Archive for February, 2009

AdjustMyLoan.com In The News: What Percentage Of Income Should Be Spent On Mortgage Payments?

Thursday, February 26th, 2009

adjust-my-loan

Once again AdjustMyLoan.com gets quoted in the news!  This story is a discussion of what percentage of a homeowners income should go towards a mortgage payment!  This is a direct reaction to Obama’s “Homeowner Affordability and Stability Plan” previewed last week with details coming out March 4th, 2009.  www.AdjustMyLoan.com is a professional Loan Modification Company that fights for homeowners to re-negotiate their current loan terms in order to lower their monthly mortgage payment.  To us, the lower the mortgage payment to income ratio the better!  What are your thoughts?

 

February 26th, 2009

Article from AZCentral.com and on the front page of the Arizona republic

http://www.azcentral.com/arizonarepublic/news/articles/2009/02/25/20090225biz-thirty-one0225.html

 

WHAT PERCENTAGE OF INCOME SHOULD BE SPENT ON MORTGAGE PAYMENTS?

 

Under its new mortgage- relief plan, the Obama administration is staking a claim that most homeowners facing foreclosure should be able to pay 31 percent of their gross income for a mortgage.

 

Not 50 percent or not 60 percent, as is the case with many strapped homeowners.

 

But 31 percent of income still is a hefty number. Historically, borrowers’ mortgage payment limit was set at about 25 percent of their gross income before deductions for taxes and other subtractions.

 

With car payments, credit-card debt and everyday expenses, Phoenix-area mortgage brokers, bankers and others say that 31 percent still is too high for many homeowners.

 

“They would wind right back in default,” said Paul Klimke, president of the Central Arizona chapter of the Arizona Association of Mortgage Brokers.

 

Over the years, mortgage guidelines have been relaxed to enable more people to qualify for loans. In a time of rising prices, buyer demand and low interest rates, the Phoenix market allowed for refinancing, quick sales and home-equity lines of credit to help stretched consumers.

 

No more.

 

As sales slowed, home prices plummeted and foreclosures rose, many existing owners have been trapped. Their houses are worth much less than their loans, and their mortgage payments are killing them financially.

 

Experts predict a new wave of foreclosures over the year due to job losses and adjustable mortgages that will reset to higher rates and push up monthly payments.

 

Librada Martinez hopes the mortgage relief promised by the Obama administration will help her.

 

She makes $40,000 per year and has a $200,000 mortgage on a two-bedroom southwest Phoenix home that she bought for $180,000 in 2005. Her $1,400 mortgage payment is 47 percent of her gross income and 60 percent of her take-home pay. She was able to make the payments until an illness created unexpected medical bills.

 

“I tried to sell the house or get a roommate,” she said, adding that she finally just stopped making payments.

 

Martinez is hopeful she will be able to restructure her loan under the Obama plan but is concerned that homes in her neighborhood similar to hers now are selling for $70,000.

 

“I want to stay in my home - it’s perfect for me,” Martinez said. “But I don’t want to make payments on a $200,000 loan when my house is worth $70,000.”

 

The program announced by President Barack Obama in Mesa on Feb. 18 will offer financial incentives to lenders to restructure loan payments so that they are no more than 38 percent of the borrower’s income. More details about the plan are expected next Wednesday.

 

According to details already released, lenders would receive $1,000 up front for each modified loan and more down the road if the borrower stays current.

 

The government would use up to $75 billion in economic-stimulus funds to match additional loan modifications from the lender to bring down the payment from 38 percent to 31 percent.

 

For a household with gross annual income of $100,000, the monthly payment at 31 percent would be about $2,600. That’s about 50 percent of take-home pay after basic federal withholding. Add utility payments, food, health insurance, car payments and other consumer debt and there is likely very little left, said Joann Hauger, executive director of Community Housing Resources of Arizona. It is a non-profit organization that provides one-on-one mortgage default and pre-purchase counseling.

 

At this time, 38 percent is thought of as the upper limit for qualifying, with many households paying significantly more. Thirty-one percent is considered the upper limit of conservative guidelines for loan underwriting.

