Mortgage Companies Participating in the Making Home Affordable Modification Program
In my blog post the other day, I let you know that the Making Home Affordable Program announced in early March is starting to ramp up. The Treasury Department is starting to provide money for successful loan modification incentives to 6 mortgage lenders.
If a mortgage company wants to participate in the Making Home Affordable Modification Program they have to sign a contract. In this contract they agree to follow the guidelines in the program. They agree to modify the mortgages of eligible people facing foreclosure who want to save their homes.
The website for the Making Home Affordable Modification Program is www.makinghomeaffordable.gov. I checked the website. Thus far 11 mortgage companies have signed these contracts and are participating in the program. These companies and their web sites are:
Name Web Site
Bank of America www.bankofamerica.com/mha/
Chase Financial www.chase.com
CitiMortgage www.mortgagehelp.citi.com
Countrywide Home Loans http://my.countrywide.com/media/hasp.html
GMAC Mortgage LLC www.gmacmortgage.com
Home Loan Services, Inc. www.viewmyloan.com
Ocwen Financial Corporation www.ocwen.com
Saxon Mortgage Services www.saxononline.com
Select Portfolio Servicing www.spservicing.com
Wells Fargo Bank, NA www.wellsfargo.com/homeassist
Wilshire Credit Corporation https://www.wcc.ml.com
If you are facing foreclosure and your mortgage company is one of these, you may want to check to see if you may be eligible to have your mortgage payment lowered and have your mortgage modified under the Making Home Affordable Modification Program. Go to this link, http://makinghomeaffordable.gov/modification_eligibility.html. There is a simple test there which will help you determine this.
If you are eligible, I suggest that you talk to a lawyer or an expert in loan modifications. Let them advise you on the options open to you. They will let you know whether a modification of your mortgage under this new federal program is right for you.
You should also have them represent you. Saving your home from foreclosure can be a long and challenging process. You need a lawyer or expert to help you. Even if they advise you that a modification of your mortgage under this program is best for you they can handle it all for you. They will negotiate the best deal for you. They also know how long it will take and can keep you informed of what is happening. You want to make sure that you get the best outcome possible.
If the lawyer or an expert you hire recommends a better course of action for you other than a loan modification, they will guide you through that.
I will watch the Making Home Affordable website regularly to see if other companies sign contracts to participate in the Making Home Affordable Program. As they do, I will pass their name and website along to you here on my blog.
I have written a special EBook for people facing foreclosure. You may find this a valuable resource in getting the upper hand on this foreclosure and in protecting yourself and your family. .
Much Success,
Mark Elkins
