Home Stimulus Package – Is Your Lender On The List?
Home Stimulus Package – Is Your Lender On The List?
President Obama’s Home Affordable Plan was intended to help people afford to own their own home. One program it funds is a loan modification program. Banks are encouraged to help homeowners who are struggling with their monthly payment on their home mortgage. These folks are facing almost certain foreclosure, if no solution is found.
If you are hoping to obtain a loan modification under the Home Stimulus Package, you need to be aware of whether your lender is on the Treasury Department’s Approved Lender List. This is the first step you need to take in your efforts to save your home.
The federal government is giving 00 incentives to approved banks and lenders to rework mortgages for homeowners who are in trouble with their mortgage and are facing certain foreclosure. If your lender is not on the list, you can’t go any further with the process. So, this approval is quite important.
You probably already have heard mention of Bank of America, Countrywide, Chase, and Wells Fargo. However, you might be surprised at some of the lesser known mortgage lenders that are on the approved lender list: Citimortgage, Greentree Servicing, Ocwen Financial Corp., Saxon Financial Services, Willshire Credit Corp., and Home Loan Services, Inc. Also on the list are GMAC, Carrington Mortgage Services, and Select Portfolio Servicing.
If your lender is not listed above, they may be in the process of obtaining the credentials to issue loan modifications through this federal program. Continue to follow their progress; the program ends December 31, 2012.
There are, of course, other requirements to obtain a loan modification. Many have to do with the loan itself that you have with your lender. It has to have been signed on or before January 1, 2009. It must be a mortgage that is backed by Fannie Mae or Freddie Mac and be on your primary residence. The amount has to fall less than 9,750. Of course, there are other application criteria that you have to meet to qualify for assistance under the Home Stimulus Package.
Phoenix Arizona Home Mortgage: Smoothing the Mortgage Application Process
Category: Mortgage application
