Friday, April 17, 2009
Making Home Affordable - First Servicer Participants Announced
While the White House announced in early March the basic outline of the "Making Home Affordable" plan, many homeowners have been frustrated by the fact that, while it appeared as though they would qualify for either the modification or refinance versions of the plan, few lenders/servicers had actually formalized their participation in the plan.
As of Thursday, April 16th... that has changed. Six national servicers, including several with substantial loan portfolios in Minnesota, have formalized their participation and now have procedures in place to accept homeowner inqueries.
Those servicers are: Chase, CitiMortgage, GMAC Mortgage, Saxon, Select Portfolio Servicing, and Wells Fargo Bank.
SO... what should consumers do next? The first step would be to visit the Center's website for a detailed overview of the Making Home Affordable Plan. You can view the information, HERE.
Next, visit the government's official website for the plan: http://www.makinghomeaffordable.gov/ (Don't be fooled by look-alike or scam websites! This is THE governmental website for all Making Home Affordable information).
Follow the steps to see if you are eligible (Click on the large "Find Out If You Are Eligible" button on the Making Home Affordable website).
If it appears you qualify... AND your servicer (where you mail your monthly mortgage checks) is listed above, visit the Making Home Affordable page for contact information for your servicer, HERE.
If you'd like additional information about contacting your lender or servicer, the Center has a fact sheet available HERE:
IF YOUR SERVICER IS NOT LISTED, or if it appears as though you aren't eligible. DON'T PANIC. Many servicers are accepting applications even though they haven't signed the official participation contract with the government. Moreover, the Making Home Affordable plan may be just ONE of the MANY options you have for staying (or getting) current on your mortgage! A FREE, local Foreclosure Counselor can assist you in understanding YOUR options. Don't delay, contact them today! (Link is HERE).