This article explains who can get Government mortgage modification help through the Home Affordable Modification Program.
Qualifications for Government Mortgage Modification Relief
- The borrower must be in a current financial hardship - You will need to write and submit a mortgage hardship letter.
- Monthly mortgage payment is greater than 31% of their current monthly income.
- Borrower is or will very soon be late on mortgage payments
- The borrower has a Fannie or Freddie backed mortgage loan.
- The borrower must occupy the property.
- The loan must be less than $730,000 for a single family home. Less than 930,000 for a 2 unit home. Less than $1,129,000 for a 3 unit home, Less than 1,400,000 for a 4 unit home. Homes with more than 5 units are not eligible.
- The borrower must be able to produce income verifying documents such as pay stubs and w-2 tax forms.
- The borrower will have to produce a monthly budget and mortgage hardship letter.
- The mortgage loan must have been originated in 2009 or earlier.
Government Mortgage Modification Relief Process
If you think that you are eligible for the Obama loan modification (a.k.a. you meet the above qualifications) then it is time to check and see if your lender participates in this Government mortgage relief program. You can do this by simply inquiring with your loan servicer customer service department over the phone.
I have provided a list of the most popular lenders who are participating. If your lender participates then you simply need to follow their instructions. This typically involves filling out an application, writing a hardship letter, as well as gathering and submitting income verification documents.
You can learn more about the program at http://makinghomeaffordable.gov
List of Large Mortgage Lenders Participating in Government Mortgage Relief Programs
- Select Portfolio Servicing - 888.818.6032 - http://spservicing.com
- Wilshire Credit - 888.502.0100 - http://www.wilshireconsumer.com/index.htm
- Wells Fargo - 800.678.7986 - http://wellsfargo.com
- Bank of America (also Country Wide) - 800.846.2222 - http://bankofamerica.com
- Chase Bank (also Washington Mutual and EMC) - 866.550.5705 - http://chase.com
- Ditech (for GMAC Customers and Green Tree Customers) - http://ditech.com
- Citi Group - 866.915.9417 - http://citigroup.com
- Carrington - 800.561.4567 - https://carringtonms.com/
- Ocwen - 800.746.2936 - http://www.ocwencustomers.com/
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