The Obama federal mortgage loan modification program is expected to benefit four to five million homeowners in the usa. Because foreclosure benefits neither the mortgage lender neither the homeowner, most lenders are eager to take part in this program, but they are not required to do this. Mortgage lenders agreeing to participate in Obama's federal mortgage loan modification program must agree to Treasure Department guidelines and are given incentives to utilize financially strapped homeowners to handle modifying loan demands.
MHA, or Making Homes Affordable, offers this list of current lenders getting involved in the Obama federal loan modification program (within alphabetical order):
- Bank of America.
- Carrington Mortgage Services.
- Chase.
- CitiMortgage.
- Country wide.
- GMAC.
- Green Tree Servicing.
- Mortgage loan Services, Inc.
- Ocwen Financial Corp.
- Saxon Home loan Services.
- Select Portfolio Servicing.
- Wells Fargo Financial institution.
- Wilshire Credit Corp.
More lenders are agreeing to take part in the federal loan modification program, so continue to check on back for additions to the list. Ask your mortgage lender or bank if they are participating if you do not see them listed above.
Even if you've previously been rejected by your individual lender, you may qualify and become eligible now under this new modify loan plan. Completing the paperwork properly and adhering to the rules as set out by the government and the participation lender may be the key to your modification approval. Don't meet together with your lender until you've gathered the appropriate documentation demonstrating your finances and filled out the application in detail, carefully checking for mistakes before you decide to submit the information.
Preparing our paperwork in advance will improve your chances for gaining assistance underneath the new Obama federal loan modification plan.