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
1Mortgage 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
2mortgage 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
. -
3HOPE 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
4Countrywide 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
5Citigroup, 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
6JP 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
7IndyMac 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.
8Federal 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.