No. Eligible borrowers will only be able to claim one payment from the fund.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "No. Eligible borrowers will only be able to claim one payment from the fund."

Transcription

1 Settlement Q&A for Consumers 1. CASH PAYMENTS TO CONSUMERS Will there be any money available to pay consumers? Yes. The court s judgment establishes a states fund of $1.5 billion nationally to pay borrowers a flat fee in partial compensation to borrowers who have lost their homes to foreclosure and suffered some injury in the foreclosure process due to a defect in the process. Do you have me on the victims list for this part of the settlement? The banks will give us their list of consumers who meet the basic eligibility requirements. This list will be given to the third-party fund administrator who will contact homeowners who may be eligible for restitution. Who is eligible for a payment from the states fund? To be eligible, you must meet the following criteria: You lost your home to foreclosure between January 1, 2008, and December 31, Your loan was serviced by one of the following 5 servicing banks: Bank of America, Chase, Citibank, Wells Fargo or Ally Financial/GMAC at the time you lost your home. You made at least three payments on your mortgage loan. Your property securing the mortgage loan was not vacant or condemned at time of foreclosure sale. Your property was an owner-occupied, one- to four-unit residential property. Your unpaid principal balance did not exceed $729,750 for single family home; $934,200 for a two-person unit; $1,129,250 for a three-person unit; and $1,403,400 for a fourperson unit. All eligible borrowers will be required to complete a sworn statement to apply for a payment. Do I have to contact someone to apply for a payment from the fund? No. All eligible borrowers will be notified by letter. Once a claims administrator is selected, we will update this webpage with information on how to contact the claims administrator. How do I apply? If you are eligible to apply, you will receive a notice and a packet in the mail. You will need to complete the claim form that will be included in the packet and return it to the claims administrator at the address provided. In completing the claim form, you will need to read the form carefully and complete it fully to be eligible. As part of the claim form, you will be affirming under penalty of perjury that the facts stated in the claim form are true. You will indicate in the claim form which, if any, of the problems itemized occurred in the handling of your loan and the following critical facts:

2 You owned and occupied the house as your principal residence at the time of the foreclosure sale. Your default was due to a financial hardship, which means that you did not have sufficient liquid assets to make the monthly mortgage payments. How much will I receive? Each claimant who returns a completed claim form indicating that he or she is entitled to a payment will receive a flat amount. It is estimated that the payments will be in the range of $1,250 to $2,000 per claimant depending on the response rate. Can I receive more than one payment? No. Eligible borrowers will only be able to claim one payment from the fund. If I receive a payment from this fund, can I still apply for reimbursement from the federal banking fund? Yes. By accepting a payment from this fund, you are not giving up your right to seek additional money from the federal fund or from any other source, including from the bank. However, the money you may receive from another program will likely be reduced by the payment you receive from this fund. For more information about the federal banking claims process, please visit or call When will I receive notice if I am eligible? Once the court enters the judgment, the states will choose an administrator to begin the claims administration process. This website will be updated to announce that the payment process has begun.

3 2. REFINANCE PROGRAM What is the refinance program that is being offered through this multistate settlement? Colorado homeowners are eligible to receive a total of approximately $46.3 million in refinance dollars as part of the settlement. Those funds will come from a bank-funded $3 billion refinance program aimed at reducing interest rates on certain loans for borrowers who are current on their mortgage payments. Am I on the state s victim list? The banks are going to review their files to determine which consumers are eligible borrowers. The banks will contact you if you are potentially eligible. Please contact the banks at the numbers below if you feel you may qualify. The eligibility criteria are below. Is my loan eligible for refinance? If your loan meets all of the following criteria, you may be eligible to refinance under this program: Your loan is a first lien mortgage owned by one of the five banks participating in this settlement: Bank of America, Chase, Wells Fargo, Citibank or GMAC/Ally Financial. Your loan was originated on or before January 1, Your loan is current and has not been delinquent for 12 months or more. You have a fixed rate, adjustable rate mortgage (ARM) or interest-only loan that had an initial period of five years or more. Your loan exceeds the value of your home (loan-to-value or LTV is greater than 100 percent). You have not received a loan modification on the qualifying loan within the past 24 months. You have not been in bankruptcy within the past 24 months. Your loan has not been in foreclosure within the past 24 months. The loan must have a current interest rate of at least 5.25 percent. What loans are excluded for refinance under this program? FHA or VA Loans Second mortgages or home equity loans Loans for manufactured homes Loans for unoccupied property Loans owned by Fannie Mae or Freddie Mac What are the terms of the refinance?