 

Before the boom, under traditional approval ratios for loan underwriting, 28 percent of gross income was considered the maximum for the mortgage payment and 38 percent for all debts combined.

 

Klimke noted that most of the people now in trouble have mortgage payments alone that are more than 38 percent of their gross income, sometimes much more.

 

“That’s what got us in trouble,” Klimke said.

 

Jay Butler, director of realty studies at Arizona State University, also believes 38 percent is too high in many cases.

 

“I’m curious what government will use as a definition of income and what the ratio would be for total debt,” he said.

 

Many of the people whose mortgages are in trouble have a lot of other debt and couldn’t afford the payments even if they were reduced to 31 percent of their income, counselors said.

 

Cody Sperber, a partner in AdjustMyLoan.com, a Phoenix firm that helps homeowners renegotiate loan terms, said that many of his clients are making mortgage payments that are 55 percent to 60 percent of their incomes.

 

Sperber said he has clients whose total debt payments are more than 90 percent of their income and owe $200,000 more than their homes are worth.

 

Hauger said that the homeowner bailout plan will be a challenge in Arizona because of the large number of lost jobs on top of the significant drop in home values - 34 percent in the fourth quarter alone, according to the 20-city Case-Shiller Home Price Index.

 

“There is a tremendous amount of consumer debt that could leave people unable to make payments even at a lower amount,” she said.

 

“In reality, there are an awful lot of people that no matter what, their homes won’t be saved.”

 

Reach the reporter at max

 

.jarman@arizonarepublic.com or 602-444-7351.

 

 

If you are interested in a FREE LOAN MODIFICATION CONSULTATION, call our loan modification experts at:

 

small-orange-phone-number

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Loan Modifications: Upcomming Changes To Regulation Z (Truth In Lending)

Thursday, February 26th, 2009

upcomming changes to regulation z (tila)

 

Below is an Press Release from the Fed’s concerning the upcoming changes to Regulation Z (Truth-In-Lending Act) also known as TILA.  Unfortunately many lenders in the past took advantage of the market and made predatory loans to homeowners who are now in serious default.  These upcoming changes will prevent further predatory loans from being originated but unfortunately not help those already affected.  The professional Loan Modification Experts at AdjustMyLoan.com help homeowners who believe they were a victim of Predatory Lending to uncover these violations through a Forensic Loan Audit on their original loan paperwork and use these findings to negotiate new loan terms with their lenders.  If you believe you were a victim, call our Loan Modification specialists at 1-800-557-7573 today.

 

AdjustMyLoan.com Contact Phone Number

Regulation Z (TILA) Press Release From The Feds

 

The Federal Reserve Board on Monday approved a final rule for home mortgage loans to better protect consumers and facilitate responsible lending.  The rule prohibits unfair, abusive or deceptive home mortgage lending practices and restricts certain other mortgage practices.  The final rule also establishes advertising standards and requires certain mortgage disclosures to be given to consumers earlier in the transaction. 

 

The final rule, which amends Regulation Z (Truth in Lending) and was adopted under the Home Ownership and Equity Protection Act (HOEPA), largely follows a proposal released by the Board in December 2007, with enhancements that address ensuing public comments, consumer testing, and further analysis.

 

“The proposed final rules are intended to protect consumers from unfair or deceptive acts and practices in mortgage lending, while keeping credit available to qualified borrowers and supporting sustainable homeownership,” said Federal Reserve Chairman Ben S. Bernanke.  “Importantly, the new rules will apply to all mortgage lenders, not just those supervised and examined by the Federal Reserve.  Besides offering broader protection for consumers, a uniform set of rules will level the playing field for lenders and increase competition in the mortgage market, to the ultimate benefit of borrowers,” the Chairman said.    

