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.
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.
- AgFirstFarm Credit Bank
- Allstate Mortgage Loans & Investments, Inc.
- American Eagle Federal Credit Union
- American Finance House LARIBA
- American Home Mortgage Servicing, Inc
- AMS Servicing, LLC
- Aurora Loan Services, LLC
- Bank of America, N.A.1
- Bank United
- Bay Federal Credit Union
- BayviewLoan Servicing, LLC
- Bramble Savings Bank
- Carrington Mortgage Services, LLC
- CCO Mortgage
- Central Florida Educators Federal Credit Union
- CitiMortgage, Inc.
- Citizens 1st National Bank
- Citizens Community Bank
- Citizens First Wholesale Mortgage Company
- Community Bank & Trust Company
- Community Credit Union of Florida
- CUC Mortgage Corporation
- DuPageCredit Union
- Eaton National Bank & Trust Co
- Farmers State Bank
- Fay Servicing, LLC
- Fidelity Homestead Savings Bank
- First Bank
- First Financial Bank, N.A.
- First Keystone Bank
- First National Bank of Grant Park
- First Safety Bank
- Franklin Credit Management Corporation
- Franklin Savings
- Fresno County Federal Credit Union
- GFA Federal Credit Union
- Glass City Federal Credit Union
- GMAC Mortgage, LLC
- Golden Plains Credit Union
- Grafton Suburban Credit Union
- Great Lakes Credit Union
- Greater Nevada Mortgage Services
- Green Tree Servicing LLC
- Hartford Savings Bank
- Hillsdale County National Bank
- HomeStarBank & Financial Services
- Horicon Bank
- Horizon Bank, NA
- IBM Southeast Employees’ Federal Credit Union
- IC Federal Credit Union
- Idaho Housing and Finance Association
- iServeResidential Lending LLC
- iServeServicing Inc.
- J.P.MorganChase Bank, NA2
- Lake City Bank
- Lake National Bank
- Liberty Bank and Trust Co.
- Litton Loan Servicing
- Los Alamos National Bank
- Magna Bank
- MainstreetCredit Union
- MarixServicing, LLC
- Metropolitan National Bank
- Midland Mortgage Company
- Midwest Bank & Trust Co.
- Midwest Community Bank
- Mission Federal Credit Union
- MorEquity, Inc.
- Mortgage Center, LLC
- Mortgage Clearing Corporation
- NationstarMortgage LLC
- Navy Federal Credit Union
- Oakland Municipal Credit Union
- OcwenFinancial Corporation, Inc.
- OneWest Bank
- ORNL Federal Credit Union
- Park View Federal Savings Bank
- Pathfinder Bank
- PennyMacLoan Services, LLC
- PNC Bank, National Association
- PNC Mortgage3
- Purdue Employees Federal Credit Union
- QLending, Inc.
- Quantum Servicing Corporation
- Residential Credit Solutions
- RG Mortgage Corporation
- Roebling Bank
- RoundPointMortgage Servicing Corporation
- Saxon Mortgage Services, Inc.
- Schools Financial Credit Union
- Select Portfolio Servicing
- ServisOne Inc., dbaBSI Financial Services, Inc.
- Silver State Schools Credit Union
- 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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