4 The amount of the reduction in your interest rate and other terms will vary depending on your loan and what your bank is offering. You will need to contact your bank for more details. How do I apply for a refinance? Eligible borrowers will be notified by the banks but you may contact your bank at the following numbers for more details about the program and more information about your eligibility: Bank of America Chase Citi GMAC/Ally Wells Fargo

5 3. BENEFITS FOR BORROWERS IN FINANCIAL HARDSHIP I am having trouble making my mortgage payments. Can I get any assistance from the settlement? The banks will provide over $19 billion nationally in relief to troubled borrowers, of which more than $73.3 million is committed to assist Coloradans. You may be eligible for assistance from your bank in the form of a loan modification, forbearance or forgiveness of principal, short sale, waiver of deficiency in loan balance, or other relief. What are the requirements for obtaining relief or assistance? The type of relief you may obtain will depend upon your individual circumstances; however, a few basic requirements for eligibility include: Your loan must be serviced by one of the 5 banks that is a party to this judgment: Bank of America, Chase, Citibank, GMAC/Ally, or Wells Fargo. Your loan must be secured by a 1 to 4-unit, single family property. For loan modifications, the property must be occupied and you must be 30 days delinquent or otherwise qualify as being at imminent risk of default due to your financial circumstances. (The Office of the Attorney General does not advise consumers current on their payments to become delinquent in order to qualify.) Is the relief I may obtain limited first lien mortgages? No. Your bank may also offer relief on second liens. I am unemployed. Is there any relief available for me? If you are unemployed, you may be eligible for forbearance on loan principal or forgiveness of loan principal. Please contact your bank for information. How do I get more information on the relief that may be available? Bank of America Chase Citi GMAC/Ally Wells Fargo Also, once you contact the bank, you will be provided with the name and contact information of a bank employee who will be assigned specifically to you to assist you in applying for loan modifications or other relief.

About Northwest Counseling Service

About Northwest Counseling Service About Northwest Counseling Service Non Profit Agency No Cost Housing Counseling Services Any Service Related To A Home Specialize In Mortgage Delinquency 96% Rate In Keeping Residents In Homes HUD Certified/OHCD

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions On March 26, 2010, the Administration announced several enhancements to the existing Making Home Affordable Program (MHA) and the Federal Housing Administration (FHA) refinance

More information

Carson City Office: Office of the Attorney General 100 North Carson Street, Carson City, NV 89701 Phone: 775-684-1100 Website: Ag.nv.

Carson City Office: Office of the Attorney General 100 North Carson Street, Carson City, NV 89701 Phone: 775-684-1100 Website: Ag.nv. The National Mortgage Settlement Carson City Office: Office of the Attorney General 100 North Carson Street, Carson City, NV 89701 Phone: 775-684-1100 Website: Ag.nv.gov Multistate Settlement Investigation

More information

GLOSSARY COMMONLY USED REAL ESTATE TERMS

GLOSSARY COMMONLY USED REAL ESTATE TERMS GLOSSARY COMMONLY USED REAL ESTATE TERMS Adjustable-Rate Mortgage (ARM): a mortgage loan with an interest rate that is subject to change and is not fixed at the same level for the life of the loan. These

More information

INTRODUCTION TO THE NATIONAL MORTGAGE SERVICING SETTLEMENT FLORIDA ATTORNEY GENERAL S OFFICE

INTRODUCTION TO THE NATIONAL MORTGAGE SERVICING SETTLEMENT FLORIDA ATTORNEY GENERAL S OFFICE INTRODUCTION TO THE NATIONAL MORTGAGE SERVICING SETTLEMENT FLORIDA ATTORNEY GENERAL S OFFICE 1 Attorney General Pam Bondi News Release March 12, 2012 Attorney General Bondi Announces Court Filings in $25

