I am at the end of my rope and don't even know how we got here. We bought our dream house about two years ago. We had about 80,000 saved when we purchased the house we knew it needed alot of work as it is 110 years old our mortgage broker convinced us to put less money down and have PMI insurance on our loan which is about 500.00 a month but once we did all of the work (ended up costing 60,000.00) we would be able to get the PMI taken off. Well that was last july/August when the work was completed I spoke with the mortgage company every step of the way and then when the work was done in August they told me that the Goverment took them over and that it couldn't be done anymore but the only option that they could do was to give me a loan modification which I agreed to as they made is sound so simple well they strung me along for a year and kept telling me not to worry and that everything would be fine once it was done I gave them everything they asked for NEVER EVER missed a payment and now they tell me that I was not approved because the pay stubs I sent them were out dated from the time it took for them to get from one department to the other . Was it too much for them to pick up a phone and ask for updated paystubs? Instead I get a letter stating thzat if I dont come up with 12,000 (which is the difference over the past year with interest) they are forclosing on my house in 9 days. What do I do I heard about a non-profit that helps people in my situation but I dont know the name of it and I am at my wits end. I have been on the phone with several companies and attorneys and there is nothing they can do to help me.

Just laid off. good credit and job leads. Should I contact mort.co. and ask for lower interest rate/refi.?

We are looking to refi and our lender said that this program was for people like us who did the right thing, put 20% down and have paid their mortgage in a timely manner. And now, because the rates are so low, we want to refi, but there is a good chance that the value of our home has decreased, which we cause us to have to pay P&I. Refi Plus eliminates the P&I for people in our situation as long as the loan is backed by Fannie. You had to have put down 20% on the original loan to qualify. Also, this program just went into effect on 5/1 which is why no one had heard of it earlier.

Hi-Hubby and I are collecting S.S. now and just about pays the mortgage..We started an online biz www.orange-dogs.com and some money is coming in from that...but would love to refi our mortgage through Litton Loan Servicing..denied once, but now that our income is increasing they are checking it...submitted the fanny and freddie (not thru freddie) and we pay (bumped it up recently) 9.75% interest on a $200,000 mortgage...HURTS>.Someone help please...where do we go? Jan

I have spoken to Fannie Mae and they do not have a program as such CALLED REFI PLUS? Clark where exactly are you verifying this program information? As a mortgage professional the only program that could help a self employed individual who does not income qualify would be a LOAN MODIFICATION workout with current lender- Currently income and credit score and property value requirements apply to self employed individuals.

I spoke with Fannie Mae Corp underwriter and their is no such program called REFI Plus nor is their any knowledge of this program due in April- Also we checked efanniemae.com out and their is no program as such as being forthcoming in April.

Please address this

Troy Flynt @ CSI, Century Services, Inc.

It would really be helpful to know if this person is correct. Are the loans only going to be available to those already held by fanniemae? I did go to efanniemae.com and it sounds like he's right but i'm no expert. Clark, please respond.

The goal of the program is to allow self - employed borrowers who make timely payments on their mortgage to refinance to a lower rate.

This program is only for loans already owned by Fannie Mae so they are not throwing more good money after bad because this program is only for loans that are performing well. They must be on time for the last 12 months and seasoned for at least 12 months. FHA and VA already have this type of program and it is about time the conforming lenders followed suit.

Most self-employed borrowers make enough money to cover their bills however they write off everything they can including things that W-2 wage earners cannot. The self-employed borrowers problem is, based on current underwriting guidelines, they cannot income qualify. Unlike those who work for someone who pays part of their payroll taxes, self - employed borrowers are qualified on their "Net Income". "Net Income" is a self-employed borrowers Gross Earnings minus all their expense write-offs. Those who work for someone else are allowed to qualify based on their Gross Earnings.