 

The final rule adds four key protections for a newly defined category of “higher-priced mortgage loans” secured by a consumer’s principal dwelling.  For loans in this category, these protections will:

 

  • Prohibit a lender from making a loan without regard to borrowers’ ability to repay the loan from income and assets other than the home’s value. A lender complies, in part, by assessing repayment ability based on the highest scheduled payment in the first seven years of the loan. To show that a lender violated this prohibition, a borrower does not need to demonstrate that it is part of a “pattern or practice.”
  • Require creditors to verify the income and assets they rely upon to determine repayment ability.
  • Ban any prepayment penalty if the payment can change in the initial four years. For other higher-priced loans, a prepayment penalty period cannot last for more than two years. This rule is substantially more restrictive than originally proposed.
  • Require creditors to establish escrow accounts for property taxes and homeowner’s insurance for all first-lien mortgage loans.

 

“These changes have made for better rules that will go far in protecting consumers from unfair practices and restoring confidence in our mortgage system,” said Governor Randall S. Kroszner.

 

In addition to the rules governing higher-priced loans, the rules adopt the following protections for loans secured by a consumer’s principal dwelling, regardless of whether the loan is higher-priced:

 

  • Creditors and mortgage brokers are prohibited from coercing a real estate appraiser to misstate a home’s value.
  • Companies that service mortgage loans are prohibited from engaging in certain practices, such as pyramiding late fees. In addition, servicers are required to credit consumers’ loan payments as of the date of receipt and provide a payoff statement within a reasonable time of request.
  • Creditors must provide a good faith estimate of the loan costs, including a schedule of payments, within three days after a consumer applies for any mortgage loan secured by a consumer’s principal dwelling, such as a home improvement loan or a loan to refinance an existing loan. Currently, early cost estimates are only required for home-purchase loans. Consumers cannot be charged any fee until after they receive the early disclosures, except a reasonable fee for obtaining the consumer’s credit history.

 

For all mortgages, the rule also sets additional advertising standards.  Advertising rules now require additional information about rates, monthly payments, and other loan features.  The final rule bans seven deceptive or misleading advertising practices, including representing that a rate or payment is “fixed” when it can change. 

 

The rule’s definition of “higher-priced mortgage loans” will capture virtually all loans in the subprime market, but generally exclude loans in the prime market.  To provide an index, the Federal Reserve Board will publish the “average prime offer rate,” based on a survey currently published by Freddie Mac.  A loan is higher-priced if it is a first-lien mortgage and has an annual percentage rate that is 1.5 percentage points or more above this index, or 3.5 percentage points if it is a subordinate-lien mortgage.  This definition overcomes certain technical problems with the original proposal, but the expected market coverage is similar.

 

One element of the original proposal has been withdrawn.  The Federal Reserve Board had proposed for public comment certain requirements pertaining to so-called “yield-spread premiums.”  During the intervening period, the Board engaged in consumer testing that cast significant doubt on the effectiveness of the proposed rule.  As part of its ongoing review of closed-end loan rules under Regulation Z, however, the Board will consider alternative approaches.

 

In finalizing the rule, the Board carefully considered information obtained from testimony, public hearings, consumer testing, and over 4,500 comment letters submitted during the comment period.  “Listening carefully to the commenters, collecting and analyzing data, and undertaking consumer testing, has led to more effective and improved final rules,” Governor Kroszner said.

 

The new rules take effect on October 1, 2009.  The single exception is the escrow requirement, which will be phased in during 2010 to allow lenders to establish new systems as needed. 

 

In a related move, the Board is publishing for public comment a proposal to revise the definition of “higher-priced mortgage loan” under Regulation C (Home Mortgage Disclosure), which requires lenders to report price information for such loans, to conform to the definition the Board is adopting under Regulation Z.

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Homeowner Affordability and Stability Plan FAQ’s

Friday, February 20th, 2009

affordability and stability plan

 

Questions and Answers for Borrowers about the Homeowner Affordablity and Stability Plan

(The Following Is Taken From http://www.treas.gov/)

 

 Borrowers Who Are Current on Their Mortgage Are Asking:

1. What help is available for borrowers who stay current on their mortgage payments but have seen their homes decrease in value?

 

Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.

