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Sunday, June 14, 2009

Is Your Lender Approved in Obama's Home Stimulus Plan?

A loan modification is one of the option that Obama's Stimulus Package offers. This relieves the frustrated home owners from foreclosures. People are trying their best to get a modification for themselves. But the government has set certain conditions that you need to fulfill before applying for one.

Lenders Approved for Loan Modification Help

You need to check that the lender you are approaching for a modification is approved by the Stimulus package. Not all the lenders come under this list. Up till now there are 6 lenders that have been approved for the loan modification. These can accept the applications for approval and only these lenders are able to receive the incentive that the Federal Government has decided to pay for each modification deed.

Here is a list of these lenders:

. Chase Home Finance: It manages loans fore JP Morgan Chase

. Wells Fargo: It serves Wachovia and Wells Fargo

. Citi Mortgage: It looks after Citi Bank mortgages

. Washington Mutual and EMC

. Saxon Mortgage


These lenders would be interested in the modifications as they are being provided $1000 for each modification deed that they make. These incentives are announced & provided by the US Federal Government. Now you can directly contact these lenders through a call at their loan modification department or can visit their official website.

These are the lenders approved for Loan Modification. But there are many others still trying for their approval. So, in case you are planning to apply for a loan modification check out the given eligibility apart from the knowledge about these lenders:

. Your mortgage deed must be owned & or insured by Fannie Mae & Freddie Mac.

. Your mortgage value must exceed the current market value of the house over 105%.

It is your legal right that you may ask the lender if they are insured by Fannie Mae & Freddie Mac.


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