While I do feel that Self-Employed individuals write off expenses they should not be allowed to, they are discriminated against because of their type of employment. Those who have stable employment(have been self-employed for at least two years and can prove it with a license or some other third party verification), have good credit (show ability to live up to their financial obligations) should be allowed to refinance with limited documentation. This goes for those who work for someone else and receive a W-2 every year.

I do not agree with Clark that this will lead to more defaults. This is not a lessening of standards, this is the common sense way of refinancing borrowers who are discriminated against because of their employment type. Their are many "A" borrowers who can prove their income but are in default because of lost employment. Should they be denied the oppurtunity to refinance because of the possibility they may be laid off during an economic downturn?

It is amazing how many people are "outraged" if they think someone is getting a free ride unless the shoe is on the other foot. Clark as usual is wrong when it comes to mortgage lending. He should stick to what he knows best which is fereting out scams and railing against the banks. Those "Clark Disciples" who follow him like lemmings should do your own research and get a clue. Go to www.efanniemae.com, Single Family, Mortgage Products, Streamlined Refinance Mortgages to see qulaification guidelines.

As someone who deals with these "Good" people everyday, it is great to see them get a break for once.

Being self-employeed I want to make money but I dont want to show Ive made money(Legally of course) This would be a great opportunity for self-employyed people like my self who pay their bills to get a great rate on a home mortgage.

Being self employed is not a sin. We have equity, we have good equity and we have never been late on our mortgage payment in 30 years. And yet we were declined to refinance because of this issue alone. We might lose our home because of lies and bad management from the mortgage companies. This very issue is forcing good payers out of their homes. What a shame. We have no intention of defaulting on our mortgage but we can not refinance. This is the first time that I pray and hope that the government will help the middle class. We need our homes too!

that is how this mess began. Are they crazy?????

My husband & I are both Realtors. We have exhausted all of our savings trying to survive this market. We are both over 50 and jobs are not easy to come by. We have tried to refi but have been unsuccessful because we are self employed and our reserves are too low and we (so far) have paid everything on time. Nothing is late YET but lates are coming. If we had a new program to reduce our payments to try and make it until one of us get a steady paycheck it would be wonderful. It amazes me that the lenders will help those who have poor credit and payment history, and those of us who are doing all we can to stay current and credit worthy get absolutley nothing. It seems they want to make us fail. WHAT's WRONG WITH THIS PICTURE??????

the program sounds great and like something that I would be interested in but i don't see anything about what kind of interest rate would be given?

I think it is a great idea for people like me. I was laid -off from 1994 to 1998 four differnt times. While my credit was hurt, I never missed one house payment. Yet, due to lower credit rating, I had to pay higher refinance. I would like to lower my rate and a lower house payment would not be a bad risk since I have not missed a note at the higher rate !

"1) too many people own houses"
too many people do not own houses, there is nothing wrong at all with every person being able to own their own home, it is more than likely the best thing you could ever purchase.

2) not everyone deserves a house(*deserves means 'can afford')"

this I will partially agree with, those that bought homes that were over their budget, deserve whatever they get, as long as they had some type of education in buying a home, it is far too often that some Realtors and lenders will pout someone in a home they know breaks the 20/28/40 rule

this just about happened to a friend the end of December, and to top that, it was a FHA nothing down loan, there is the real problem, lenders and Realtors putting low income people into homes that far exceed the 20/28/40 rules

now lets see if the bankers leverage these loans thirty times over...

I lived in my house near Stone Mountain Ga 15 years, but it had been refinanced by my relative that owned it--we lost the house and Yeah, I am homeless because I cannot afford the huge amount that all landlords want for their houses. I had to relegate to putting my things in a 300 a month storage and live in my friends back room. Plus I am 59 years old and have raised three children on my own. But there is no help available for me.

I didn't see anything the Bloomberg announcement on Refi plus (Feb 5th) indicating that self employed individuals would be helped out much.. the 'reduced doc" requirements quoted are 1 pay stub (vs. 2 currently)...