We still speak with many people each week about loan modification – and although the Obama loan modification program is helping standardize things, there is still variance from lender to lender. The first step of any loan modification attempt is to contact your lender or a HUD certified housing counselor who can help you with the process.
Here is some more information about what the largest lenders are saying/doing regarding loan modifications.
IndyMac Bank loan modification program information:
JP Morgan / Chase loan modification program information:
- JP Morgan / Chase’s release about their loan modification initiatives.
Bank of America / Countrywide loan modification program information:
- Bank of America’s press release about their Nationwide Homeownership Retention Program
- Guidance on Bank of America and Countrywide Financial Hardship Assistance Programs
- Nationwide Homeownership Retention Program Fact Sheet for Countrywide Mortgages
Citibank loan modification program information:
- Citibank has also built a site dedicated to the Office of Homeownership Protection
- Citibank’s statement about what they are doing regarding Preemptive Initiatives to Help Homeowners
The Obama loan modification program:
President Obama along with the US Treasury has developed what is probably the largest loan modification program yet. The Making Home Affordable plan has a component for refinancing as well as loan modifications.
You can learn more about this program at FinancialStability.gov
As we find more information from other lenders, we will be sure to add it. If you are currently having trouble making your mortgage payments, these are just a few resources that can help you in your research about your options.
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