amortization-table No doubt many recent home buyers lauded the Federal Making Home Affordable program when it was announced. The program which began in 2009 promised to give some relief to certain homeowners struggling to pay their mortgages. The actual details on what it takes to get a lender to agree to a modification & under this program are slim. Details on the nature of these modifications are even more scarce. What exactly can an applicant reasonably expect? Is it really worth all the time and effort to apply?

This is what I set out to discover as I began applying in June, 2009. I say began applying because I applied many times. The initial application process was nothing more than a long survey of my financial situation. Since my situation changes from day to day as paychecks come in and bills go out, I didn’t lose heart as I got denied the first three times. Each time I answered the survey (once online and 3 times on the phone), I was able to truthfully give different answers especially when it came to the last few questions about how much cash was in my bank account at that moment. In August, I called CitiMortgage again and answered the survey. I was completely prepared for another denial and I probably wouldn’t have applied many more times had I been denied again. Instead, I was accepted for a trial modification. The agent on the phone explained to me the basic terms of the trial plan and asked if I’d like to accept them.

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