[oot]

Just got a letter from the bank regarding my mom's mortgage in Michigan from the bank (I'm on as a co-signer). They actually are offering us to refinance at lower rates at no cost to us. The house is indeed underwater. We always make payments on time - no problem. I don't see the housing values going up any time soon...actually going down from what I have seen in the area.

Seems real nice, but really why would a bank that is getting a higher interest rate (7.5) to bring down the rate to 4.25? Even sent the letter via FEDEX. We only have a short time to decide (until 8/14 - got the letter today). Seems like it will cost the banks a bit to do this. Are the banks being forced to offer the product? Does anyone know how this Home Affordable Refinance Program really works? Has anyone done this?

[asianthree]

call your bank first.....sometimes things in fedex package could mean not a good idea for you

[oot]

I don't think it is a scam - it is really from the bank and the phone number checks out.

[jane032657]

Hi, I run the largest non profit organization in Washington State that is working on loan modifications. Bank of America and other large banks are lowering mortgages partly because of illicit previous practices. There was just a national settlement of the major banks that almost all United States Attorney Generals were involved with. If you private message me I can have you talk with a very reputable HUD approved counselor, one of my staff, who can answer your questions. They cannot help you in another State but you would get answers that you know are reliable. The Home Affordable Refinance Program can be a great relief to people in lowering mortgage interest and payments. It is for real. I do not do the direct work, I get the funds to hire the people who do the counseling and assist people to get the Home Affordable loan. It is called the HARP program for short. Go after it, it is worth it. Let me know if you want to talk to someone if you have questions. It really works-the banks do not want more foreclosures, they have all been penalized for previous practices. Many people are getting fed ex packages who did not request them. Jump on it is my advise. AND, do not pay anyone to help you. Every state has free non profit HUD certified counselors to help you put your package together. They want to help those underwater, it is a federal program, use it!!!! It is to help those underwater who make their payments and it is a gift, it really is. Take it. Jane

[kbace6]

Rates may be going down even more in a few weeks and they might be afraid of losing the business of a good paying customer to another bank.

[oot]

Thanks all.

Jane - I will PM you.