Helpful Chart for Mortgage Workout Programs
The California Association of Realtors has created a handy resource for REALTORS® and homeowners seeking information on existing mortgage workout programs. This easy-to-use chart outlines 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.
In general, the loan modification programs on the chart are intended for primary residences only.
It’s important to note 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
Questions about loan modification? Call or email us.
We have partnered with the Mortgage Modification Center(MMC) to help our community members modify their loans. The MMC are experts at negotiating your modification, keeping your best interests in mind. If your lender is not on the attached chart or if your lender is unable to work with you, contact us. Our experts at the MMC will assess your situation and let you know if you are a good candidate for modification through their organization. With a 90% success rate and average reduction of 30% in your mortgage payment, these guys know how to negotiate!
To learn more about the Mortgae Modification Center, click here.
