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Fannie Mae Or Freddie Mac Mac Freddie Or Mae Fannie on the same property, the borrower may be be may borrower the property, same the on and Urban Development Urban and under HAMP and there is a second mortgage mortgage second a is there and HAMP under U.S. Department of Housing Housing of Department U.S. the first mortgage was permanently modified modified permanently was mortgage first the If If (2MP): Program Modification Lien Second • owe up to $729,750 on the 1st mortgage. 1st the on $729,750 to up owe of gross (pre-tax) monthly income; and they they and income; monthly (pre-tax) gross of of residence. of mortgage payments are more than 31 percent percent 31 than more are payments mortgage of their homes and into more affordable places places affordable more into and homes their of their mortgage on or before January 1, 2009; 2009; 1, January before or on mortgage their Help for homeowners who are transitioning out out transitioning are who homeowners for Help • house as primary residence; they obtained obtained they residence; primary as house second lien loans. loans. lien second than the home is worth; they occupy the the occupy they worth; is home the than Funding to reduce or eliminate homeowners’ homeowners’ eliminate or reduce to Funding • Fannie Mae or Freddie Mac; they owe more more owe they Mac; Freddie or Mae Fannie into more affordable mortgages. mortgages. affordable more into their mortgage is not owned or guaranteed by by guaranteed or owned not is mortgage their Principal reduction to help homeowners get get homeowners help to reduction Principal • on it. Homeowners may be eligible for PRA if if PRA for eligible be may Homeowners it. on or underemployed homeowners. homeowners. underemployed or currently worth significantly less than they owe owe they than less significantly worth currently Mortgage payment assistance for unemployed unemployed for assistance payment Mortgage • Designed to help homeowners whose home is is home whose homeowners help to Designed and state of residence, such as: such residence, of state and (PRA): Alternative Reduction Principal • of mortgage assistance depending on their situation situation their on depending assistance mortgage of described below. described in these jurisdictions are eligible for different types types different for eligible are jurisdictions these in there are several additional options within HAMP HAMP within options additional several are there D.C. were hit hard by the housing crisis. Borrowers Borrowers crisis. housing the by hard hit were D.C. : See previous definition. For Other Loans, Loans, Other For definition. previous See : HAMP Other Loans Other MS, NV, NJ, NC, OH, OR, RI, SC, TN, and Washington Washington and TN, SC, RI, OR, OH, NC, NJ, NV, MS, AL, AZ, CA, FL, GA, IL, IN, KY, MI, MI, KY, IN, IL, GA, FL, CA, AZ, AL, Fund: Hit Hardest State Programs State the home as a renter/tenant. a as home the conjunction with DIL so that borrower may stay in in stay may borrower that so DIL with conjunction or visit www.nationalmortgagesettlement.com visit or such options as Deed-for-Lieu, which is used in in used is which Deed-for-Lieu, as options such numbers provided above to inquire about eligibility, eligibility, about inquire to above provided numbers : Can include include Can : Alternatives Foreclosure Additional borrowers may also contact Servicers directly at at directly Servicers contact also may borrowers Sales and Deeds-in-Lieu (see previous definitions) previous (see Deeds-in-Lieu and Sales should contact eligible borrowers; however, however, borrowers; eligible contact should also administered by Treasury, offers Pre-foreclosure Pre-foreclosure offers Treasury, by administered also Programs and Foreclosure Alternatives. Servicers Servicers Alternatives. Foreclosure and Programs Home Affordable Foreclosure Alternative, Alternative, Foreclosure Affordable Home HAFA: Principal Reduction, or benefit from Forbearance Forbearance from benefit or Reduction, Principal the HAMP program. HAMP the an opportunity to receive Loan Modifications with with Modifications Loan receive to opportunity an provided by Fannie or Freddie lenders outside of of outside lenders Freddie or Fannie by provided JP Morgan Chase and Ally (formerly GMAC) may have have may GMAC) (formerly Ally and Chase Morgan JP Loan Modifications Modifications Loan Modifications: Loan Proprietary serviced by Bank of America, Wells Fargo, Citibank, Citibank, Fargo, Wells America, of Bank by serviced income. income. homeowners whose mortgages are held and/or and/or held are mortgages whose homeowners payment to 31 percent of verified gross (pre-tax) (pre-tax) gross verified of percent 31 to payment Distressed Distressed Alternatives: Foreclosure & Forbearance Modifications and can lower the monthly mortgage mortgage monthly the lower can and Modifications Mortgage Settlement Principal Reduction/ Principal Settlement Mortgage make mortgage payments. HAMP provides Loan Loan provides HAMP payments. mortgage make who are not unemployed, but still struggling to to struggling still but unemployed, not are who Pre-foreclosure Sales and DILs. and Sales