 

2. I owe more than my property is worth, do I still qualify to refinance under the Homeowner Affordability and Stability Plan?

 

Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your property will be determined after you apply to refinance.

 

3. How do I know if I am eligible?

 

Complete eligibility details will be announced on March 4th when the program starts. The criteria for eligibility will include having sufficient income to make the new payment and an acceptable mortgage payment history. The program is limited to loans held or securitized by Fannie Mae or Freddie Mac.

 

4. I have both a first and a second mortgage. Do I still qualify to refinance under the Homeowner Affordability and Stability Plan?

 

As long as the amount due on the first mortgage is less than 105% of the value of the property, borrowers with more than one mortgage may be eligible to refinance under the Homeowner Affordability and Stability Plan. Your eligibility will depend, in part, on agreement by the lender that has your second mortgage to remain in a second position, and on your ability to meet the new payment terms on the first mortgage.

 

5. Will refinancing lower my payments?

 

The objective of the Homeowner Affordability and Stability Plan is to provide creditworthy borrowers who have shown a commitment to paying their mortgage with affordable payments that are sustainable for the life of the loan.  Borrowers whose mortgage interest rates are much higher than the current market rate should see an immediate reduction in
their payments.  Borrowers who are paying interest only, or who have a low introductory rate that will increase in the future, may not see their current payment go down if they refinance to a fixed rate.  These borrowers, however, could save a great deal over the life of the loan.  When you submit a loan application, your lender will give you a “Good Faith Estimate” that includes your new interest rate, mortgage payment and the amount that you will pay over the life of the loan.  Compare this to your current loan terms.  If it is not an improvement, a refinancing may not be right for you.

 

6. What are the interest rate and other terms of this refinance offer?

 

The objective of the Homeowner Affordability and Stability Plan is to provide borrowers with a safe loan program with a fixed, affordable payment.  All loans refinanced under the plan will have a 30 or 15 year term with a fixed interest rate.  The rate will be based on market rates in effect at the time of the refinance and any associated points and fees quoted by the lender.  Interest rates may vary across lenders and over time as market rates adjust. The refinanced loans will have no prepayment penalties or balloon notes.

 

7. Will refinancing reduce the amount that I owe on my loan?

 

No. The objective of the Homeowner Affordability and Stability Plan is to help borrowers refinance into safer, more affordable fixed rate loans. Refinancing will not reduce the amount you owe to the first mortgage holder or any other debt you owe.  However, by reducing the interest rate, refinancing should save you money by reducing the amount of interest that you repay over the life of the loan.

 

8. How do I know if my loan is owned or has been securitized by Fannie Mae or Freddie Mac?

 

To determine if your loan is owned or has been securitized by Fannie Mae or Freddie Mac and is eligible to be refinanced, you should contact your mortgage lender after March 4, 2009.

 

9. When can I apply?

 

Mortgage lenders will begin accepting applications after the details of the program are announced on March 4, 2009.

 

10.What should I do in the meantime?

 

You should gather the information that you will need to provide to your lender after March 4, when the refinance program becomes available. This includes:

 

· information about the gross monthly income of all borrowers, including your most recent pay stubs if you receive them or documentation of income you receive from other sources
· your most recent income tax return
· information about any second mortgage on the house
· payments on each of your credit cards if you are carrying balances from month to month, and
· payments on other loans such as student loans and car loans.

 

 

Borrowers Who Are at Risk of Foreclosure Are Asking:

 

 

1. What help is available for borrowers who are at risk of foreclosure either because they are behind on their mortgage or are struggling to make the payments?

 

 

The Homeowner Affordability and Stability Plan offers help to borrowers who are already behind on their mortgage payments or who are struggling to keep their loans current.   By providing mortgage lenders with financial incentives to modify existing first mortgages, the Treasury hopes to help as many as 3 to 4 million homeowners avoid foreclosure regardless of who owns or services the mortgage.

 

2. Do I need to be behind on my mortgage payments to be eligible for a loan modification?

 

No.  Borrowers who are struggling to stay current on their mortgage payments may be eligible if their income is not sufficient to continue to make their mortgage payments and they are at risk of imminent default.  This may be due to several factors, such as a loss of income, a significant increase in expenses, or an interest rate that will reset to an unaffordable level.