More information

Summary of the Obama Administration s MAKING HOME AFFORDABLE PROGRAM

Summary of the Obama Administration s MAKING HOME AFFORDABLE PROGRAM Summary of the Obama Administration s MAKING HOME AFFORDABLE PROGRAM Prepared By: Empire Justice Center Kevin Purcell and Salah Maker The Telesca Center for Justice One West Main Street, Suite 200 Rochester,

More information

Countrywide Settlement FAQ s

Countrywide Settlement FAQ s Countrywide Settlement FAQ s 1. Does the settlement impact my Countrywide loan? The Attorney General s settlement with Countrywide provides for loan modifications for eligible borrowers who are 60 days

More information

WBA Overview of New Homebuyer Credit and Recent Government Loan Programs. First-Time Home Buyer Tax Credit

WBA Overview of New Homebuyer Credit and Recent Government Loan Programs. First-Time Home Buyer Tax Credit WBA Overview of New Homebuyer Credit and Recent Government Loan Programs First-Time Home Buyer Tax Credit Additional Resources: www.federalhousingtaxcredit.com/2009 http://www.irs.gov/newsroom/article/0,,id=202222,00.html

More information

The key components of the Making Home Affordable Program are:

The key components of the Making Home Affordable Program are: REVISED AS OF JULY 13, 2009 HOUSING COUNSELOR FREQUENTLY ASKED QUESTIONS 1. What is the Making Home Affordable (MHA) Program? The Making Home Affordable Program is part of the Obama Administration s broad,

More information

extend certain foreclosure protections afforded under the Servicemember Civil Relief Act to servicemembers serving in harm s way.

extend certain foreclosure protections afforded under the Servicemember Civil Relief Act to servicemembers serving in harm s way. FACT SHEET: President Obama Announces New Steps to Provide Housing Relief to Veterans and Servicemembers and Help More Responsible Homeowners Refinance In his State of the Union address, President Obama

More information

Supplemental Directive 12-01 February 16, 2012

Supplemental Directive 12-01 February 16, 2012 Supplemental Directive 12-01 February 16, 2012 Making Home Affordable Program Principal Reduction Alternative and Second Lien Modification Program Investor Incentives Update In February 2009, the Obama

More information

Principal Reduction Program

Principal Reduction Program 1. Overview The Principal Reduction ( PRP ) is one of CalHFA MAC s federally-funded programs developed with a goal to provide capital to homeowners who have suffered an eligible hardship in order to reduce

More information

Mortgage & Home Equity Reporting Guidelines In Response to Current Financial Conditions

Mortgage & Home Equity Reporting Guidelines In Response to Current Financial Conditions Mortgage & Home Equity Reporting Guidelines In Response to Current Financial Conditions General Reporting Guidelines Report accounts in the standard Metro 2 Format. Refer to the Credit Reporting Resource

More information

Glossary of Foreclosure Fairness Mediation Terminology

Glossary of Foreclosure Fairness Mediation Terminology Glossary of Foreclosure Fairness Mediation Terminology Adjustable-Rate Mortgage (ARM) Mortgage repaid at the rate of interest that increases or decreases over the life of the loan based on market conditions.

More information

Fax completed package to: 703-580-8842

Fax completed package to: 703-580-8842 Fax Cover Sheet/Check List Borrower Name: Please Print Co-Borrowers Name: Please Print Loan Number(s): Owner Occupied n-owner Occupied Required Documentation for Borrower and Co-Borrower If you are a Wage

More information

Principal Reduction Program

Principal Reduction Program 1. Overview The Principal Reduction ( PRP ) is one of CalHFA MAC s federally-funded programs developed with a goal to provide capital to homeowners that have suffered a hardship to reduce the outstanding

More information

Questions and Answers for Borrowers about the. Homeowner Affordability and Stability Plan

Questions and Answers for Borrowers about the. Homeowner Affordability and Stability Plan Questions and Answers for Borrowers about the Homeowner Affordability and Stability Plan Borrowers Who Are Current on Their Mortgage Are Asking: 1. What help is available for borrowers who stay current

