Mortgage Modification Programs - List of Lenders
Last update: 11/11/08
There's a lot of talk about mortgage loan modification programs right now. There's also a lot of confusion and misinformation. So we created this page to help homeowners understand (A) what mortgage modification is all about, (B) which lenders are offering these programs, and (C) where you can go to learn more about each program.
The Lender List - Who's Offering Mortgage Mods?
This table is a work in progress. There is more information coming out in the news about these loan modifications as I write this sentence. But right now, here's what I've been able to gather about the various lenders offering these programs:
| Company | Summary of Modification Plan | Details |
| Bank of America | They have programs to modify the interest rate, term and monthly payment of a home mortgage loan (for qualified borrowers). Plans to modify an estimated 400,000 loans, mostly those held by former Countrywide customers. | Choose your state |
| Citi / Citigroup, Inc. | Their modification plan focuses on homeowners in cities with high foreclosure and unemployment rates (cities in Arizona, California, Florida, etc.). So far, they have helped 370,000 borrowers to the tune of $35 billion in mortgage loans. | Learn more |
| Countrywide | Now owned by Bank of America. If you originally got your home loan through Countrywide Financial, see the notes above for Bank of America. | Choose your state |
| Fannie Mae & Freddie Mac | Never mind that these two organizations are part of the reason we are in this mess. They are now trying to help fix it by backing the modification loans made by private lenders. | Fannie | Freddie |
| FHA * | As part of their Housing and Economic Recovery Act, the Federal Housing Administration (FHA) created the "Hope for Homeowners" program as yet another loan modification tool for struggling homeowners. | Learn more |
| IndyMac Federal Bank | Plans to "systematically modify" troubled mortgages (those that are likely candidates for foreclosure). For now, they are focusing on homeowners who are already in default. | Learn more |
| J.P. Morgan Chase | Plans to modify $70 billion dollars worth of mortgage loans for customers who are behind on payments. Could cover up to 400,000 borrowers. | Learn more |
* FHA Eligibility:
What is a Loan Modification Program?
These programs are part of a nationwide effort to bolster our economy. Lending institutions are modifying the mortgage loans for select groups of customers in order to help those "at-risk" homeowners avoid foreclosure situations. Foreclosures are bad for all parties involved — the lender, the homeowner, and the economy in general. So these mortgage modification programs are being used to prevent future foreclosures.
How Does It Work?
The details of a particular loan modification program will differ from one lender to the next. There is no standard "recipe" being used across the board. With that being said, most of these programs generally work the same. Essentially, the lenders will move certain customers from their current mortgage loan into a new one with a lower interest rate (usually a fixed rate). This makes the loan payments more affordable, and also protects the borrower from the future uncertainty of rate adjustments.
Information is Still Coming In
We are keeping a close eye on this and will update this page daily, as new information is available. If your lender is not listed above, that doesn't necessarily exclude you from home loan modification protections. There's a chance we simply overlooked the program being offered by your lender. Visit their website or call them to learn more.
Help Us Spread the Word!
Help us get the word out about these mortgage modification options. Many homeowners still do not know about them. These programs can make the difference between keeping and losing a home! If you're a blogger or webmaster, please link to this resource page. Copy and paste the code below, or link to this page as you see fit. Thanks!
The above code will display like this: Mortgage Modification Guide
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