 

3. How do I know if I qualify for a payment reduction under the Homeowner Affordability and Stability Plan?

 

In general, you may qualify for a mortgage modification if (a) you occupy your house as your primary residence; (b) your monthly mortgage payment is greater than 31% of your monthly gross income; and (c) your loan is not large enough to exceed current Fannie Mae and Freddie Mac loan limits. Final eligibility will be determined by your mortgage lender based on your financial situation and detailed guidelines that will be available on March 4, 2009.

 

4. I do not live in the house that secures the mortgage I’d like to modify.  Is this mortgage eligible for the Homeowner Affordability and Stability Plan?

 

No. For example, if you own a house that you use as a vacation home or that you rent out to tenants, the mortgage on that house is not eligible.  If you used to live in the home but you moved out, the mortgage is not eligible.  Only the mortgage on your primary residence is eligible.  The mortgage lender will check to see if the dwelling is your primary residence.

 

5. I have a mortgage on a duplex. I live in one unit and rent the other. Will I still be eligible?

 

Yes. Mortgages on 2, 3 and 4 unit properties are eligible as long as you live in one unit as your primary residence.

 

6. I have two mortgages. Will the Homeowner Affordability and Stability Plan reduce the payments on both?

 

Only the first mortgage is eligible for a modification.

 

7. I owe more than my house is worth. Will the Homeowner Affordability and Stability Plan reduce what I owe?

 

The primary objective of the Homeowner Affordability and Stability Plan is to help borrowers avoid foreclosure by modifying troubled loans to achieve a payment the borrower can afford.  Lenders are likely to lower payments mainly by reducing loan interest rates.  However, the program offers incentives for principal reductions and at your lender’s discretion modifications may include upfront reductions of loan principal.

 

8. I heard the government was providing a financial incentive to borrowers.  Is that true?

 

Yes.  To encourage borrowers who work hard to retain homeownership, the Homeowner Affordability and Stability Plan provides incentive payments as a borrower makes timely payments on the modified loan.  The incentive will accrue on a monthly basis and will be applied directly to reduce your mortgage debt.  Borrowers who pay on time for five years an have up to $5,000 applied to reduce their debt by the end of that period.

 

9. How much will a modification cost me?

 

There is no cost to borrowers for a modification under the Homeowner Affordability and Stability Plan.  If you wish to get assistance from www.AdjustMyLoan.com visit their website or call their toll free number 1-800-557-7573.  They do not charge upfront fee’s for their loan modification program.

 

10. Is my lender required to modify my loan?

 

No.  Mortgage lenders participate in the program on a voluntary basis and loans are evaluated for modification on a case-by-case basis.  But the government is offering substantial incentives and it is expected that most major lenders will participate.

 

11. I’m already working with my lender / housing counselor on a loan workout.  Can I still be considered for the Homeowner Affordability and Stability Plan?

 

Ask your lender or counselor to be considered under the Homeowner Affordability and Stability Plan.

 

12. How do I apply for a modification under the Homeowner Affordability and Stability Plan?

 

You may not need to do anything at this time.  Most mortgage lenders will evaluate loans in their portfolio to identify borrowers who may meet the eligibility criteria.  After March 4 they will send letters to potentially eligible homeowners, a process that may take several weeks.

 

If you think you qualify for a modification and do not receive a letter within several weeks, contact your mortgage servicer or www.AdjustMyLoan.com to see if you can participate in the program. Please be aware that servicers and counseling agencies are expected to receive an extraordinary number of calls about this program.

 

13.What should I do in the meantime?

 

You should gather the information that you will need to provide to your lender on or after March 4, when the modification program becomes available. This includes

· information about the monthly gross income of your household including recent pay stubs if you receive them or documentation of income you receive from other
sources
· your most recent income tax return
· information about any second mortgage on the house
· payments on each of your credit cards if you are carrying balances from month to month, and
· payments on other loans such as student loans and car loans.

