Principal Reduction Alternative (PRA)

Here is some information on the Principal Reduction Alternative Program or PRA as it is called – I have not seen too many of these come out from lenders but I have seen a few, and let me tell you, from the one’s I have seen they are amazing – as I get more information on how you actually win what seems like the lottery, I will report back!  Keep plugging away my friends, and pray. Expect ONLY Miracles and Question Authority!

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.


You may be eligible for PRA if:

  • Your mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac.
  • 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 SM-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

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