- Borrowers should have their loan or Social Security number handy and are encouraged to gather other documents before they call the loan servicer. Required documents may include:
-- Paycheck stubs or other income-related documents.
-- Bank account statements.
-- Most recent income tax return.
-- Information about the borrower's assets.
-- Information about any second loan secured by the property.
-- Account balances and monthly minimum payments on credit cards, student loans, car loans and other debts.
-- Property tax statement.
-- Proof of homeowner's insurance.
-- A letter that describes why the mortgage payment is unaffordable.
- Borrowers are encouraged to consult a nonprofit housing counselor certified by the U.S. Department of Housing and Urban Development. Counseling may be required for borrowers who have a lot of debt relative to their income. This service is free.
- Borrowers are encouraged to complete the short self-assessment questionnaire at MakingHomeAffordable.gov to obtain a preliminary indication of whether they may be eligible.
- The Home Affordable Modification program will end Dec. 31, 2012, unless that deadline is extended.
- More information may be found on the federal government's Making Home Affordable Web site, Fannie Mae's Web site and Freddie Mac's Web site.
Loan servicer contact information
Loan servicers' Web sites vary widely in terms of how much information they offer about the Home Affordable Modification program.Some Web sites contain a summary of the basic program requirements, links to relevant government Web sites, telephone and fax numbers, and instructions on how to submit a financial hardship request. Other Web sites don't mention the Making Home Affordable program or offer only limited contact information.
The following is a list of servicers that have signed formal agreements with the government to offer the Making Home Affordable program. Most of the contact information listed below also may be found on the servicers' Web sites. Some servicers have been overwhelmed with inquiries, so borrowers may experience a long wait before their call is answered by a live person.
Bank of America
Phone: (800) 846-2222
Carrington Mortgage Services (CMS)
Phone: (800) 561-4567
Fax: (877) 267-1331
E-mail: loanmodgov@carringtonms.com
Chase/Washington Mutual (WaMu)/EMC
Phone: (866) 550-5705
Fax: (866) 221-1019 (Chase)
Fax: (904) 886-1328 or (904) 886-1329 (WaMu)
Fax: (917) 849-2677 (EMC)
CitiMortgage
Phone: (866) 915-9417
E-mail: mortgagehelp@citi.com
Countrywide Home Loans (owned by Bank of America)
Phone: (800) 669-6607
Fax: (805) 520-5019
GMAC Mortgage
Phone: (866) 899-5308
Green Tree Servicing
Phone: (800) 643-0202
Fax: (866) 870-9919
Home Loan Services/First Franklin Loan Services
Phone: (800) 622-5035
Fax: (412) 499-3400
Ocwen Financial Corp.
Phone: (800) 746-2936
Fax: (407) 737-6174
E-mail: mod@ocwen.com
Saxon Mortgage Services
Phone: (888) 325-3502
Select Portfolio Servicing
Phone: (888) 818-6032
Wells Fargo
Phone: (800) 678-7986
Wilshire Credit Corp.
Phone: (888) 502-0100
For more information on mortgage modification, see Bankrate's mortgage modification topic page.