MORTGAGE RESCUE: HomeOwnership Center Assistance. A Program of St. Mary Development Corporation

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1 MORTGAGE RESCUE: HomeOwnership Center Assistance A Program of St. Mary Development Corporation

2 St. Mary Development Corporation Non-profit organization Community development and neighborhood revitalization for over 5 years Chartered Member of NeighborWorks America HUD-approved housing counseling agency

3 The HomeOwnership Center s Mission To empower residents of Greater Dayton to achieve and sustain homeownership and financial success.

4 Services Complete First-Time Homebuyer Program Foreclosure Prevention Program Reverse Mortgage Counseling

5 First-Time Homebuyer Program One-on-one coaching appointments Step by step Action Plan for mortgage readiness Homebuyer Class online and in person Home Maintenance Class Down Payment Assistance Connection to a mortgage product that is the right fit for the prospective homeowner $199 fee

6 Reverse Mortgage Counseling The only HUD certified counseling program in the greater Dayton area Helps seniors review all of their housing options Assists seniors to remain in their homes $125 Fee

7 Foreclosure Prevention One on one appointment with a Homeownership Advisor Review of hardship, affordability & options Assist & support homeowner to communicate with mortgage lender 28% Front End a Assist in completion of request for mortgage assistance No fee to homeowner

8 Mortgage Rescue Options

9 Save the Dream Save the Dream Ohio/Restoring Stability/Hardest Hit Funds Program of Ohio Housing Finance Agency For homeowners that received this assistance, the OHFA lien will be released 5 years from date of assistance or 12/31/2017 whichever comes first No longer available

10 Working with the Lender Most lenders have the ability and motivation to work with borrowers who are having difficulties. Options include: Refinance/HARP Forbearance Agreement Special/Unemployment Forbearance Partial Claim Loan Modification/HAMP Sale of the Property Pre-Foreclosure Short Sale Deed-In-Lieu of Foreclosure

11 Refinance You should always consider refinance. Homeowner must have 12 months of on time payments HARP For Fannie Mae & Freddie Mac loans sold to investor prior to 3/31/2009 FHA Streamline Traditional Refinance

12 Barriers to Refinance On time payments Private investors Servicers versus Lenders Loan to Value Credit worthiness Debt to Income Ratio

13 Forbearance Agreement Repayment plan Must repay arrears in 6-12 months FHA is looking for disposable income that exceeds $300/month requiring a thorough cash flow analysis Not affordable for most homeowners Generally this is the only option when past due 90 days or less

14 Special Forbearance Also called Unemployment Forbearance Option for FHA, Fannie, Freddie, VA, USDA Not generally an option with a private investor Homeowner does not make payments for 6-12 months during the hardship At the end of the forbearance period full arrearage comes due If income is sufficient homeowner can then apply for loan modification

15 Partial Claim Only a FHA option Arrearage is captured in a subordinate loan from HUD, non interest bearing Partial Claim comes due & payable in full when the first mortgage matures May be combined with a loan modification Original mortgage/note does not change

16 Loan Modification An agreement that modifies the original mortgage/note Market rate interest, reset term 30 years Unpaid interest is added to the principal balance including any fees Can defer principal to be paid when loan matures (generally non interest bearing) Payment may increase or decrease

17 HAMP Home Affordable Modification Program A special modification process Mortgage payment MUST exceed 31% of the gross monthly income prior to modification Option for FHA, VA, Fannie, Freddie, USDA Loan must have originated prior to 1/1/2009 Home must be the primary residence Tier 2 HAMP is for return default of a HAMP or default of rental/investment property Program set to end 12/31/2015

18 Liquidation Options Market Sale Homeowner keeps proceeds that exceed principal balance and fees owed Short Sale Lender/Investor must agree to accept less than balance owed Deed in Lieu Lender/Investor agrees to accept deed to the home Short Sale & Deed in Lieu can have tax implications for forgiveness of debt

19 FHA Waterfall Repayment plan/special Forbearance only when days past due Partial Claim Loan Modification or combined with Partial Claim HAMP Short Sale/Deed in Lieu Homeowner will be reviewed for housing ratio and cash flow

20 Imminent Default Homeowner is either current or less than 30 days past due on the mortgage and is experiencing a significant reduction in income or some other hardship that will prevent them from making their next mortgage payment Difficult to prove and receive assistance

21 Trends More loan modifications being approved & lenders responding more quickly Mortgage payment less than 31% of the gross monthly income is not reduced More principal balance deferments Shared Appreciation Modification from Ocwen only Some HAMPs with rental homes

22 Let s work together! The HomeOwnership Center can: Complete a cash flow analysis Help homeowner identify ways to increase income or decrease spending as needed Identify realistic mortgage rescue options Assist homeowner in completing workout packet and ensure documents are accurate Facilitate communication with the servicer Review offer/decline with the homeowner

23 Bankruptcy Look at most appropriate timing for mortgage assistance & bankruptcy During the bankruptcy process mortgages can get farther & farther behind If bankruptcy dissolves all consumer debt, mortgage may then appear affordable

24 Make a Referral Have the homeowner call (937) Have the homeowner identify their relationship with you HomeOwnership Center of Greater Dayton or attorney must generate a Third Party Authorization Call Jackie If you have questions!

25 Service Area We serve the following Ohio counties: Clinton, Darke, Fayette, Greene, Mercer, Miami, Montgomery, Paulding, Preble, Shelby, Van Wert

26 Contact Information Jackie Easter, Senior Homeownership Advisor HomeOwnership Center of Greater Dayton 205 East First Street, Dayton, Ohio Phone: Fax: Web:

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