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States
Various states have their own foreclosure prevention or loan modification programs, including Maryland. In Virginia, there's a state Web site, VirginiaForeclosurePrevention.com, and an information number, 877-VHDA123.
What it does: Maryland has three programs: Lifeline, targeting current homeowners, and Homesaver, for delinquent homeowners, offer to refinance troubled loans. Both programs are for homeowners who have an adjustable-rate subprime loan issued between Dec. 31, 2001, and Dec. 31, 2007. Under the third program, Bridge to Hope, homeowners are eligible for a loan of up to $15,000 to help them catch up on their mortgage. Owner-occupied. Includes principal forgiveness or forbearance. Current and delinquent homeowners.
Best for: Maryland residents with adjustable-rate subprime loans and good credit scores.
Contact: http:/
Results: Maryland housing officials say the program has been hampered by tough eligibility requirements. Since its 2006 inception, 52 homeowners have received refinancing deals through Lifeline, 22 have gotten deals through HomeSaver since February, and 38 have received the stopgap loans. Since June 2007, 52 homeowners have received refinancing deals through Lifeline, 22 have received deals through HomeSaver since February and 35 have received the stopgap loans.
Industry Efforts
The face of the industry's foreclosure prevention efforts is Hope Now, an alliance of lenders backed by the Treasury Department. But lenders have their own programs and rules about what kinds of modification they will allow. The programs each have their own requirements and are often difficult to navigate. For these programs, borrowers should contact their lender directly or work through a nonprofit group. They can also call the Hope Hotline, 888-995-HOPE.
Citigroup
What it does: In November, Citigroup announced a six-month program to reach out to 500,000 homeowners current on their loans but living in areas with increasing unemployment rates. Troubled borrowers can get an interest rate as low as 4 percent or have their terms stretched to 40 years. Does not have to be owner-occupied. Some principal forbearance. Current homeowners.
Best for: Current Citigroup borrowers.
Contact: http:/
