Eisrael Gomez Realtor - Monterey County Blog

Below is information provided by the California Association of Realtors.  I think it answers many of the calls I have been receiving regarding assistance currently available to homeowners. 

C.A.R. has created several new resources for REALTORS® and homeowners seeking information on existing mortgage workout programs. To provide members with one easy-to-use document, we’ve developed 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.

We have 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

For a list of HUD-approved counselors in California, visit the HUD Web site at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=CA.

If you have any questions please contact me at (831) 809-8266