Pre-foreclosure HAFA: • administered by U.S. Treasury, is for borrowers borrowers for is Treasury, U.S. by administered affordability and sustainability. and affordability The Home Affordable Modification Program, Program, Modification Affordable Home The HAMP: with second mortgages to increase long-term long-term increase to mortgages second with Forbearance (see above definition). above (see Forbearance 2012 comprehensive solutions for homeowners homeowners for solutions comprehensive : includes Special Special includes : Programs Forbearance which works in tandem with HAMP to provide provide to HAMP with tandem in works which Loans on the second mortgage as well through 2MP 2MP through well as mortgage second the on Mortgage Assistance Guide Assistance Mortgage Freddie Mac Mac Freddie or Mae Fannie eligible for a modification or principal reduction reduction principal or modification a for eligible Housing Counseling Services: All homeowners, Fannie Mae or Freddie Mac Special Forbearance: Written structured repayment regardless of their situation or lender are eligible agreement between a lender and a borrower to for housing counseling services. Contact a HUD- Loans repay a delinquency over time that can provide for approved housing counselor at 888-995-HOPE HARP – Home Affordable Refinance Program helps up to 12 months of principal, interest, taxes and (4673). This service is FREE and available in more homeowners who are current on their mortgage, insurance (PITI). than 160 languages. but are unable to qualify for the GSEs’ streamline refinance programs. Loan Modification: A modification is a permanent change in one or more of the terms of the loan Refinancing Programs Other Loans which will allow it to be reinstated and should result for Borrowers who Mortgage Servicing Settlement Refinancing: in a payment the borrower can afford. The overdue are current Homeowners whose mortgages are held by and payments may be added to the loan balance, the serviced by Bank of America, Wells Fargo, Citibank, interest rate may be changed, or the loan term may JP Morgan Chase and Ally (formerly GMAC) may be extended. Federal Housing have an opportunity to refinance their mortgage. FHA-HAMP: Combines partial claim with a loan Administration (FHA) Loans Letters from those lenders to affected homeowners modification allowing for a reduction of as much as FHA Streamline Refinancing: As of June 11, 2012, will inform them if they are eligible for refinancing. 30 percent of the unpaid principal balance (UPB). FHA lowered its Upfront Mortgage Insurance However, borrowers may contact the lenders Premium (UFMIP) to just .01 percent and reduced its directly to inquire about eligibility. Foreclosure Alternatives: annual premium to .55 percent for FHA borrowers • Ally/GMAC: (800) 766-4622 • Pre-foreclosure Sale: An option, also known as who wish to refinance. To qualify the mortgage • Bank of America: (877) 488-7814 a short sale, where the homeowner can offer must have been endorsed on or before May 31, • Citi: (866) 272-4749 their house for sale and sell it at fair market 2009. Borrowers may contact their lender directly • JPMorgan Chase: (866) 372-6901 value even if the amount they receive from the to inquire about eligibility. • Wells Fargo: (800) 288-3212 sale is less than the amount they owe. Or visit www.nationalmortgagesettlement.com FHA Short Refinancing: Helps current homeowners • Deed in Lieu of Foreclosure (DIL): As a last who can’t refinance because they are underwater. resort, DIL is a disposition option in which a FHA short refinance loans require a loan application Programs for Distressed homeowner voluntarily deeds the property to the lender in exchange for a release from all and that borrowers satisfy other eligibility Borrowers (NOTE: A distressed requirements. obligations under the mortgage. borrower is one who is either delinquent or facing imminent default, meaning behind Veterans Affairs/ on one payment and will not make the VA/USDA Loans subsequent payment). Forbearance Programs, similar to FHA programs U.S. Department of and including Special Forbearance (see definition Agriculture Loans above). FHA Loans Loan Modification, such as VA-HAMP and USDA’s Streamline Refinancing: Both VA and USDA offer Informal Forbearance: Verbal agreement to Special Loan Servicing, similar to FHA-HAMP (see streamline refinance programs similar to the FHA. increase, reduce or suspend payments for less than definition above). Visit www.benefits.va.gov/homeloans or www. three months. rurdev.usda.gov for more information. These are in Foreclosure Alternatives, such as Pre-Foreclosure addition to conventional refinancing programs. Formal Forbearance: Written agreement to Sales and Deed-in-Lieu. increase, reduce or suspend payments for a Note: VA loans may be eligible for additional relief minimum of three months. under Servicemembers Civil Relief Act (SCRA) and the recent Mortgage Servicing Settlement. on the same property, the borrower may be be may borrower the property, same the on and Urban Development Urban and under HAMP and there is a second mortgage mortgage second a is there and HAMP under U.S.
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