The Obama administration’s “Making Home Affordable” program is beginning to have an impact.  As of last week, Chase Mortgage, the servicing side of JP Morgan Chase, had modified 15,000 home loans under the program.   Bank of America also has sent out 100,000 letters to borrowers whom could benefit.

Homeowners wanting to receive a mortgage modification should begin by visiting the government Web site, www.makinghomeaffordable.gov.  Once there, borrowers can take a quiz to find out if they are eligible for a mortgage modification under the “Making Home Affordable” program.  At the end of the quiz, based on the answers provided, the site will tell borrowers if they are likely to qualify for a modification under the program.

The site also provides helpful tips about gathering the proper paperwork, including pay stubs; tax returns; savings account records; mortgage statements; second mortgage information, such a home-equity loan statements; credit card bills; and information on other debt, including student and car loans.

To read the full story, please click here

To view additional articles about mortgages, which also may be of interest to clients in the market for a new home loan or loan modification, please visit the following:

Another sign of foreclosure trouble in California

To read the full story, please click here

California had most subprime loans, study says
To view the full story, please click here

Affluent homeowners: underwater and sinking fast

To view the full story, please click here

Bailed-out banks enabled subprime lending, study contends
To view the full story, please click here

House price drop leave more underwater
To view the full story, please click here

U.S. fixed mortgage rates rise but hover near lows
To view the full story, please click here