More information

Unemployment Mortgage Assistance

Unemployment Mortgage Assistance 1. Program Overview The Unemployment Mortgage Program ( UMA ) is one of CalHFA MAC s federally-funded programs developed to provide temporary financial assistance to eligible California homeowners who

More information

The Math Behind Loan Modification

The Math Behind Loan Modification The Math Behind Loan Modification A Webinar for Housing Counselors and Loan Modification Specialists Presented by Bill Allen Deputy Director, HomeCorps Overview Types of loan modifications Estimating eligibility

More information

Home Affordable Modification Program (HAMP )

Home Affordable Modification Program (HAMP ) Home Affordable Modification Program (HAMP ) Training for Trusted Advisors April 2015 Making Home Affordable Objectives 1 2 3 4 5 6 Step 1 Step 2 Step 3 Step 4 Step 5 7 8 MHA Program Highlights HAMP Overview

More information

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

MORTGAGE RESCUE: HomeOwnership Center Assistance. A Program of St. Mary Development Corporation MORTGAGE RESCUE: HomeOwnership Center Assistance A Program of St. Mary Development Corporation St. Mary Development Corporation Non-profit organization Community development and neighborhood revitalization

More information

Supplemental Directive 15-06 July 1, 2015 Making Home Affordable Program Streamlined Modification Process

Supplemental Directive 15-06 July 1, 2015 Making Home Affordable Program Streamlined Modification Process Supplemental Directive 15-06 July 1, 2015 Making Home Affordable Program Streamlined Modification Process In February 2009, the Obama Administration introduced the Making Home Affordable (MHA) Program

More information

BORROWER Q&AS. 2. I'm current on my mortgage. Will the Home Affordable Refinance help me?

BORROWER Q&AS. 2. I'm current on my mortgage. Will the Home Affordable Refinance help me? MAKING HOME AFFORDABLE BORROWER Q&AS 1. What is Making Home Affordable" all about? Making Home Affordable is part of President Obama's comprehensive strategy to get the housing market back on track. Through

More information

Financing Residential Real Estate. Lesson 12: VA-Guaranteed Loans

Financing Residential Real Estate. Lesson 12: VA-Guaranteed Loans Financing Residential Real Estate Lesson 12: VA-Guaranteed Loans Introduction In this lesson we will cover: characteristics of VA loans, eligibility requirements, VA guaranty, VA loan amounts, and underwriting

More information

Joint Federal-State Mortgage Servicing Settlement EXECUTIVE SUMMARY

Joint Federal-State Mortgage Servicing Settlement EXECUTIVE SUMMARY Joint Federal-State Mortgage Servicing Settlement EXECUTIVE SUMMARY The settlement between the state attorneys general and the five leading bank mortgage servicers will result in approximately $25 billion

More information

Introduction. Lenders, Investors, and Servicers

Introduction. Lenders, Investors, and Servicers Introduction The Making Home Affordable Program was announced by the U.S. Department of the Treasury in February 2009 in an effort to help stabilize the housing market and provide relief for struggling

More information

Making Home Affordable Act Now to Get the Help You Need

Making Home Affordable Act Now to Get the Help You Need Making Home Affordable Act Now to Get the Help You Need Help for America s Homeowners SM MAKING HOME AFFORDABLE The Obama Administration s Making Home Affordable Program is a critical part of the effort

More information

Joint State-Federal Mortgage Servicing Settlement FAQ

Joint State-Federal Mortgage Servicing Settlement FAQ Joint State-Federal Mortgage Servicing Settlement FAQ Q: Is Wisconsin part of a national mortgage settlement? A: Yes. Wisconsin joined a landmark $25 billion joint federal-state agreement with the nation

More information

Federal Housing Finance Agency

Federal Housing Finance Agency Fourth Quarter 20 FHFA Federal Property Manager's Report This report contains data on foreclosure prevention activity, refinance and MHA program activity of Fannie Mae and Freddie Mac (the Enterprises)

More information

Information for Consumers with Mortgages Secured By Property Affected by Hurricane Isaac

Information for Consumers with Mortgages Secured By Property Affected by Hurricane Isaac Information for Consumers with Mortgages Secured By Property Affected by Hurricane Isaac The Office of Financial Institutions has prepared a summary of guidelines for government sponsored enterprise loans

