanket letter that I will not qualify for.

 

[Rooster_P]

My lender just did this for me and I don't fit either of those scenarios, however they said it was there idea to take care of their good customers. Just got the paper work and I don't any fees that I have to pay. But I know I waited thinking it was to good to be true and the rate they offered went up 3/4% from what was originally offered.

 

[Ryan_PA]

So you are saying the rate will go up .75%?

 

[Saccharomyces]

Mortgage rates recently jumped about 3/4 point when the T-yield jumped after the Fed announcement a few weeks back. They likely "offered" you 5% when the going rate was 5% so it is probably 5.75%-ish now. Still it wouldn't hurt to try.

 

[Mutilated1]

dude - it has Obama's name attached to it - its obviously a scam

 

[bob1852]

lock in your rates now if you can - when uber inflation hits in a couple years we'll see 1980s rates on home loans.

OP - always a good idea to call your lender to verify if it's a scam or not. I'm usually wary of unsolicited "help" - especially in today's day and age of scams

 

[Evan!]

I get a lot of these stupid things in the mail, but they've always been from third party scammers, never from my own servicer. I'm refi-ing down to 5% (we close today...YAY!), but doing it through the traditional method.

 

[bob1852]

I get a lot of these stupid things in the mail, but they've always been from third party scammers, never from my own servicer. I'm refi-ing down to 5% (we close today...YAY!), but doing it through the traditional method.

Congrats! I would love to refi - but I'm so freaking upside down in my house right now 'cuz the phoenix market absolutely sucks.

I hate the fact that I bought in 2003 and my house is now worth about what it was in 1995. I'm never gonna be able to sell...

 

[Ryan_PA]

Thanks. FWIW, I got this in the mail yesterday. I called and waited on hold as long as I could at the office, a stinking conference call interrupted my personal business.

I will report back once I hear from these guys.