To have it all in one place for most Homeowners, here are the 6 mail Workout Programs currently being approved for loan modifications - to help keep homeowners in their homes.

1.  H4H:  Hope For Homeowners.  This is my favorite program and the one we go for if the homeowner qualifies, however it should be known that most lenders are fighting this one and have other less desirable programs they want to enact first. 

Eligibility Requirements:  Loans originated before Jan 1, 2008.
                                        Owner occupied and doesn’t own second home
                                        Unable to pay existing mortgage without aid and has made at least 6 payments
                                        Current PITI (Principal, Interest, Taxes, Insurance) exceeds 31% gross income
                                        Not convicted of fraud and didn’t falsify loan application to get mortgage 

2.  Countrywide/B of A:   Will modify with interest and principle reductions.  Not as aggressive as H4H.

Eligibility Requirements: Subprime or ARM/Pay Option Loan as of 1/1/08
                                       Primary residence, owner occupied, 1-4 units
                                       Borrower 60 days or more late, current Loan To Value 75%+
                                       Borrower current but becomes late 60 days or more through to 6/30/12
                                       Modification designed to achieve 34% DTI (Debt to Income) ratio of PITI                                          (Principal, Interest, Taxes, Insurance)

Citigroup, CitiMortgage: Claims will reach out to borrowers in trouble and won’t foreclose if eligible.

Eligibility Requirements: No requirements on origination
                                       Must be 1st mortgage and must be loan Citi owns
                                       Primary residence, owner occupied (owner may own 2nd home)
                                       Borrower working in good faith with Citi.
                                       Borrower may not be currently behind but may require help to stay current.
                                       Attempt is to get monthly PITI (Principal, Interest, Taxes, Insurance) under 38%

JPMorgan Chase & Co.:   Good for Chase, WAMU, EMC.  Claims to contact borrower w/sustainable options.

Eligibility Requirements No requirements on origination
                                      Must be 1st mortgage and must be loan JP Morgan Chase owns.
                                      Primary residence, owner occupied (may own 2nd home)
                                      For Chase, WAMU, EMC borrowers with ARMS (subprime & pay option).
                                      Modifications to achieve 31-40% DTI (Debt-to-income) ratio of PITI (Principal,
                                      Interest, Taxes, Insurance)

IndyMac/FDIC:              Claims to have Pgm to modify troubled mortgages with sustainable performing.

Eligibility Requirements No requirements on origination
                                      Must be a 1st mortgage and must be owned by IndyMac, or securitized & serviced.
                                      Primary residence, owner occupied
                                      Borrower already seriously delinquent or in default.
                                      Borrower at risk of default due to resets or life change
                                      Modification designed to be sustainable at 38% DTI (debt-to-income) ratio PITI
                                      (Principal, Interest, Taxes, Insurance)

Federal Government:      Designed to reduct preventable foreclosures with simplified streamlined loan mod

Eligibility Requirements Borrower must have missed 3 or more payments
                                      Primary residence, owner occupied
                                      Not filed for bankruptcy
                                      Modifications would be designed to achieve 38% DTI (debt-to-income) ratio of
                                      PITI (Principal, Interest, Taxes, Insurance) and association dues

Hope: (888) 995-4673   www.fha.gov  http://www.fdic.gov
Countrywide: (800) 669-6650 http://my.countrywide.com/media/FinancialAssistanceEN.html
Citigroup: (800) 667-8424 http://www.mortgagehelp.citi.com
JPMorgan Chase: (866) 550-5705 www.chase.com
IndyMac/FDIC: (877) 908-4357 http://www.fdic.gov http://www.Indymac.com/default.aspx?id=1178