This information has been provided courtesy of the California Association of Realtors:
The following information is intended for REALTORS® and homeowners seeking information on existing mortgage workout programs. In general, the loan modification programs on the chart (see link below) and consumer information sheets (see links below) are intended for primary residences only.
For an informational chart on existing mortgage workout programs, click here  or see below. The chart is a compilation of programs offered by the larger lenders and government entities. If a specific lender or loan servicer is not on the chart, homeowners may wish to contact the lender or loan servicer to determine if a workout program is available.
For consumer information sheets containing detailed information on specific programs that REALTORS® can share with their clients, please click on the appropriate link below.
. HOPE For Homeowners (H4H) . Countrywide Financial (Bank of America) . Citigroup, CitiMortgage . JP Morgan Chase & Co. . IndyMac Federal Bank, FDIC . Federal Government Loan Modification (Participants include: Fannie Mae, Freddie Mac, Federal Home Loan Banks, Hope Now participants, Department of the Treasury, Federal Housing Administration and the Federal Housing Finance Agency, and Wells Fargo.)
Mortgage loan modifications typically are handled on a case-by-case basis. Homeowners having difficulty meeting their mortgage obligation or interested in finding out more about a loan modification program should start by contacting their lender. Prior to calling a lender or loan servicer, homeowners should have the following information available: . Loan number . Income information and documentation . Most recent mortgage statement . Bank statements . Letter demonstrating financial hardship
REALTORS® who wish to assist their clients in seeking loan modifications should ensure they are in compliance with California law. For further information, please visit the California DRE Web site at http://www.dre.ca.gov/mlb_adv_fees.html . REALTORS® also may direct clients to work with 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 .
LENDER/PROGRAM | PROGRAM SNAPSHOT | ELIGIBILITY REQUIREMENTS | STEPS/PROCESS/ TIMELINE | CONTACT/MORE INFO | Hope For Homeowners (H4H) | Designed for borrowers at risk of default and foreclosure. Provides new 30-year, fixed-rate mortgages insured by FHA, mostly via refinance. Lender must willingly participate. | l Loans originated on or before Jan. 1, 2008. l Primary residence, owner occupied (Borrower may not own a second home). l Unable to pay existing mortgage without assistance and has made at least six payments. l Current total monthly mortgage payments exceed 31 percent of gross monthly income as of March 2008. l Homeowner has not been convicted of fraud in the last 10 years and did not knowingly or willingly provide false information to obtain existing mortgage. | Contact your lender to check for participation in H4H program Need to apply through participating lenders Program timeline Oct. 1, 2008 – Sept. 30, 2011 | For a list of participating lenders visit the site below. | LENDER/PROGRAM | PROGRAM SNAPSHOT | ELIGIBILITY REQUIREMENTS | STEPS/PROCESS/ TIMELINE | CONTACT/MORE INFO | Countrywide Financial (Bank of America) | Homeownership Retention Program for Countrywide Customers Will modify troubled mortgages with interest rate and principle reductions. | l Subprime or pay option adjusted-rate mortgage loans originated on or before Dec. 31, 2007. l Primary residence, owner occupied (one to four units) l Borrower is 60 days or more delinquent and current loan-to-value is 75 percent or greater. l Borrower is current today but becomes 60 days or more delinquent at any time before June 30, 2012, and loan-to-value is 75 percent or greater at the time of the modification. l Modifications would be designed to achieve sustainable payments at a 34 percent debt-to-income (DTI) ratio of principal, interest, taxes and insurance. | Call BofA/Countrywide to check for eligibility Program timeline Begins Dec. 1, 2008 with no end date specified. | Call (800) 669-6650 |
LENDER/PROGRAM | PROGRAM SNAPSHOT | ELIGIBILITY REQUIREMENTS | STEPS/PROCESS/ TIMELINE | CONTACT/MORE INFO | Citigroup, CitiMortgage | Citi Homeowner Assistance Program Will preemptively reach out to homeowners in need of assistance and will not initiate a foreclosure or complete a foreclosure sale on any eligible borrower where Citi owns the mortgage. | l No requirements on origination. l Must be first mortgage and must be a loan Citi owns. l Primary residence, owner occupied (owner may own a second home). l Borrower is working in good faith with Citi. l Borrower may not be currently behind on their payments but may require help to stay current. l Current total monthly mortgage payments exceed 38 percent of gross monthly income. | Call Citibank to check for eligibility Program timeline Nov. 11, 2008 – May 2009 | (800) 667-8424 | LENDER/PROGRAM | PROGRAM SNAPSHOT | ELIGIBILITY REQUIREMENTS | STEPS/PROCESS/ TIMELINE | CONTACT/MORE INFO | JPMorgan Chase & Co. | Chase’s mortgage modification program includes extending modification programs to Washington Mutual and EMC Mortgage Corp. customers. Program is designed to actively contact borrowers and work with them to develop viable and sustainable options. | l No requirements on origination. l Must be first mortgage and must be a loan JP Morgan Chase owns. l Primary residence, owner occupied (owner may own a second home). l Targets Chase, Washington Mutual or EMC Mortgage Corp., borrowers with adjustable-rate mortgages (ARMs) including subprime and pay-option ARMs. l Modifications would be designed to achieve sustainable payments at 31 to 40 percent debt-to-income (DTI) ratio of principal, interest, taxes and insurance. | Call Chase to check for eligibility Program Timeline Chase expects to implement by Jan. 31, 2009 and will extend two years after implementation. | For help with Chase, WAMU or EMC loan, call (866) 550-5705 |
LENDER/PROGRAM | PROGRAM SNAPSHOT | ELIGIBILITY REQUIREMENTS | STEPS/PROCESS/ TIMELINE | CONTACT/MORE INFO | IndyMac Federal Bank, FDIC | Program to modify troubled mortgages to achieve affordable and sustainable mortgage payments for borrowers, and increase the value of distressed mortgages by rehabilitating them into performing loans. | l No requirements on origination. l Must be a first mortgage and must be a loan owned, or securitized and serviced, by IndyMac Federal l Primary residence, owner occupied l IndyMac borrower already seriously delinquent or in default. l IndyMac borrowers at risk of default due to payment resets or changes in the borrowers’ repayment capacities. l Modifications would be designed to achieve sustainable payments at a 38 percent debt-to-income (DTI) ratio of principal, interest, taxes and insurance. | Call an IndyMac Federal customer service specialist to check for eligibility. Program Timeline Aug. 2008 – no end date specified. | Call (877) 908-4357 | LENDER/PROGRAM | PROGRAM SNAPSHOT | ELIGIBILITY REQUIREMENTS | STEPS/PROCESS/ TIMELINE | CONTACT/MORE INFO | Federal Government Loan Modification Fannie Mae, Freddie Mac, Federal Home Loan Banks, Hope Now participants, Department of the Treasury, Federal Housing Administration and the Federal Housing Finance Agency, Wells Fargo | Designed to reduce preventable foreclosures with a simplified, streamlined loan modification program to put struggling homeowners into mortgages they can afford via a uniform process for loan modifications that the majority of lenders and servicers will use. | l Borrower must have missed three or more payments. l Primary residence, owner occupied l Not filed for bankruptcy. l Modifications would be designed to achieve sustainable payments at a 38 percent debt-to-income (DTI) ratio of principal, interest, and association dues. | Troubled homeowners should call with their lenders or servicers as to participation and eligibility for this new program. Program Timeline Dec. 15, 2008, more details to follow. | |
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