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Chase, Washington Mutual, EMC
Corporate owner: JPMorgan Chase.Contact:
- Call the telephone number on your mortgage statement.
- Call 1-800-848-9136.
- Call 1-866-550-5705.
- Visit a Chase regional counseling center.
- Go to Chase's Web site.
Noted qualifications:
- Hardship letter may be required.
- Owner-occupied residence.
- Mortgage owned by Chase, WaMu or EMC, or with investor approval.
Target debt-to-income ratio: 31% to 40%, capped at 50% for borrowers who've demonstrated they can pay more.
Options:
- Repayment plan.
- Mortgage modification in hardship situations.
- Principal forbearance.
- Extension of loan term.
- Deferral of principal.
- Interest-rate reduction.
- Foreclosure moratorium.
- Interest-only payments for 10 years.
- Hope for Homeowners program.
- Refinancing with lender-paid closing costs.
- Pre-foreclosure short sale.
- Deed in lieu of foreclosure.
Letters:
Chase will send letters to borrowers who have subprime adjustable-rate mortgages or payment-option ARMs. Borrowers are more likely to receive a letter if they've racked up the maximum amount of negative amortization and their interest rate is scheduled to reset.
More from MSN Money and Bankrate.com
CitiMortgage
Corporate owner: Citigroup.Departments:
- Office of Homeownership Preservation.
- Borrower Relief Centers.
Contact:
- Call the telephone number on your loan statement.
- Call 1-800-MORTGAGE (1-800-667-8424).
- Fax 480-753-7832.
- E-mail mortgagehelp@citi.com.
- Go to Citi's Web site.
Noted qualifications:
- Principal residence.
- Sufficient reliable income to afford modified mortgage payments.
- Mortgage owned by Citigroup.
Target debt-to-income ratio: 38%.
Options:
- Interest-rate reduction.
- Extension of loan term.
- Forgiveness of principal.
- Foreclosure moratorium.
- Financial education services.
Letters:
Citi is "reaching out to customers through calls, written correspondence, e-mail, toll-free assistance lines, online social networks and external counselors," according to a company statement. Homeowners in Arizona, California, Florida, Indiana, Michigan, Nevada and Ohio are most likely to receive letters because of falling home prices, high unemployment and economic distress in those states.
Tip: Citi also conducts local outreach programs with nonprofit counseling organizations.
Continued: Countrywide Home Loans, IndyMac Federal Bank
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