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Lenders approved for Federal Home Affordable Plan

The Obama administration is doing its best to approve any lending banks wishing to participate in the new program. The government expects most lenders to join its program, as it offers nearly $9 billion in incentive payments to banks and homeowners who successfully complete modification of current mortgages under the new guidelines. Each qualified loan modification generates an upfront payment for the lending institution. For homeowners who maintain current payments on their renegotiated mortgages, and the government will pay $1000 annual bonus for up to five years. This Home Affordable plan allows for borrowers to receive interest rates as low as 2%, for as long as 40 years. The first six lenders to be approved are as follows:

1. Saxon Mortgage;
2. Wells Fargo Services — Wells Fargo and Wachovia;
3. Citimortgage — Citibank mortgages;
4. Chase — J.P. Morgan Chase, EMC., and Washington Mutual;
5. Select Portfolio Mortgage;
6. GMAC.

Many large lending banks are not yet approved, such as Bank of America, who now owns Countrywide Bank, which services or owns nearly 20% of America’s home mortgage loans. They are currently going through the approval process, and it is expected that they will begin offering loan modification help through the Home Affordable Plan at any time now. Mortgage holders who are contemplating modification should now begin to gather the necessary documentation, prepare their paperwork, and start their applications, in order to be prepared.

Ocwen Financial Corp. is in the process of getting final approval, and it has already started to take applications from mortgage holders seeking loan modification help under the Home Affordable Plan. Again, any mortgage holders who are interested should begin their paperwork preparation, and put together their paperwork to expedite approval of their request.

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