Making Home Affordable

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1 Making Home Affordable Working Together to Help Homeowners

2 The Crisis Continues Foreclosures continue to devastate families and communities across the country. 2

3 Response to the Crisis MHA is part of Administration goal to promote stability and affordability. Homeowner Affordability and Stability Plan boosts affordability and reduces foreclosures. MHA is key. The $8,000 Homebuyer Tax Credit helped more than 2.5 million buy houses. Historically low 30 year fixed rate mortgages provide affordability and stability for families. HUD s NSP provides resources to purchase, rehabilitate, sell, and rent foreclosed and vacant properties. Hardest Hit Fund provides targeted aid to families in states hit hardest by housing downturn. 3

4 Making Home Affordable Offers Help MHA and other programs work together to help homeowners avoid foreclosure and to revitalize the housing market. Home Affordable Refinance Program (HARP) FHA Refinance for Homeowners with Negative Equity Home Affordable Modification Program (HAMP) Home Affordable Unemployment Program (UP) Principal Reduction Alternative (PRA) Second Lien Modification Program (2MP) Home Affordable Foreclosure Alternatives (HAFA) Options for mortgages insured, guaranteed, or held by federal government agencies: FHA (FHA HAMP) USDA (RD HAMP) VA (VA HAMP) Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (Hardest Hit Fund) 4

5 HARP Overview Home Affordable Refinance Program (HARP) Helps homeowners unable to refinance due to declining property values. Makes payments more affordable and/or stable. Replace ARM, Option ARM etc. with fixedrate mortgage. Reduce amortization term in order to build equity. Extended through June 30, Through all refinances, including HARP, 7 million homeowners saving $150/month. 5

6 FHA Refinance Negative Equity Provides additional refinancing option for underwater homeowners. Provides homeowner who owes more than home value chance to refinance into FHA loan at no more than 97.75% of home value. Homeowner must be current, occupy home as primary residence, and have qualifying credit score. Lender writes down unpaid principal balance of 1 st lien by at least 10%. Total mortgage debt after refinancing may not exceed 115% of home value. Treasury provides incentives to participating servicers, investors who extinguish all or part of 2 nd lien. 6

7 HAMP Overview Home Affordable Modification Program (HAMP) Modifies 1 st liens for eligible homeowners to achieve more affordable or more stable payments. Helps homeowners keep their homes. Reduces impact of foreclosure on communities. Ends December 31,

8 HAMP Eligibility Criteria Homeowner: Has financial hardship and is delinquent or at risk of imminent default Is owner occupant of 1 4 unit property Has sufficient, documented income to support the modified payment Loan: Amount owed on first mortgage equal to or less than $729,750 Mortgage originated on or before January 1, 2009 First mortgage payment (PITI + homeowner association/ condo fees) is greater than 31% of homeowner s monthly gross income 8

9 Home Affordable Unemployment Program (UP) UP provides some breathing room while homeowner seeks reemployment. What if the homeowner is unemployed? Any unemployed homeowner who requests assistance under HAMP must first be considered for UP. UP provides temporary assistance to homeowner with hardship related to unemployment. Assistance grants homeowners a forbearance where payments are reduced or suspended. Effective August 1,

10 UP Eligibility Criteria Borrower: Is owner occupant of 1 4 unit property. Makes request before seriously delinquent (three months due, unpaid). Is unemployed at time of request and eligible for unemployment benefits. Has not previously received UP forbearance. Loan: Amount owed on first mortgage equal to or less than $729,750. Mortgage originated on or before January 1, Is delinquent or default is foreseeable. Loan has not been previously modified under HAMP. 10

11 From UP to HAMP Modification Eligible homeowner enters forbearance period. What if the homeowner is unemployed? Minimum forbearance is 3 months, but may be extended at servicer discretion. Homeowner s payment must be reduced to no more than 31% of gross income. Servicer may suspend homeowner s mortgage payment in full. The UP Forbearance Plan Notice provides the effective date and other details about the Forbearance Plan. 11