More information

Wells Fargo Home Affordable Foreclosure Alternatives (HAFA) Matrix

Wells Fargo Home Affordable Foreclosure Alternatives (HAFA) Matrix Wells Fargo Home Affordable Foreclosure Alternatives (HAFA) Matrix All servicers that have signed agreements with the U.S. Department of the Treasury (Treasury) to participate in the Home Affordable Modification

More information

THE WHITE HOUSE Office of the Press Secretary. FACT SHEET: President Obama s Plan to Help Responsible Homeowners and Heal the Housing Market

THE WHITE HOUSE Office of the Press Secretary. FACT SHEET: President Obama s Plan to Help Responsible Homeowners and Heal the Housing Market THE WHITE HOUSE Office of the Press Secretary FACT SHEET: President Obama s Plan to Help Responsible Homeowners and Heal the Housing Market In his State of the Union address, President Obama laid out a

More information

Making Home Affordable Program and Home Affordable Modification Program Frequently Asked Questions for Bankruptcy Filers

Making Home Affordable Program and Home Affordable Modification Program Frequently Asked Questions for Bankruptcy Filers Making Home Affordable Program and Home Affordable Modification Program Frequently Asked Questions for Bankruptcy Filers Q1. What do these FAQs cover? These FAQs provide information on the Home Affordable

More information

Contents. VA Credit Overlays

Contents. VA Credit Overlays Contents... 1 Introduction... 3 Links... 3 Transaction Types... 3 Purchase Transactions... 3 Refinance Transaction Regular Refinance... 3 Refinance Transaction Interest Rate Reduction Refinance Loan/IRRRL...

More information

FORECLOSURE INTERVENTION PRESENTED BY BRIGHTON CENTER FINANCIAL SERVICES

FORECLOSURE INTERVENTION PRESENTED BY BRIGHTON CENTER FINANCIAL SERVICES FORECLOSURE INTERVENTION PRESENTED BY BRIGHTON CENTER FINANCIAL SERVICES WHAT IS FORECLOSURE Foreclosure is a legal remedy used by a mortgage company to assume ownership of a property when the required

More information

Countrywide Settlement FAQs

Countrywide Settlement FAQs The Tennessee Attorney General s settlement with Countrywide offers several options for borrowers. If you do not see the answer to your question here, please contact Countrywide toll free at (800) 669

More information

Barbara W. Griest Trident Land Transfer Company

Barbara W. Griest Trident Land Transfer Company Barbara W. Griest Trident Land Transfer Company 1 Why learn about Short Sales & Foreclosures? Excellent opportunity to grow your real estate business! Changes in the Real Estate Market Declining Markets

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions 1) What is Florida HFA Hardest-Hit Fund (HHF)? (Florida Housing) was directed by US Treasury (Treasury) to create and administer foreclosure prevention assistance programs that

More information

Making Home Affordable Updated Detailed Program Description

Making Home Affordable Updated Detailed Program Description Making Home Affordable Updated Detailed Program Description The deep contraction in the economy and in the housing market has created devastating consequences for homeowners and communities throughout

More information

SHORT SALES Frequently Asked Questions

SHORT SALES Frequently Asked Questions SHORT SALES Frequently Asked Questions This factsheet is provided for information purposes only. It is not a substitute for advice from legal, accounting, housing, or real estate professionals. Please

More information

OPTIONS IN FORECLOSURE

OPTIONS IN FORECLOSURE Section II: KEEPING YOUR HOME OPTIONS IN FORECLOSURE Deciding whether or not to keep your home is something that only you, the homeowner, can determine. The best housing counselors will ask what you d

More information

HAFA Short Sales, US Treasury, Fannie Mae & Freddie Mac Programs. Learning Objectives

HAFA Short Sales, US Treasury, Fannie Mae & Freddie Mac Programs. Learning Objectives HAFA Short Sales, US Treasury, Fannie Mae & Freddie Mac Programs Learning Objectives Module 1: HARP, HAMP & HAFA Overview Upon completion of Module 1 the student will be able to: Explain the advantages

