Mortgage Workout Programs!

The California Association of Realtors has created several new resources for homeowners seeking information on existing mortgage workout programs. The main lenders that CAR has general guidelines for are the following:

1) HOPE for Homeowners
2) Countrywide Financial (Bank of America)
3) Citigroup, CitiMortgage
4) JP Morgan Chase & Co
5) IndyMac Federal Bank, FDIC
6) Federal Government Loan Modification (Participants include: Fannie Mae, Freddie Mac, Federal Home Loan Banks, Hope Now participants, U.S. Dept. of the Treasury, Federal Housing Administration and the Federal Housing Finance Agency, and Wells Fargo.)

Consumer information sheets are available containing detailed information on specific programs. In general, the loan modification programs are intended for primary residences only.

It’s important to understand that mortgage loan modifications typically are handled on a case-by-case basis. Prior to calling a lender, homeowners should have the following information available:

1) Loan number
2) Income information and documentation
3) Most recent mortgage statement
4) Bank statements
5) Letter demonstrating financial hardship

If a lender is not listed above, homeowners may wish to contact their lender to determine if a workout program is available.

You may also want to contact a U.S. Dept. of Housing and Urban Development (HUD)-approved counselor. For a list of HUD-approved counselors in California, visit the HUD Web site at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=CA.

Hope this helps! I will continue to provide updated information as it comes my way. Also, feel free to contact me if you want any additional information concerning these programs.