Federal Loan Modification Participating Lenders

What are the details of the Federal Loan Modification Plan?

Homeowners facing financial hardship and needing help to lower their monthly mortgage payments are offered a ray of hope by President Obama's subsidized plan. Financial Institutions can choose whether or not to participate in the government-sponsored program for which the U.S. Treasury Department has developed guidelines. While the list will fluctuate and be updated as the plan grows, below is an alphabetical list of those lenders currently participating in the Home Affordable Plan federal loan modification program.

1. Bank of America
2. Carrington Mortgage Services
3. Chase
4. CitiMortgage
5. Countrywide
6. GMAC
7. Green Tree Servicing
8. Home Loan Services, Inc
9. Ocwen Financial Corp
10. Saxon Mortgage Services
11. Select Portfolio Servicing
12. Wells Fargo Bank
13. Wilshire Credit Corp

Additional lenders are in the process of joining the program, so check with your bank if it is not on the list at this time and continue to contact them periodically to see if they’ve come on board. Lenders are given incentives to participate in this program and they are eager to assist struggling homeowners.

There are certain eligibility requirements to participate in this program and they vary by lender. Visit your lender’s website or contact them to review their particular requirements so that you can prepare in advance for the application and approval process. In additional to the application, be prepared to provide your bank with a hardship letter and copies of all of your current bills and bank statements that reflect your financial situation. You only get one chance to apply and be approved for the loan modification program, so prepare your paperwork and the interview in order to improve your chances for approval.

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