MHA Overview Presentation

8/10/2019 MHA Overview Presentation

1/16

September2012lMakingHomeAffordable

MakingHomeAffordable

Real Help Real Answers Right Now


2/16

2September2012lMakingHomeAffordable

DoYouNeedHelpwithYourMortgage?

Takeactionto

getthe

help

youneed.

Haveyourexpensesincreased?

Hasyour

income

decreased?

Ifyourestrugglingtomakeyourmortgage

payments,itsimportanttobeproactive.

Getontherightpathtorealhelpandreal

answersrightnow.


3/16


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.


4/16


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.


5/16


HAMPfocuses

onaffordability.

HAMPCreatesMoreAffordablePayments

ThecenterpieceofMHAistheHomeAffordable

ModificationProgram

(HAMP),

which

reduces

yourpaymentstoareasonablepercentageof

yourgrossmonthlyincome.


6/16


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.


7/16


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.


8/16


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.


9/16


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.


10/16


HAFAoffers

solutionswhen

youvetried

otheroptions.

ThinkHAFA When

Youdontqualifyforamodification.

Yourmodificationdoesntworkout.

Youvemoved,andyouneedtosellthehouse.

Yourmortgage

has

become

unaffordable,

and

youneedawayout.


11/16


12/16


Call888995HOPE(4673)

Housingexperts

areavailable

24

hoursaday,in

morethan160

languages,and

atno

cost

to

you!

Escalatetough

casesto

888995HOPE.


13/16


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.


14/16


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.


15/16


BeyondMHA

MHAisjustone

ofthe

tools

in

yourmortgage

companys

toolbox.

IfyouapplyforanMHAprogrambutdont

qualify,get

the

reason

and

alternatives

in

writing.

Askyourmortgagecompanyforsolutionsmost

suitableto

your

situation.


16/16


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