Feb 19, 2009

Mortgage Workout Programs - Found 'em !

Hello Neighbors,

CAR (California Association of Realtors) Legal has been working to identify and consolidate information from those major lenders who are helping home owners with their mortgage problems.

You can find all of the information here:


Who is included?

* Countrywide / Bank of America
* Citigroup / CitiMortgage
* JP Morgan Chase / Washington Mutual
* IndyMac
* Fannie Mae, Freddie Mac, ...and a bunch of others.

Here is the general overview from CAR Legal:

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 a lender comparison chart on existing mortgage workout programs, click here (revised 2/09). 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.

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

PLEASE pass this information along to anyone you know in this situation.

Good luck.

- Jim


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