President Obama's Home Affordable Plan is designed to allow borrowers to receive a mortgage loan modification package that includes reduction of interest rate to as low as 2% and extension of the life of the loan to as long as 40 years. Given such an attractive package in contrast with what you currently have, you may have been tempted to submit an application to any lender regardless of their qualifications.
If you are planning to apply for a mortgage loan modification through the Home Affordable Plan, it is important to look for lenders who have been approved to participate in this program to avoid being scammed. These lenders have agreed to abide by the guidelines imposed by the Treasury Department in exchange of financial incentives guaranteed by the federal government. They are also entitled to receive government subsidy for revenue loss due to the reduced mortgage rate if only to ensure that up to 5 million responsible homeowners are given the access to a modified mortgage loan.
The following is a list of lenders who have been recently approved to participate in the Federal Home Affordable Plan:
2. Wells Fargo Services (Wells Fargo and Wachovia)
3. Citimortgage (Citibank mortgages)
4. Chase ( J.P. Morgan Chase, EMC., Washington Mutual)
5. Select Portfolio Mortgage
6. GMAC
7. Green Tree Servicing
8. Home Loan Services, Inc.
9. Ocwen Financial Corp.
10. Wilshire Credit Corp.
New lenders are still being added weekly joining the ranks of financial institutions approved to participate in the Federal Home Affordable Plan. So if your bank is not yet on the list, you may want to want to wait until your bank is approved to participate, or switch to any one of the approved lenders listed above.
Remember that in spite of your history of having been declined, you have all the right to take this opportunity to apply for a modified mortgage loan through the Federal Home Affordable Plan. Contact the approved lender of your choice as soon as possible and take the chance to save your home from an impending foreclosure.
To save your home,
click here to get the help you need to qualify for a
mortgage modification loan.
