More loan servicers are taking part in a $2 billion state effort to help low-to moderate-income homeowners avoid foreclosure.
The number of mortgage-servicing companies has grown to 21 from the eight that were participating when the Keep Your Home California program began in February, said officials with the California Housing Finance Agency. The project does everything from cutting outstanding loan principals to offering financial assistance to the unemployed.
In April, the housing agency reported having to turn down about 30 percent of interested property owners, more than 8,000 Californians, because their servicers weren't yet in the program. The 21 banks who are participating service about 80 percent of the mortgages in California, officials said last week.
The 21 servicers include six of the major ones in the state: Bank of America, J.P. Morgan Chase, Wells Fargo, GMAC, CitiMortgage and EMC Mortgage. Only six take part in all four programs under the Keep Your Home California umbrella.
Read the full story from the San Diego Union-Tribune:
http://www.signonsandiego.com/news/2011/jun/14/more-loan-servicers-added-2b-mortgage-aid-program/
As always ... Keep the faith!
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