12 From UP to HAMP Modification Servicer evaluates eligible homeowner for HAMP. At least 30 days before forbearance expiration, servicer required to evaluate whether extension will be provided. Servicer provides Initial Package to homeowner at re employment or 30 days before UP forbearance expiration. Homeowner submits Initial Package for servicer evaluation for HAMP. What if the homeowner is unemployed? 12

13 Steps to HAMP Modification Step #1 for everyone! Homeowner submits Initial Package for evaluation. Homeowner proactively seeks help from servicer or responds to servicer solicitation letter. Initial Package includes: Request for Modification and Affidavit Form (RMA) Signed and dated 4506T EZ Two most recent pay stubs and/or evidence of income Servicer evaluates income, debt, and hardship against eligibility criteria. 13

14 HAMP Principal Reduction Alternative (PRA) PRA offers some relief to underwater homeowners. What if the homeowner is underwater? PRA Effective Fall 2010 Program enhancement addresses principal reduction. PRA gives participating servicers flexibility to offer principal reduction relief to homeowners whose homes are worth significantly less than they still owe (LTV 115%+). Servicers will be required to evaluate homeowners for PRA this Fall. Homeowners should not wait for PRA to become effective. PRA will be retroactive. Guidance forthcoming. 14

15 Steps to HAMP Modification (PRA) Servicer calculates target modified payment. What if the homeowner is underwater? PRA Effective Fall 2010 Servicer applies sequential steps The Alternative Waterfall to reduce monthly mortgage payment to 31% of gross (pre tax) income. 1.Capitalize outstanding interest, escrow advances, out of pocket servicing expenses (no late fees). Servicer reduces UPB to reach LTV of 115% or target monthly mortgage payment at 31%. 2.Cut interest rate to as low as 2%. 3.Extend loan term up to 40 years. 4.Defer portion of principal, interest free, until loan is paid off. 15

16 Steps to HAMP Modification (PRA) Servicer Applies Net Present Value (NPV) Test What if the homeowner is underwater? PRA Effective Fall 2010 NPV test is complex, nonlinear mathematical model to analyze cost/benefit of investment decisions. If NPV test is positive on The Standard Waterfall, servicer must modify the loan. If NPV test is negative, servicer may modify the loan in accordance with investor guidelines. If NPV test is positive on The Alternative Waterfall, servicer may reduce principal in conjunction with HAMP modification. Homeowner can request review of NPV values if denied because of negative NPV test. 16

17 HAMP Modification Reduces Principal Successful trial becomes permanent modification. What if the homeowner is underwater? PRA Effective Fall 2010 Homeowner who makes timely payments receives principal reduction of up to $5,000: $1,000 per year for 5 years. Homeowner in good standing receives principal reduction in thirds: one third per year for 3 years. Homeowner in good standing who pays off loan (30+ days after effective) receives entire principal reduction. 17

18 HAMP Protections Against Foreclosure Designed to protect responsible homeowners from unnecessary and costly foreclosure actions. Servicers may not refer homeowner to foreclosure until homeowner is determined ineligible for HAMP, or contact efforts have failed. Servicer may not proceed with foreclosure sale until homeowner determined ineligible, declines HAMP, or contact efforts have failed. Servicer s attorney or trustee cannot conduct a foreclosure sale without written certification that a homeowner is not HAMP eligible. In most cases, if homeowner not approved, homeowner benefits from 30 day waiting period before a foreclosure sale. 18

19 2MP Overview Creates comprehensive solution to achieving greater affordability. Works in tandem with HAMP. When 1 st lien modified, participating 2MP servicers must offer to modify 2 nd lien. 2 nd lien must have been originated on or before January 1, Homeowners who are delinquent must successfully complete 3 month trial period. No new 2MP modifications after December 31,

