The following information is intended for REALTORS® and homeowners seeking information on existing mortgage workout programs. In general, the loan modification programs on the chart (see link below) and consumer information sheets (see links below) are intended for primary residences only.
For an informational chart on existing mortgage workout
programs, click here.
The chart is a compilation of programs offered by the
larger lenders and government entities. If a specific lender or loan
servicer is not on the chart, homeowners may wish to contact the
lender or loan servicer to determine if a workout program is
available.
For consumer information sheets containing detailed information on specific
programs that REALTORS® can share with their clients, please click on the
appropriate link below.
. Countrywide Financial (Bank of America)
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. Federal Government Loan Modification
(Participants include: Fannie Mae, Freddie Mac, Federal Home Loan Banks, Hope Now participants, Department of the Treasury, Federal Housing Administration and the Federal Housing Finance Agency, and Wells Fargo.)
Mortgage loan modifications typically are handled on a case-by-case basis. Homeowners having difficulty meeting their mortgage obligation or interested in finding out more about a loan modification program should start by contacting their lender. Prior to calling a lender or loan servicer, homeowners should have the following information available:
. Loan number
. Income information and documentation
. Most recent mortgage statement
. Bank statements
. Letter demonstrating financial hardship
REALTORS®
who wish to assist their clients in seeking loan modifications should
ensure they are in compliance with California law. For further
information, please visit the California DRE Web site
at
http://www.dre.ca.gov/mlb_adv_fees.html
. REALTORS® also may direct clients to work with a U.S.
Dept. of Housing and Urban Development (HUD)-approved counselor. For
a list of HUD-approved counselors in California, visit the HUD Web
site at
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=CA
.