I am a home owner that has been hit hard by the housing crisis, i.e., my home is worth less than I owe on it. I am employed; I have excellent credit and I have never been late on a payment of any kind including my mortgage.
My lender was ready approve my loan refinance via the MHA Program. However, when they realized that my current loan has "Lender Paid Mortgage Insurance" I was told that currently, the MHA Program does not include loans such as mine.
I cannot get a traditional mortgage because of the loan-to-value ratio. So as you can see I am traped between a rock and a hard place.
There are millions of citizens like me that are in the same boat. We are in that boat not by our own doing.
Mr President, I'm asking "Please! Please! revise the MHA program to include loans like mine.