 

14.My loan is scheduled for foreclosure soon. What should I do?

 

Contact your mortgage servicer, or for professional Loan Modification representation, complete the submission form at www.AdjustMyLoan.com or call:

 

AdjustMyLoan Contact Number

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President Obama Unveils His Foreclosure Plan

Thursday, February 19th, 2009

obamas-foreclosure-speech

President Obama In Mesa, Arizona To Unveil His Administrations Foreclosure Plan

 

President Obama was in Mesa, Arizona on Wednesday to discuss an aggressive “Stop Foreclosure Plan” his administration plans to put in place over the next few weeks.  The plan essentially was broken down into two major parts with the finer details to be disclosed within two weeks.

 

The first program is to help 4-5 million struggling home owners with loans owned or guaranteed by Fannie Mae or Freddie Mac to help them refinance.  AdjustMyLoan.com interpreted this as a way for upside down homeowners why were “playing by the rules” as Obama mentioned to get a guaranteed refinance to a set interest rate.

 

Does this mean homeowners who qualify for this solution will not need an appraisal?  Are they going to refinance these homeowners to todays values or just reset the interest rate?  Also, who is to set the interest rate?  A government agency?

 

The second program is a Loan Modification Plan with government subsidies to lenders to reduce their monthly interest payments.  Finally someone is speaking our language!  Below are some bullet point how the plan will work:

 

  • Lenders who participate will be responsible for bringing down interest rates  or doing principal balance reductions so the monthly mortgage payment is no more than 38% of pre-tax income.
  • After that the government would match the amount reduced by the lender to bring the payments down to 31% of their pre-tax income.
  • $1000 incentive for servicing agents (who collect fees for refinanced or delinquent mortgages)  to work with qualified borrowers to modify loans.  They will get $1000 for each loan they modify plus another $1000 per year for each year that homeowner remains current on their modified loan!
  • Homeowners who recieve this Loan Modification will recieve $1000 a year for five years off of the principal amount owed as long as they stay current! (HUGE)
  • Government money will be used to help homeowners avoid default all together by giving a $500 incentive to lenders and $1500 incentive to homeowners if a loan gets modified before the homeowner goes into default.

 

The final part of the plan would allow bankruptcy judges to “Cram Down” primary residences and complete forced loan modifications if a homeowners qualifies for bankruptcy protection.  This would allow judges to lower interest rates, extend out the length of the loan, and reduce the principal amount owed (cram down) on the mortgage! (HUGE)

 

Currently homeowners who owe more than 80% of their homes worth have a difficulty refinancing or selling in today’s market.  This plan should help about 9 million homeowners nationwide and cost about $75 billion dollars but will be well worth it if implemented correctly.

 

AdjustMyLoan.com is a national Loan Modification Company based out of Phoenix, Arizona that specializes in loan modifications and forbearance agreements.  Our loan modification experts audit, package, propose, and negotiate loan modifications on our clients behalf.  We offer FREE LOAN MODIFICATION CONSULTATIONS and never charge an upfront fee for our service!  Call the loan modification experts at AdjustMyLoan.com today and get the professional help you deserve.

 

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Mortgage Lender Contact List: AdjustMyLoan.com Loan Modifications

Thursday, February 12th, 2009

Mortgage Lender Contact List

Mortgage Company Phone Number Website (Loss Mitigation)/Email

 

1.Accredited Home Lenders
1-877-683-4466
https://www.accredhome.com

 

2. Acqura Loan Services
866-660-5804
http://www.acqura.net

 

3. American Home Mortgage Servicing, Inc.
877-374-3100
https://online.ahmsi3.com

 

4. Aurora Loan Servicing
866-519-3090
https://www.myauroraloan.com

 

5. Avelo Mortgage
800-999-8501
www.littonloan.com

 

6. Bank of America
800-846-2222
www.bankofamerica.com

 

7. Carrington Mortgage Services, LLC
800-790-9502
myloan.carringtonms.com

 

