Continuing the Making Home Affordable Program…
As I’ve said before, I am in the process of applying for the Making Home Affordable program. I am not looking to reduce my principle balance – I’m trying to get my high interest rates reduced to within 1-2% of the market range.
In October of last year, I was approved for the Making Home Affordable program through Bank of America. I was told I would receive the paperwork in 45 business days or less. Surprise. Surprise. It’s been over 60 business days and I have yet to see any paperwork from my lender (except the multiple pre-approvals for Home Equity Lines of Credit they send each month).
I called last week to check the status and was told to call back the next day. They continued to tell me to call back for 3 days. Late last week, I was told I was no longer qualified for the Making Home Affordable Program. After months of delays, this was disheartening news.
I called again last night to discuss my refinancing options and was told I was still being considered for the Making Home Affordable program and was told to call back in two weeks.
Based on the current progress, I should have this resolved by the time I pay off my home in 30 years.
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Filed under: Finance, Money Saving Ideas
