Who Are the Participating Lenders For Loan Modification?
What is the Federal Loan Modification Plan?
President Obama's subsidized plan is a solution for homeowners faced with extreme financial crises, in helping them afford their mortgage payments. Lenders must follow strict guidelines as stipulated by the Treasury Department. So far, there are several lenders who participate, and many more will continue to do so. The following list contains the financial institutions who have been accepting homeowners' applications. Participants in the Home Affordable Plan include:
1. Bank of America
2. Carrington Mortgage Services
3. Chase
4. CitiMortgage
5. Countrywide
6. GMAC
7. Green Tree Servicing
8. Home Loan Services, Inc
9. Ocwen Financial Corp
10. Saxon Mortgage Services
11. Select Portfolio Servicing
12. Wells Fargo Bank
13. Wilshire Credit Corp
If your lender is not currently on the list, keep checking back with them. Each day, more lenders are being approved and added as they see the benefits of participating. The government provides them with payment incentives for every loan workout approved and completed under this plan, in addition to being given compensation payment to prevent a loss of revenue as a result of the modification.
Although not everyone qualifies, it is recommended that you read the requirements and apply. The key to having a better chance at qualifying is in the amount of preparation you spend on getting your paperwork ready for your lender's approval. You will need to compose a financial statement, hardship letter, and have bank statements for their records to submit with your application form. Be very careful and concise in what you include, or else you stand to be rejected. And keep in mind, while you are being evaluated for eligibility, your bank will interview you to review your case. Make sure ahead of time you know what to say, because between your paperwork and the interview, you are only given one chance to apply. Hopefully you will gain their empathy and eventually be approved for one of the loan modification programs!
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