Hope For Homeowners (H4H) Designed for borrowers ? Loans originated on or before Jan. 1, 2008. Contact your lender to For a list of participating
at risk of default and ? Primary residence, owner occupied check for participation lenders visit the site foreclosure. Provides (Borrower may not own a second home). in H4H program below. new 30-year, fixed-rate ? Unable to pay existing mortgage without mortgages insured by assistance and has made at least six Need to apply through www.fha.gov FHA, mostly via payments. participating lenders refinance. Lender must ? Current total monthly mortgage payments
willingly participate.Program timeline exceed 31 percent of gross monthly
income as of March 2008. Oct. 1, 2008 – Sept.
? Homeowner has not been convicted of 30, 2011
fraud in the last 10 years and did not
knowingly or willingly provide false
information to obtain existing mortgage.
Homeownership Countrywide Financial ? Subprime or pay option adjusted-rate Call BofA/Countrywide Call (800) 669-6650 Retention Program for (Bank of America) mortgage loans originated on or before to check for eligibility Countrywide Dec. 31, 2007. http://my.countrywide.co Customers Will modify Program timeline ? Primary residence, owner occupied (one to m/media/FinancialAssist troubled mortgages with four units) Begins Dec. 1, 2008 anceEN.html interest rate and ? Borrower is 60 days or more delinquent with no end date
principle reductions. and current loan-to-value is 75 percent or specified.
? Borrower is current today but becomes 60
days or more delinquent at any time before
June 30, 2012, and loan-to-value is 75
percent or greater at the time of the
? Modifications would be designed to
achieve sustainable payments at a 34
percent debt-to-income (DTI) ratio of
principal, interest, taxes and insurance.
Citi Homeowner Citigroup, CitiMortgage ? No requirements on origination. Call Citibank to check (800) 667-8424 Assistance Program ? Must be first mortgage and must be a loan Citi for eligibility
Will preemptively reach owns. www.mortgagehelp.citi.
Program timeline out to homeowners in ? Primary residence, owner occupied (owner may com need of assistance and own a second home). Nov. 11, 2008 – May will not initiate a ? Borrower is working in good faith with Citi. 2009
foreclosure or complete a ? Borrower may not be currently behind on their
foreclosure sale on any payments but may require help to stay current.
eligible borrower where ? Current total monthly mortgage payments
Citi owns the mortgage. exceed 38 percent of gross monthly income.
JPMorgan Chase & Co. Chase’s mortgage ? No requirements on origination. Call Chase to check for For help with Chase,
modification program ? Must be first mortgage and must be a loan JP eligibility WAMU or EMC loan, call
includes extending Morgan Chase owns. (866) 550-5705
Program Timeline modification programs to ? Primary residence, owner occupied (owner may Washington Mutual and own a second home). Chase expects to www.chase.com EMC Mortgage Corp. ? Targets Chase, Washington Mutual or EMC implement by Jan. 31,
customers. Program is Mortgage Corp., borrowers with adjustable-rate 2009 and will extend
designed to actively mortgages (ARMs) including subprime and pay-two years after
contact borrowers and option ARMs. implementation. work with them to ? Modifications would be designed to achieve
develop viable and sustainable payments at 31 to 40 percent debt-
sustainable options. to-income (DTI) ratio of principal, interest, taxes
IndyMac Federal Bank, Program to modify ? No requirements on origination. Call an IndyMac Call (877) 908-4357 FDIC troubled mortgages to ? Must be a first mortgage and must be a loan Federal customer
achieve affordable and owned, or securitized and serviced, by IndyMac service specialist to
check for eligibility. sustainable mortgage Federal http://www.fdic.gov
payments for borrowers, ? Primary residence, owner occupied
Program Timeline and increase the value of ? IndyMac borrower already seriously delinquent http://www.indymac.com/
distressed mortgages by or in default. Aug. 2008 – no end default.aspx?id=1178
rehabilitating them into ? IndyMac borrowers at risk of default due to date specified.
performing loans. payment resets or changes in the borrowers’
? Modifications would be designed to achieve
sustainable payments at a 38 percent debt-to-
income (DTI) ratio of principal, interest, taxes
Federal Government Designed to reduce ? Borrower must have missed three or more Troubled homeowners www.fhfa.gov Loan Modification preventable foreclosures payments. should call with their
with a simplified, ? Primary residence, owner occupied lenders or servicers as http://www.hopenow.com Fannie Mae, Freddie streamlined loan ? Not filed for bankruptcy. to participation and /loan_services/servicer_ Mac, Federal Home Loan modification program to ? Modifications would be designed to achieve eligibility for this new Directory.php Banks, Hope Now put struggling sustainable payments at a 38 percent debt-to-program. participants, Department homeowners into income (DTI) ratio of principal, interest, and
of the Treasury, Federal Program Timeline mortgages they can association dues.
Housing Administration afford via a uniform Dec. 15, 2008, more
and the Federal Housing process for loan details to follow. Finance Agency, Wells modifications that the
Fargo majority of lenders and
servicers will use.