| Obama's stimulus package solution for homeowners is | | | | more than 31% of your gross monthly income |
| called The Home Affordable Modification or "HAM." | | | | Approved lenders |
| The HAM provides financial incentives to homeowners | | | | Lenders must be approved to offer these federal loan |
| and banks for completed loan modifications. If you | | | | modifications. Not all lenders are on the approved list, |
| qualify, you may be able to modify your existing loan | | | | and more are being added daily. If your lender is not on |
| to a lower monthly payment (less than 31% of monthly | | | | the list, still contact them to see if they have been |
| income) through, lower interest rate, possible longer | | | | added. This will give you a head start. |
| loan term and maybe even forgiveness of a portion of | | | | The following lenders are on the list that have signed |
| the principle. We will discuss the qualification guidelines, | | | | their formal agreements and are offering the federal |
| and which lenders are approved to offer this stimulus | | | | loan modification plan to homeowners: |
| money. | | | | 1. Aurora Loan Services LLC |
| Qualification Guidelines | | | | 2. Bank of America, NA |
| There are criteria that you must meet to qualify for a | | | | 3. Carrington Mortgage Services, LLC |
| loan modification under this federal plan: | | | | 4. Chase Financial LLC |
| · You home must be your primary residence. | | | | 5. CitiMortgage, Inc |
| · Your loan must have been written before | | | | 6. Countrywide Home Loans Servicing LP |
| January 1, 2009. | | | | 7. GMAC Mortgage LLC |
| · Your mortgage must be less than $729,750. | | | | 8. Green Tree Servicing LLC |
| · Your current monthly mortgage payment, | | | | 9. Home Loan Services, Inc |
| insurance, taxes and any homeowner dues, must be | | | | 10. |