Online Financial Tips

If you are considering whether a loan modification under the Home Affordable Mortgage Plan could help you, you probably know the first thing you need to find out. Is your lender on the Approved Lender List? This federal program works through the lender on the existing mortgage. They get an incentive for rewriting your mortgage and helping you!

While they ordinarily may seem somewhat reluctant to discuss a loan workout with a borrower in default, under this program, they have a $1000 reward for each loan modification that they complete. And, in this current financial market, foreclosure is quite an unpleasant and expensive proposition for them, too. Homes may sit unoccupied and unproductive for quite a while due to stagnant housing sales.

President Obama has asked all participating banks and lending institutions to add additional staff so that homeowners who are in a desperate situation can get assistance in a timely manner, but don’t be surprised if you encounter a somewhat slow process. Even your first contact to your lender may result in a long wait time or an unsatisfactory experience.

If you are struggling in a bad mortgage situation, this opportunity is the best you will get to try to get a fresh start and save your home. Don’t delay. The following is a list of approved lenders, but it may not be all-inclusive. Lenders are added as they are approved.

If lenders are approved, they are required to give you consideration under the Home Affordable Mortgage Program. Before they foreclose, they are required to consider your eligibility for a loan modification, and they must allow you to complete your trial period, if qualified.Of course, there are other requirements to receiving this federal assistance, but if your lender is participating, you have crossed the first milestone!
Check to see if your lender is on this list:

Approved Lender List

American Home Mortgage Servicing, Inc.,
Aurora Loan Services TLC
Bank of America, N.A.
Bayview Loan Servicing, LLC
CCO Mortgage
Carrington Mortgage Services, LLC
CitiMortgage, Inc.
Citizens First Wholesale Mortgage Co.
Countrywide Home Loans Servicing LP
EMC Mortgage Corporation
Farmers State Bank
First Bank
First Federal Savings and Loan
GMAC Mortgage LLC
Green Tree Servicing LLC
HomEq Servicing
Home Loan Services, Inc.
Horicon Bank
IBM Southeast Employees Federal Credit Union

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