WaMu mortgage aid procedures

Bankrate asked 10 top lenders -- Bank of America, Chase, Citigroup, Countrywide, IndyMac, National City, Residential Capital (GMAC), Wachovia, WaMu and Wells Fargo -- to outline their procedures for helping struggling borrowers save their homes.

What is the first thing borrowers should do if they are at risk of missing a payment?
The first step is to call one of the following numbers:

For customers current on their WaMu mortgage who want options: (877) 551-2736 (weekdays 5 a.m. to 6 p.m. PT)

For customers late on their WaMu mortgage who want options: (866) 926-8937 (weekdays 5 a.m. to 5 p.m. PT)

These numbers and additional help can also be found at the " Need help with your mortgage?" page of WaMu's Web site.

When should borrowers call you -- before they're late with their first payment, or sometime later on (e.g., 60 to 90 days after missing the first payment)?
Our firm belief is that early intervention is instrumental to helping our customers find ways they can overcome financial obstacles to keep their home. We view foreclosure as a last resort and want our customers to know that our primary goal is to keep them in their homes with payments they can afford.

To that end, we encourage our customers to contact us as soon as they anticipate difficulty in making payments on their mortgage so that together, we can explore and discuss their various options.

Should a borrower ask to speak with someone specific?
Information not provided.

What information should borrowers have available when they call?
Information not provided.

What types of solutions might be available to borrowers?
Under our $2 billion subprime assistance program launched in April 2007, customers who remain current on their existing subprime loans and anticipate pending payment increases may apply for new, discounted fixed-rate loans or other mortgage products. We are also focused on refinancing eligible borrowers into prime loans as part of the program, which has been very well-received.

You can learn more about various workout options and other resources available to our customers by visiting the " Need help with your mortgage?" Web page and clicking on the "Know your options" tab.

Some of these workout options include:

Repayment plan. If your mortgage payments are past-due, we may be able spread out the past-due amount over several months. Each month you will pay your regular monthly payment amount plus a portion of the amount you are behind until your mortgage loan is deemed current.

Forbearance. If your mortgage loan is past-due and you're overcoming a temporary hardship, we can establish a forbearance plan. This plan will allow us to suspend or reduce your monthly payments for a short period of time to help you catch up. We can also establish a forbearance agreement if you are trying to sell your home or complete a loan modification. Please contact us to discuss how we can work together.