Mortgage Workout Program for Pre-Foreclosure Homeowners (Click Up or Down Arrows to Preview Slides) Slide 2Mortgage Workout Programs Slide 3HOPE for Homeowners Slide 4Countrywide Financial (Bank of - PowerPoint PPT Presentation

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Title: Mortgage Workout Program for Pre-Foreclosure Homeowners (Click Up or Down Arrows to Preview Slides) Slide 2Mortgage Workout Programs Slide 3HOPE for Homeowners Slide 4Countrywide Financial (Bank of


1
Mortgage Workout Program for Pre-Foreclosure
Homeowners
(Click Up or Down Arrows to Preview
Slides)Slide 2 Mortgage Workout ProgramsSlide
3 HOPE for HomeownersSlide 4 Countrywide
Financial (Bank of America)Slide 5 Citigroup,
CitiMortgageSlide 6 JP Morgan Chase
CompanySlide 7 IndyMac Federal Bank, FDICSlide
8 Federal Government Loan Modification Program

2
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. 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?webListActionsearchsearchstateCA
    .
  •  

3
HOPE for HomeOwners
  • This is a new program for borrowers at risk of
    default and foreclosure. The program provides
    new, 30-year, fixed-rate mortgages that are
    insured by the Federal Housing Administration
    (FHA). It may help you refinance your mortgage
    into a more affordable payment. H4H is voluntary.
    Both lender(s) and borrower(s) must agree to
    participate.
  • The program begins Oct. 1, 2008, and ends Sept.
    30, 2011

4
Countrywide Financial(Bank of America)
  • The Homeownership Retention Program for
    Countrywide Customers Program will systematically
    modify troubled mortgages with up to 8.4 billion
    in interest rate and principle reductions for
    nearly 400,000 Countrywide customers nationwide.
  • The program begins Dec. 1, 2008, and has no end
    date specified

5
Citigroup, CitiMortgage
  • The 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
  • The program begins Nov. 11, 2008 and ends May
    2009

6
JP Morgan Chase Co.
  • Chase is expanding the mortgage modification
    program by undertaking multiple initiatives
    designed to keep more families in their homes,
    including extending its modification programs to
    Washington Mutual (WaMu) and EMC Mortgage Corp.
    The program offersProactive outreach to
    borrowers, offering them pre-qualified
    modification terms in writingNew regional
    centers, more counselors, and expanded loan
    alternativesNew independent review process to
    head off unnecessary foreclosuresNo additional
    Chase-owned loans will be put into the
    foreclosure process while enhancements
    implemented
  • Chase expects to implement the program by Jan.
    31, 2009, and will extend it two years after
    implementation

7
IndyMac Federal Bank, FDIC
  • IndyMac Federal Bank has implemented this program
    to modify troubled mortgages. The program is
    designed to achieve affordable and sustainable
    mortgage payments for borrowers and increase the
    value of distressed mortgages by rehabilitating
    them into performing loans.
  • The program began in Aug. 2008 and has no
    specified end date.

8
Federal Government Loan Modification Program
  • The Federal Government Loan Modification Program
    is designed to reduce preventable foreclosures
    with a simplified, streamlined loan modification
    program to put struggling homeowners into
    mortgages they can afford. The goal is to have a
    uniform process for loan modifications that the
    majority of lenders and servicers will use.
    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.
  • The Federal Government Loan Modification Program
    is scheduled to be implemented on Dec. 15, 2008.
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