Principle Reduction Modifications

An Overview of the Principal Reduction Alternative (PRA) program:

PRA was designed to help homeowners whose homes are worth significantly less than they owe by encouraging servicers and investors to reduce the amount you owe on your home.

Eligibility

You may be eligible for PRA if:
• Your mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac.

Weitz - Ha!...nice work govrnment. "We'll reduce your principle as long as the loan is not insured by Fannie or Freddie which owns or guarantees a huge majority of mortgages in the country"...thanks for another worthless program! Nevertheless, if you're loan is not in this category - continue reading.

• You owe more than your home is worth.
• You live in the home carrying the mortgage you want to modify.
• You obtained your mortgage on or before January 1, 2009.
• Your mortgage payment is more than 31 percent of your gross (pre-tax) monthly income.
• You owe up to $729,750 on your 1st mortgage.
• You have a financial hardship and are either delinquent or in danger of falling behind.
• You have sufficient, documented income to support the modified payment.
• You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.
Program Availability

More than 100 HAMP-participating servicers are required to evaluate homeowners for principal reduction. Participating servicers are required to develop written standards for PRA application. The largest servicers include Bank of America, CitiMortgage, JP Morgan Chase, and Wells Fargo.

1. AgFirstFarm Credit Bank
2. Allstate Mortgage Loans & Investments, Inc.
3. American Eagle Federal Credit Union
4. American Finance House LARIBA
5. American Home Mortgage Servicing, Inc
6. AMS Servicing, LLC
7. Aurora Loan Services, LLC
8. Bank of America, N.A.1
9. Bank United
10. Bay Federal Credit Union
11. BayviewLoan Servicing, LLC
12. Bramble Savings Bank
13. Carrington Mortgage Services, LLC
14. CCO Mortgage
15. Central Florida Educators Federal Credit Union
16. CentrueBank
17. CitiMortgage, Inc.
18. Citizens 1st National Bank
19. Citizens Community Bank
20. Citizens First Wholesale Mortgage Company
21. Community Bank & Trust Company
22. Community Credit Union of Florida
23. CUC Mortgage Corporation
24. DuPageCredit Union
25. Eaton National Bank & Trust Co
26. Farmers State Bank
27. Fay Servicing, LLC
28. Fidelity Homestead Savings Bank
29. First Bank
30. First Financial Bank, N.A.
31. First Keystone Bank
32. First National Bank of Grant Park
33. First Safety Bank
34. Franklin Credit Management Corporation
35. Franklin Savings
36. Fresno County Federal Credit Union
37. GFA Federal Credit Union
38. Glass City Federal Credit Union
39. GMAC Mortgage, LLC
40. Golden Plains Credit Union
41. Grafton Suburban Credit Union
42. Great Lakes Credit Union
43. Greater Nevada Mortgage Services
44. Green Tree Servicing LLC
45. Hartford Savings Bank
46. Hillsdale County National Bank
47. HomEqServicing
48. HomeStarBank & Financial Services
49. Horicon Bank
50. Horizon Bank, NA
51. Iberiabank
52. IBM Southeast Employees' Federal Credit Union
53. IC Federal Credit Union
54. Idaho Housing and Finance Association
55. iServeResidential Lending LLC
56. iServeServicing Inc.
57. J.P.MorganChase Bank, NA2
58. Lake City Bank
59. Lake National Bank
60. Liberty Bank and Trust Co.
61. Litton Loan Servicing
62. Los Alamos National Bank
63. Magna Bank
64. MainstreetCredit Union
65. MarixServicing, LLC
66. Metropolitan National Bank
67. Midland Mortgage Company
68. Midwest Bank & Trust Co.
69. Midwest Community Bank
70. Mission Federal Credit Union
71. MorEquity, Inc.
72. Mortgage Center, LLC
73. Mortgage Clearing Corporation
74. NationstarMortgage LLC
75. Navy Federal Credit Union
76. Oakland Municipal Credit Union
77. OcwenFinancial Corporation, Inc.
78. OneWest Bank
79. ORNL Federal Credit Union
80. Park View Federal Savings Bank
81. Pathfinder Bank
82. PennyMacLoan Services, LLC
83. PNC Bank, National Association
84. PNC Mortgage3
85. Purdue Employees Federal Credit Union
86. QLending, Inc.
87. Quantum Servicing Corporation
88. Residential Credit Solutions
89. RG Mortgage Corporation
90. Roebling Bank
91. RoundPointMortgage Servicing Corporation
92. Saxon Mortgage Services, Inc.
93. Schools Financial Credit Union
94. SEFCU
95. Select Portfolio Servicing
96. ServisOne Inc., dbaBSI Financial Services, Inc.
97. ShoreBank
98. Silver State Schools Credit Union
99. Specialized Loan Servicing, LLC
100. Spirit of Alaska Federal Credit Union
101. Stanford Federal Credit Union
102. Sterling Savings Bank
103. Suburban Mortgage Company of New Mexico
104. Technology Credit Union
105. The Golden 1 Credit Union
106. U.S. Bank National Association
107. United Bank
108. United Bank Mortgage Corporation
109. University First Federal Credit Union
110. VantiumCapital, Inc.
111. Verity Credit Union
112. VistFinancial Corp.
113. WealthbridgeMortgage Corp.
114. Wells Fargo Bank, NA4
115. WescomCentral Credit Union
116. Yadkin Valley Bank

Effective Oct. 1, 2010 – Dec. 31, 2012.