mha overview presentation
TRANSCRIPT
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8/10/2019 MHA Overview Presentation
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September2012lMakingHomeAffordable
MakingHomeAffordable
Real Help Real Answers Right Now
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DoYouNeedHelpwithYourMortgage?
Takeactionto
getthe
help
youneed.
Haveyourexpensesincreased?
Hasyour
income
decreased?
Ifyourestrugglingtomakeyourmortgage
payments,itsimportanttobeproactive.
Getontherightpathtorealhelpandreal
answersrightnow.
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AreYouEligibletoApply?
Homeowner:
Hasfinancial
hardship
and
is
delinquent,orisanowner
occupantatriskofdefault.
Isownerof14unitproperty
thatsecuresthemortgageloan.
Ownsnomorethanfive
singlefamily
properties
in
additiontotheirpermanent
residence.
Loan:
Amountowed
on
1st
mortgageequaltoorless
than$729,750foraoneunit
property.
Mortgageoriginated
on
or
beforeJanuary1,2009.
Loanssecuredbyrental
propertiesmay
be
eligible.
Homeowner must not have not been convicted within the last 10 years of any one of the following in connection with amortgage or real estate transaction: felony larceny, theft, fraud or forgery; money laundering; or tax evasion.
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UPOffersBreathingRoomforUnemployed
ThroughMHAs HomeAffordable
UnemploymentProgram
(UP),
payments
are
reducedto31%ofincomeorsuspended
altogetherforupto12months(forbearance).
Designedtogiveadditionaltimetofindwork.
Evenifyouvealreadymissedafewpayments,
youcanbeconsidered.
Whenyoulandyournextjob,oryour
forbearanceends,
your
mortgage
company
mayevaluateyouforHAMPifyoumeetcertain
eligibilitycriteria.
ThroughUP,
monthly
mortgage
paymentsare
reducedor
suspended
altogether.
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HAMPfocuses
onaffordability.
HAMPCreatesMoreAffordablePayments
ThecenterpieceofMHAistheHomeAffordable
ModificationProgram
(HAMP),
which
reduces
yourpaymentstoareasonablepercentageof
yourgrossmonthlyincome.
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HAMP
recalculatestargetmodified
payment.
StepstoHAMPModification
HAMPfollowssequentialstepstoreduceyour
monthlymortgage
payment:
1. Addtogethereverythingoutstanding
interest,taxes,insurance,loanbalanceto
calculatethetotalamountowed.
2. Cutinterestrateto,insomecases,aslowas
2%.
3. Extendloantermupto40years.
4. Deferportionofprincipal,interestfree,until
loanispaidoff.
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HAMP
combines
affordability
with
sustainability.
HAMPAdvantages
Sinceprograminception,HAMPmodifications
savehomeowners
amedian
$500+
each
month.
SomeHAMPmodificationsprovideincentives
ofupto$1000peryearforfiveyears(total
$5000)
in
principal
forgiveness
for
borrowers
whomaketheirmodifiedmortgagepayments
ontime.
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Contactyour
mortgage
companyto
findoutifPRA
isavailablefor
you.
PRAOffersHelpWhenYoureUnderwater
HAMPincludesthePrincipalReduction
Alternative(PRA)
for
some
homeowners
who
oweatleast15%morethantheirhomesare
worth.
The
mortgage
company
forgives
part
of
what
youoweovertimeandreducesyourpayments
toamoreaffordablepercentageofyour
income.
ThroughHAMP
with
PRA,
homeowners
are
seeingabout30%oftheirprincipalreduced.
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Whenthe
weightof
homeownership
becomestoo
great,thereare
optionsto
avoid
foreclosure.
HAFAOffersTransitionfromHomeownership
TheHomeAffordableForeclosureAlternatives
(HAFA)Program
has
short
sale
and
deed
in
lieu
offoreclosure(DIL)whenyouveexhausted
otheroptions:
In
a
short
sale,
you
sell
your
house
for
an
amountthatsshort theamountyouowedat
thetimeofsale.
Inadeedinlieuofforeclosure(DIL),yougive
thetitle
back
to
your
mortgage
company.
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HAFAoffers
solutionswhen
youvetried
otheroptions.
ThinkHAFA When
Youdontqualifyforamodification.
Yourmodificationdoesntworkout.
Youvemoved,andyouneedtosellthehouse.
Yourmortgage
has
become
unaffordable,
and
youneedawayout.
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Call888995HOPE(4673)
Housingexperts
areavailable
24
hoursaday,in
morethan160
languages,and
atno
cost
to
you!
Escalatetough
casesto
888995HOPE.
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GatherYourDocuments
Bepreparedto
providepersonaland
financial
documentation.
Incomedocumentation,includingyourtwo
mostrecent
pay
stubs
or
your
most
recent
quarterlyorYTDprofit&lossstatement(ifself
employed).
Evidenceof
the
cause
of
your
mortgage
trouble.
Informationaboutyourexpenses,includingany
othermortgages
on
your
home.
Documentationofyourassets,includingyour
twomostrecentbankstatements.
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SubmitYour
Request
for
Mortgage
Assistance
Download
formsfrom
MakingHome
Affordable.gov.
ForMHAevaluation,providethefinancial
documentationyouve
gathered
along
with
the
followingforms:
RMARequestforMortgageAssistanceForm
IRSForm
4506T
EZ
or
Form
4506
T
DoddFrankCertification
Mortgagecompany
may
request
additional
forms.
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BeyondMHA
MHAisjustone
ofthe
tools
in
yourmortgage
companys
toolbox.
IfyouapplyforanMHAprogrambutdont
qualify,get
the
reason
and
alternatives
in
writing.
Askyourmortgagecompanyforsolutionsmost
suitableto
your
situation.
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Resourcesfor
Homeowners
Resourcesare
inplace
to
help
you.
VisitMakingHomeAffordable.gov.
Call888
995
HOPE
(4673).
FannieMae.com,(800)7Fannie,
KnowYourOptions.com.
FreddieMac.com,(800)Freddieandselectoption2,
Freddie_Mac_Borrower_Help@FreddieMac.com.ForassistancewithFHAloans,contacttheFHA
NationalServicingCenterat(877)6228525or
HUD.gov/offices/hsg/sfh/nsc/nschome.cfm.
Forassistance
with
VA
loans,
call
(877)827
3702
or
visitHomeLoans.va.gov.
ForhelpwithUSDARHSloans,contactthe
CentralizedServicingCenterat(800)4141226.
HelpisFREE