by Broderick Perkins
© 2008 DeadlineNews.Com
Unauthorized use of this story is a copyright violation -- a federal crime
Deadline Newsroom - In a major move for homeowners and real estate professionals, the California Association of Realtors has compiled an extensive online mortgage modification center.
Mortgage Workout Programs for Homeowners is a much-needed information resource for struggling homeowners who don't want to lose their home to foreclosure, who don't want to or can't sell out and who can't qualify for a refinanced mortgage -- a brand new loan that replaces the old.
Also called "mortgage workouts," modifications are granted only upon the existing lender's approval. They permanently rework some of the terms of an existing mortgage in order to lower monthly payments and make the loan more affordable to the homeowner.
The strategy is typically designed for homeowners struggling to pay their mortgage, not for those who can pay their mortgage or who are eligible for a refinanced loan.
CAR's Mortgage Workout Programs for Homeowners provides specific information on existing mortgage workout programs from HOPE For Homeowners (H4H); Countrywide Financial (Bank of America); Citigroup, CitiMortgage; JP Morgan Chase & Co.; IndyMac Federal Bank, FDIC and the Federal Government Loan Modification program used by Fannie Mae, Freddie Mac, Federal Home Loan Banks, Hope Now participants, Department of the Treasury, Federal Housing Administration, the Federal Housing Finance Agency, and Wells Fargo.
The online information area offers both detailed consumer information sheets on each program and a charted compilation of programs offered by the larger lenders and government entities. If a specific lender or loan servicer is not on the chart, homeowners can contact their lender or loan servicer to determine if a workout program is available.
The information applies to primary residences only.
Mortgage loan modifications typically are handled on a case-by-case basis. Homeowners having difficulty meeting their mortgage obligation or who are interested in finding out more about a loan modification program should start by contacting a U.S. Housing and Urban Development-approved counselor to help them prepare for a sit-down with the lender.
• Navigating the Mortgage Maze, available from DeadlineNews.Com, will teach you how to get through the choppy waters of a home loan modification.
• Mortgage Modification Meltdown is another DeadlineNews.Com report, this one on the growing trend -- for better or for worse -- of mortgage modifications.
• Is A Mortgage Modification For You?
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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group -- DeadlineNews.Com, a real estate news and consulting service and Web site and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!
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