More information

HOME PRESERVATION BASICS

HOME PRESERVATION BASICS HOME PRESERVATION BASICS - Know what to do and when to do it The current economic crisis has greatly affected the housing industry, and our local community is no exception. This has forced different households

More information

REALTORS Guide to FORECLOSURE RESOURCES

REALTORS Guide to FORECLOSURE RESOURCES REALTORS Guide to FORECLOSURE RESOURCES Federal & State Programs That May Help Those Facing Foreclosure Making Home Affordable Program Designed to assist families who may face foreclosure, the federal

More information

Securitizing Reperforming Loans into Agency Mortgage Backed Securities: A Program Primer

Securitizing Reperforming Loans into Agency Mortgage Backed Securities: A Program Primer Securitizing Reperforming Loans into Agency Mortgage Backed Securities: A Program Primer Fannie Mae recently announced plans to securitize single-family, fixed-rate reperforming loans (RPLs) into Agency

More information

HAMP vs. HARP vs. HAFA

HAMP vs. HARP vs. HAFA HAMP vs. HARP vs. HAFA Over the last four years, the government has made a few sizable efforts to reduce the rising tide of foreclosures and help a significant number of homeowners stay in their homes.

More information

HAMP Standard and Alternative Modification Waterfalls Training Presentation for Servicers

HAMP Standard and Alternative Modification Waterfalls Training Presentation for Servicers HAMP Standard and Alternative Modification Waterfalls Training Presentation for Servicers Agenda 1 2 3 4 5 6 7 8 Overview of HAMP Eligibility HAMP Tier 1 Standard Modification Waterfall HAMP Tier 1 Alternative

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions 1. What is the Michigan Hardest Hit Fund program? Michigan s Hardest Hit Fund program, also known as, is a federally funded loan program designed to help eligible homeowners

More information

Common Mortgage and Foreclosure Terms

Common Mortgage and Foreclosure Terms H ELP FOR N EW Y ORK S TATE H OMEOWNERS C ONCERNED A BOUT F ORECLOSURE Common Mortgage and Foreclosure Terms Talking about mortgages can feel like speaking a foreign language and is even more confusing

More information

Mortgage Servicer Settlement FAQs

Mortgage Servicer Settlement FAQs The Servicer Settlement is the product of sixteen months of intensive negotiations between the five largest banks and an unprecedented coalition of state attorneys general and federal agencies, including

More information

EHLP Homeowner Post Closing Counseling Summary and Confirmation

EHLP Homeowner Post Closing Counseling Summary and Confirmation EHLP Homeowner Post Closing Counseling Summary and Confirmation NOTE: This form was updated and redesigned to be used for either 5b Post-Approval Counseling or for 5d Transition Counseling as applicable.

More information

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another. MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default

More information

Homeownership Division

Homeownership Division Michigan Credit Union League & Affiliates Annual Convention and Exposition Helping Credit Unions Serve, Grow and Remain Strong #mculace MSHDA s Homeownership Programs Delivering the Dream to Michigan Families

More information

Frequently Asked Questions about the Ocwen Settlement

Frequently Asked Questions about the Ocwen Settlement Frequently Asked Questions about the Ocwen Settlement Contents Q: What is a mortgage servicer and how do I know if Ocwen services my loan?... 2 Q: How will I know whether this settlement affects me?...

More information

Central Mortgage Company

Central Mortgage Company Central Mortgage Company Dear Borrower Are you struggling with your mortgage payment? We are concerned about your missed or potentially missed mortgage payment and want you to be aware of assistance available

More information

The Adam Lee Team 480-331-3501 Info@theadamleeteam.com. Alternatives to Foreclosure & REASONS WHY SHORT SALES ARE THE BETTER SOLUTION!

