What options do we have to modify an FHA loan BESIDES the very expensive FHA streamline refinance?

Written By: admin on July 3, 2009 No Comment

We bought our home in September 2008, and are current in our payments(with no late payment ever). We applied for loan modification (due to a medical hardship) and have been told that our FHA loan does not qualify for the president’s plot. Our lender (GMAC) has taken five weeks just to tell us that, and now wants us to wait another 60 days to tell us if they can do anything for us at all. We are worried that they are going to tell us that the only thing that they will do is a streamline refinance which will cost us another 6,000 of our equity. Meanwhile, we are using credit to cover expenses and I’m worried about my credit rating going down. I’d like to be able to access my equity, but no one wants to lend us money with our high debt ratio. Wondering if there are any other programs that GMAC could possibly place us into? or should I just peruse the streamline refi and save another 60 days of waiting to be told that there isn’t another program anyway. HELP!!!