20 2MP Modification Reduces Principal 2MP works in tandem with HAMP. What if the homeowner is underwater? PRA Effective Fall 2010 Homeowner who makes timely payments receives principal reduction of up to $1,250: $250 per year for 5 years. Servicers may extinguish 2 nd lien; or extinguish part of 2 nd lien and modify remaining unpaid principal balance. Under PRA, when there is principal forbearance or reduction on 1 st lien, participating 2MP servicer must forbear or forgive on 2 nd lien in same proportion. 20

21 HAFA Overview HAFA provides more alternatives to foreclosure. Provides other foreclosure alternatives: Short Sale (SS), Deed in Lieu of foreclosure (DIL). Standardizes and simplifies process to improve execution. Offers benefits to proactive homeowners: Provides homeowner with $3,000 relocation assistance. Releases homeowner from future liability. Encourages cooperation from subordinate lien holders. Ends December 31,

22 HAFA Eligibility Criteria Homeowner: Is owner occupant Property may be vacant <90 days if homeowner required to relocate 100+ miles for work Loan: Amount owed on first mortgage equal to or less than $729,750 Mortgage originated on or before January 1, 2009 First mortgage payment (PITI + homeowner association/ condo fees) is greater than 31% of homeowner s monthly gross income 22

23 FHA HAMP Overview Provides additional assistance to homeowners with FHAinsured loans. Defers principal through partial claim; modifies remaining balance into 30 year fixed rate loan. Provides affordable payment at 31% of gross monthly income. Homeowner who makes timely payments receives principal reduction of up to $5,000: $1,000 per year up to 5 years. For more information, call the National Servicing Center at or visit HUD.gov/offices/hsg/sfh/nsc/nschome.cfm. Ends December 31,

24 Hardest Hit Fund (HHF) Overview HHF supports innovative programs developed by state HFAs to prevent foreclosures and stabilize housing markets. HHF supports innovative HFA programs that stabilize housing and help families avoid foreclosure. R1: $1.5B, R2: $600M, R3: $2B. Programs may include assistance to unemployed homeowners, principal reduction, funding to extinguish 2 nd liens, and facilitation of SS, DIL. Designed to complement MHA or reach homeowners ineligible for MHA. Ten states received funding: AZ, CA, FL, MI, NV, NC, OH, OR, RI, and SC. Additionally eligible: AL, GA, IL, IN, KY, MS, NJ, TN, and DC. 24

25 HHF Michigan Michigan.gov/ mshda 25

26 Let s Work Together Together we can help more homeowners avoid foreclosure. Help promote upcoming MHA events. Encourage homeowners to apply. Ensure that homeowners submit all required documentation upfront. Direct homeowners to free resources: MakingHomeAffordable.gov HOPE HUD.gov LoanScamAlert.org 26

27 Access Program Information HMPAdmin.com Trusted advisors have easy access to MHA information and tools. Resources for Counselors and Trusted Advisors FAQs Presentations Escalation process details Homeowner Outreach Homeowner presentations Consumer brochures. Fact Sheets in English, Spanish, Portuguese, Chinese, Korean, Hmong, Tagalog and Vietnamese Web ready banner ads 27

28 Escalate Tough Cases HMPAdmin.com Get help with cases that are difficult to resolve. 28

29 Fight Scams LoanScamAlert.org Spread the word. Identify and report scams. Information is available in multiple languages. Homeowners learn to identify scams. Enforcement is key part of campaign. Partner Toolkit provides resources for local participation and promotion. 29

30 Access Resources for Trusted Advisors Resources are in place to help you help homeowners HAMP Solution Center: , Escalate cases to FannieMae.com, Fannie FreddieMac.com, Freddie, Follow MHA progress at FinancialStability.gov. For FHA loans: or HUD.gov/offices/hsg/sfh/nsc/nschome.cfm. 30

31 Find Program Info MakingHomeAffordable.gov Homeowners have easy access to MHA information and tools. Find the list of participating servicers at contact_servicer.html. 31

32 Discussion/Questions Thank You 32

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