The Adam Lee Team 480-331-3501 Info@theadamleeteam.com. Alternatives to Foreclosure & REASONS WHY SHORT SALES ARE THE BETTER SOLUTION! The Adam Lee Team 480-331-3501 Info@ Alternatives to Foreclosure & REASONS WHY SHORT SALES ARE THE BETTER SOLUTION! Options When Facing Foreclosure 1. Do Nothing: If you choose to do nothing, you will

More information

National Mortgage Settlement

National Mortgage Settlement National Mortgage Settlement Housing and Land Use Policy Program University of Iowa Public Policy Center Sally Scott, Ph.D. and Jerry Anthony, Ph.D. October 2012 Overview On February 9 of 2012, a bipartisan

More information

OCWEN MORTGAGE SETTLEMENT FAQs 12/20/13

OCWEN MORTGAGE SETTLEMENT FAQs 12/20/13 OCWEN MORTGAGE SETTLEMENT FAQs 12/20/13 Q: What is a mortgage servicer and how do I know if Ocwen services my loan? A: The company that you make your monthly payment to is your mortgage servicer. A mortgage

More information

Making Home Affordable. The Second Lien Modification Program (2MP) for Trusted Advisors

Making Home Affordable. The Second Lien Modification Program (2MP) for Trusted Advisors Making Home Affordable The Second Lien Modification Program (2MP) for Trusted Advisors Agenda 1 2 3 4 5 6 7 8 9 10 11 12 Overview Eligibility Lien Matching Process Evaluation 2MP Modification Waterfall

More information

MPF Xtra PFI Advisory

MPF Xtra PFI Advisory MPF Xtra PFI Advisory March 14, 2014 Special Attention: PFI MPF Program Management and Servicing Management Subject: Transfer of Servicing, Lender-Placed Insurance, Bankruptcy and Foreclosure Attorney

More information

Ocwen Settlement Frequently Asked Questions. Q: What is a mortgage servicer and how do I know if Ocwen services my loan?

Ocwen Settlement Frequently Asked Questions. Q: What is a mortgage servicer and how do I know if Ocwen services my loan? Ocwen Settlement Frequently Asked Questions Q: What is a mortgage servicer and how do I know if Ocwen services my loan? A: The company that you make your monthly payment to is your mortgage servicer. A

More information

Do You HAFA? The HAFA Short Sale Program under Making Home Affordable 2

Do You HAFA? The HAFA Short Sale Program under Making Home Affordable 2 Table of Contents Do You HAFA? The HAFA Short Sale Program under Making Home Affordable 2 INTRODUCTION 2 Overview: Making Home Affordable ( MHA ) 2 HOME AFFORDABLE FORECLOSURE ALTERNATIVES PROGRAM ( HAFA

More information

The 8 Fastest Ways to STOP FORECLOSURE in 48 Hours or Less

The 8 Fastest Ways to STOP FORECLOSURE in 48 Hours or Less The 8 Fastest Ways to STOP FORECLOSURE in 48 Hours or Less Copyright Notice All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means electronic or mechanical.

More information

Supplemental Directive 10-03 March 26, 2010

Supplemental Directive 10-03 March 26, 2010 Supplemental Directive 10-03 March 26, 2010 Home Affordable Modification Program Modifications of Loans Insured by the Federal Housing Administration (FHA) Background In Supplemental Directive 09-01, the

More information

T E X A S Y O U N G L A W Y E R S A S S O C I A T I O N A N D T H E S T A T E B A R O F T E X A S FA CING

T E X A S Y O U N G L A W Y E R S A S S O C I A T I O N A N D T H E S T A T E B A R O F T E X A S FA CING T E X A S Y O U N G L A W Y E R S A S S O C I A T I O N A N D T H E S T A T E B A R O F T E X A S FA CING F ORECLOSURE FACING F O RECLOSURE "Facing Foreclosure" has been prepared as a public service by

More information

MHA Reason Codes and Descriptions

MHA Reason Codes and Descriptions MHA s and Descriptions HAMP s MHA Description HAMP Tier 1 1 Ineligible Mortgage Loan is not eligible for modification under the MHA program because it does not meet one or more of the following basic program

More information

Virginia Association of Housing Counseling

Virginia Association of Housing Counseling Virginia Association of Housing Counseling Patricia Scott AVP, Community Outreach Consultant Wells Fargo Home Mortgage Consumer Lending Group, Community Relations and Outreach Hampton, VA May 5, 2015 We

