California Consumer Information on Loan Workouts!

By
Real Estate Broker/Owner with The L3 Real Estate, A Trusted Name In Orange County Real Estate #00573423

The California Association of Realtors has created several new resources for homeowners seeking information on existing mortgage workout programs. A chart outlining programs offered by the larger lenders and government entities, including a snapshot on eligibility requirements and contact information. If a lender or loan servicer is not on the chart, homeowners may wish to contact their lender or loan servicer to determine if a workout program is available.

C.A.R. also developed consumer information sheets containing detailed information on specific programs that you can print or e-mail to share with clients.  Please click on the appropriate link below for information on a specific program.

HOPE For Homeowners (H4H)
Countrywide Financial (Bank of America)
Citigroup, CitiMortgage
JP Morgan Chase & Co.
IndyMac Federal Bank, FDIC
Federal Government Loan Modification  (Participants include: Fannie Mae, Freddie Mac, Federal Home Loan Banks, Hope Now participants, U.S. Dept. of the Treasury, Federal Housing Administration and the Federal Housing Finance Agency, and Wells Fargo.)

In general, the loan modification programs on the chart and consumer information sheets are intended for primary residences only.

It's important to stress to clients that mortgage loan modifications typically are handled on a case-by-case basis. 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

This article is reproduced courtesy of the California Association of Realtors.

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Please be sure to visit us on the Internet at the following sites; http://LarryWeichman.com, http://TeamWeichman.com, http://OCRepoBroker.com or http://OCHomeTracker.com or you can call me at 714-241-4532

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Anonymous
Chava

Please update the links in the above article as they are not valid.

Jan 21, 2013 04:31 AM #1
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