The Obama federal loan modification program is expected to benefit four to five million homeowners in America. Because foreclosure benefits neither the mortgage lender nor the homeowner, most lenders are eager to participate in this program, but they are not required to do so. Mortgage lenders agreeing to participate in Obama’s federal loan modification program must agree to Treasure Department guidelines and are given incentives to work with financially strapped homeowners to handle modifying loan requests.
MHA, or Making Homes Affordable, offers this list of current lenders taking part in the Obama federal loan modification program (in alphabetical order):
1. Bank of America.
2. Carrington Mortgage Services.
3. Chase.
4. CitiMortgage.
5. Countrywide.
6. GMAC.
7. Green Tree Servicing.
8. Home Loan Services, Inc.
9. Ocwen Financial Corp.
10. Saxon Mortgage Services.
11. Select Portfolio Servicing.
12. Wells Fargo Bank.
13. Wilshire Credit Corp. Continue reading ‘Obama's Federal Loan Modification Plan – List of Participating Lenders’ »