Mihaela "Ela" Nistor



 If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.


Click here to see if you qualify


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The Home Affordable Refinance program is available to homeowners who have a solid payment history on an existing mortgage owned by FreddieMac or FannieMae.  Due to restrictive guidelines, many of these borrowers were unable to refinance via traditional methods.  Under this program, many of them will be eligible to refinance their loan to take advantage of lower mortgage interest rates.  The Home Affordable Refinance program is available until June 2010.


Eligibility requirements:

1.      Is the property the primary residence?

2.      Is the current loan owned or serviced by FannieMae or FreddieMac?

a.       FannieMae –

b.      FreddieMac –

3.      Are the mortgage payments current?  (no 30 day lates in past 12 months)


Each of these questions must have been answered YES to be eligible for the Home Affordable Refinance program.  If each answer is YES, the next step is to gather the following:


1.   two recent paystubs, most recent tax return

2.   account balances on all credit cards with minimum monthly payments

3.   payments on any student loans, auto loans, etc.

4.   detailed information on any second mortgages on the property


            Household gross income including recent paystubs, most recent tax return, account balances on all credit cards as well as any other monthly debt including auto loans, student loans, etc.  If there is a second mortgage, provide balance and monthly payment.  Provide a current tax bill, assessment bill and hazard insurance bill (if applicable.)

The current loan balance cannot exceed 105% of the homes current value.

If one of the above answers is NO, proceed to Home Affordable Modification program.

Note:  Details on this program are still being “fine tuned,” and will be updated as necessary.

If you have any questions, please do not hesitate to contact me via e-mail: or by phone: 773. 653. 6442



The Home Affordable Modification program will help at-risk homeowners avoid foreclosure by reducing monthly mortgage payments.  By working with banking and credit union regulators, FHA, VA, USDA and the Federal Housing Finance Agency, the Treasury Department announced program guidelines which are now in effect.  Modifications can start from today until December 31, 2012.


This program applies only to primary residences, single family, condo, 1- to 4-units, and co-ops.  It does not apply to second homes, investment properties, and the home cannot be vacant or condemned.  The maximum loan amount for the Chicagoland area is $417,000 as per FannieMae and FreddieMac guidelines. 


Requirements for eligibility:


1.   The home must be the primary residence.

2.   The loan balance must be less than or equal to $417,000 (Chicagoland)

  1. Is there a financial hardship in paying the existing mortgage?

For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)?

  1. The current mortgage must have been originated prior to January 1, 2009.


If each of the above characteristics must be met and a borrower may qualify for this modification program if the mortgage payment (principle, interest, insurance, assessment, taxes) exceeds 31% of the gross household income.  The borrower must demonstrate that they do NOT have sufficient cash or other available assets to meet the current payments.  A hardship affidavit must also be signed.


Other qualifying criteria:

            All income must be fully documented via tax returns and paystubs.

            Modifications under this program are available until December 31, 2012 and can only be modified one time.



The modified interest rate must remain in place for five years, after which the interest rate will be gradually increased 1% per year until it reaches the interest rate cap.  The interest rate floor is 2%.


The interest rate cap for the modified loan is the lesser of either the fully indexed and fully amortizing original contractual rate or the Freddie Mac primary mortgage market survey rate for 30 year fixed rate mortgage loans as of the date that the modification document is prepared.


If you have any questions, please do not hesitate to contact me via e-mail: or by phone: 773. 653. 6442




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