8. Citigroup, Inc.(Citi Mortgage/Citi Residential)
866-915-9417
http://www.citigroup.com/citi/citizen/community/homeownershippreservation/

 

9. Countrywide Home Loans
800-669-6650
http://my.countrywide.com

 

10. EMC Mortgage Corporation / Bear Sterns
877-362-6631
https://emcmortgagecorp.com

 

11. First Horizon Home Loans
800-364-7662
http://www.firsthorizon.com/

 

12. GMAC Mortgage
800-799-9250
www.gmacmortgage.com

 

13. Homecomings Financial
800-206-2901
www.homecomings.com

 

14. Home Loan Services, Inc. (d/b/a First Franklin Loan Services & NationPoint Loan Services)
800-500-5022
https://www.viewmyloan.com ,
www.nationpoint.com

 

15. HomEq Servicing
877-867-7378
www.homeq.com

 

16. HSBC Finance (HSBC Consumer Lending)
800-333-5848
www.beneficial.com
www.hfc.com

 

17. HSBC Finance (HSBC Mortgage Services)
800-365-6730
www.hsbcmortgageservices.com

 

18. HSBC Mortgage Corporation
888-648-3124
www.us.hsbc.com

 

19. IndyMac Federal Bank
866-355-7273
www.imb.com

 

20. JP Morgan Chase Prime Loans
800-446-8939
www.chase.com

 

21. JP Morgan Chase Non Prime
877-838-1882
www.chase.com

 

22. JP Morgan Chase Home Equity
866-582-5208
www.chase.com

 

23. Litton Loan Servicing
800-999-8501
www.littonloan.com

 

24. LoanCare Servicing Center
800-909-9525
800-274-6600
https://www.myloancare.com/HomeRetention
Customersupport@myloancare.com

 

25. MetLife Homes
800-922-6267
www.metlifehomeloans.com

 

26. National City Mortgage Corporation
800-523-8654
www.nationalcitymortgage.com

 

27. Nationstar Mortgage, LLC
888-480-2432
Customer.service@nationstarmail.com
http://www.nationstarmtg.com

 

28. Ocwen Loan Servicing, LLC
877-596-8580
www.ocwencustomers.com

 

29. Residential Credit Solutions
800-737-1192
https://www.residentialcredit.com/

 

30. RoundPoint Mortgage Servicing Corporation
1-877-426-8805
Customer.Service@roundpointmortgage.com
www.roundpointmortgage.com

 

31. Saxon Mortgage Services
888-325-3502
https://www.saxononline.com

 

32. Select Portfolio Servicing, Inc.
800-258-8602
https://www.spservicing.com

 

33. SunTrust Mortgage, Inc.
1-800-443-1032, option 3
www.suntrustmortgage.com

 

34. SunTrust Mortgage Home Equity
1-888-886-0696
equityhomeretention@suntrust.com
www.suntrustmortgage.com

 

35.SunTrust Mortgage Construction Permanent Loans
1-877-657-8433
www.suntrustmortgage.com

 

36. Taylor, Bean & Whitaker
888-225-2164
www.taylorbean.com

 

37. The CIT Group/Consumer Finance, Inc.
800-922-6267
http://citcares.cit.com

 

38. Wachovia
800-922-6267
http://www.wachovia.com

 

39. Washington Mutual, Inc.
866-926-8937
https://www.wamu.com

 

40. Wells Fargo Home Mortgage
866-488-2028
www.wellsfargo.com

 

41. Wells Fargo Financial
800-275-9254
www.financial.wellsfargo.com

 

42. Wilshire Credit Corporation
888-917-1050
www.wcc.ml.com

 

Above are the majority of major lenders we are negotiating Loan Modifications with.  As more and more lenders realize that Loan Modifications are the solution to their deepening default rate, we are able to help more and more homeowners avoid foreclosure.  Even if you do not see your lender’s name on this list, more than likely we have worked with them and can help you lower your monthly mortgage payment with a Loan Modification.  For a FREE LOAN MODIFICATION CONSULTATION call:

 

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