Does my lender participate in HAMP?
You may have heard of the Federal Home Affordable Modification Program (“HAMP”), and how it can help you obtain a more affordable monthly mortgage payment, but it is also important to be aware that not all lenders participate in the program! In fact, HAMP modifications are available only from the following participating lenders:
Allstate Mortgage Loans & Investments, Inc., Amarillo National Bank, American Financial Resources Inc., AMS Servicing, LLC, Aurora Financial Group, Inc., Banco Popular de Puerto Rico, Bank of America, N.A. (includes: Countrywide Home Loans Servicing LP, Home Loan Services, Inc., and Wilshire Credit Corporation), Bank United, Bayview Loan Servicing, LLC, Capital International Financial, Inc., Carrington Mortgage Services, LLC, CCO Mortgage, Central Florida Educators Federal Credit Union, CitiMortgage, Inc., Citizens 1st National Bank, Community Bank & Trust Company, CU Mortgage Services, Inc., CUC, Mortgage Corporation, DuPage Credit Union, Fay Servicing, LLC, Fidelity Homestead Savings Bank, First Bank, First Federal Bank of Florida, First Financial Bank, N.A., First Mortgage Corporation, Flagstar, Franklin Credit Management Corporation, Franklin Savings, Gateway Mortgage Group, LLC, Glass City, Federal Credit Union, GMAC Mortgage LLC, Great Lakes Credit Union, Greater Nevada Mortgage Services, Green Tree Servicing LLC, Guaranty Bank, Hartford Savings Bank, Hillsdale County National Bank, HomEq Servicing, Homeward Residential, Horicon Bank, IBM Lender Business Processing Services (LBPS), IC Federal Credit Union, Idaho Housing and Finance Association, iServe Residential Lending, LLC, iServe Servicing, Inc., J.P. Morgan Chase Bank, NA (includes: Chase Home Finance, LLC and EMC Mortgage Corporation), James B. Nutter & Company, Lake City Bank, Liberty Bank and Trust Co, Litton Loan Servicing, Los Alamos National Bank, M&T Bank, Magna Bank, Marix Servicing, LLC, Marsh Associates, Inc., Midland Mortgage Company, Midwest Community Bank, Mission Federal Credit Union, Mortgage Center, LLC, National City Bank, Nationstar Mortgage LLC, Navy Federal Credit Union, Ocwen Financial Corporation, Inc., OneWest Bank, ORNL Federal Credit Union, Pathfinder Bank, PennyMac Loan Services, LLC, PNC Bank, National Association, Purdue Employees Federal Credit Union, Q lending, Inc., Quantum Servicing Corporation, Residential Credit Solutions, RG Mortgage Corporation, RoundPoint, Mortgage Servicing Corporation, Schmidt Mortgage Company, Schools Financial Credit Union, Select Portfolio Servicing, Servis One Inc.,dba BSI Financial Services, Inc, Specialized Loan Servicing, LLC, Sterling Savings Bank, Stockman Bank of Montana, Technology Credit Union, The Golden 1 Credit Union, U.S. Bank National Association, United Bank, United Bank Mortgage Corporation, Vantium Capital, Inc., Vist Financial Corp., Wealthbridge Mortgage Corp., Wells Fargo Bank, NA (includes: Wachovia Bank, NA and Wachovia Mortgage, FSB), Weststar Mortgage, Inc., and Yadkin Valley Bank.
Even if your lender is not included in the above list, it is critical to remember that they may be willing to review you for a modification under their own “in house” program. While payments under this type of program are often calculated at market interest rates, as opposed to the 2% or 3% interest rates available under HAMP, they can still offer substantial savings to borrowers with significantly above-market interest rates, or those whose primary concern is simply saving their home after a temporary financial hardship.
At the Radow Law Group, whether or not your lender participates in the HAMP program, our experienced Long Island Loan Modification Attorneys will determine whether or not you are eligible to apply for any in-house modification programs they may offer, and will negotiate with your bank and/or loan servicer in an effort to obtain the most affordable monthly mortgage payment possible. If you are interested in discussing the possibility of modifying your mortgage, call 516-338-7800 today to schedule your free consultation.