More information

AVOID FORECLOSURE HOW TO A CONSUMER GUIDE. Open mail from your mortgage company. Can you afford your home? Contact your mortgage company

AVOID FORECLOSURE HOW TO A CONSUMER GUIDE. Open mail from your mortgage company. Can you afford your home? Contact your mortgage company HOW TO AVOID FORECLOSURE A CONSUMER GUIDE Open mail from your mortgage company Can you afford your home? Contact your mortgage company Keeping or not keeping your home What happens if you do not contact

More information

LOSS MITIGATION APPLICATION

LOSS MITIGATION APPLICATION Loan Number: {1} LOSS MITIGATION APPLICATION COMPLETE ALL PAGES OF THIS FORM See Instructions corresponding with numbers in brackets {} on form BORROWER {3} CO BORROWER {4} Borrower s Name Co Borrower

More information

Supplemental Directive 16-02 March 3, 2016. Making Home Affordable Program MHA Program Termination and Borrower Application Sunset

Supplemental Directive 16-02 March 3, 2016. Making Home Affordable Program MHA Program Termination and Borrower Application Sunset Supplemental Directive 16-02 March 3, 2016 Making Home Affordable Program MHA Program Termination and Borrower Application Sunset In February 2009, the Obama Administration introduced the Making Home Affordable

More information

What are the HHF program eligibility criteria?

What are the HHF program eligibility criteria? FREQUENTLY ASKED QUESTIONS What is the Hardest Hit Fund Program (HHF)? What are the HHF program eligibility criteria? What property types are eligible for HHF assistance? I or my spouse is in the U.S.

More information

Information on Avoiding Foreclosure

Information on Avoiding Foreclosure Whitney Bank offers and provides financial products and services through its locations in Louisiana and Texas as "Whitney Bank" and as "Hancock Bank" in Mississippi, Alabama and Florida. Information on

More information

The National Mortgage Settlement: What Every Consumer Bankruptcy Lawyer Needs To Know About It

The National Mortgage Settlement: What Every Consumer Bankruptcy Lawyer Needs To Know About It The National Mortgage Settlement: What Every Consumer Bankruptcy Lawyer Needs To Know About It Presented by: John Rao, Esq., National Consumer Law Center, NACBA Vice President, and Professor Katherine

More information

Homeowners are NOT eligible if: The loan is a land contract transaction or privately held mortgage A Foreclosure Sale has already been completed

Homeowners are NOT eligible if: The loan is a land contract transaction or privately held mortgage A Foreclosure Sale has already been completed Frequently Asked Questions 1. What is the Michigan s Hardest Hit Funds program? It is a federally funded loan program designed to help eligible homeowners who are struggling to make their mortgage payments.

More information

Making Home Affordable Program Request For Mortgage Assistance (RMA)

Making Home Affordable Program Request For Mortgage Assistance (RMA) Making Home Affordable Program Request For Mortgage Assistance (RMA) REQUEST FOR MORTGAGE ASSISTANCE (RMA) page 1 Loan I.D. Number Servicer Borrower s name BORROWER Co-borrower s name CO-BORROWER Social

More information

Homeowner Request for Assistance

Homeowner Request for Assistance Homeowner Request for Assistance In this packet. Thank you in advance for allowing your Credit Union to review your account for mortgage assistance. Homeowner Checklist Details the documents and forms

More information

FOR SALE. Sheeley Moving Co. AVOIDING FORECLOSURE & FORECLOSURE SCAMS

FOR SALE. Sheeley Moving Co. AVOIDING FORECLOSURE & FORECLOSURE SCAMS FAIR HOUSING UNIVERSITY FOR SALE Sheeley Moving Co. AVOIDING FORECLOSURE & FORECLOSURE SCAMS WHAT IS FORECLOSURE When a lender takes possession of a house from a homeowner who has not met the mortgage

More information

PRINCIPAL REDUCTION AND FORECLOSURE PREVENTION

PRINCIPAL REDUCTION AND FORECLOSURE PREVENTION 1 PRINCIPAL REDUCTION AND FORECLOSURE PREVENTION Preliminary Report, Findings and Recommendations from the IDT Seattle City Council March 26, 2014 IDT Scope of Work 2 Resolution 31495 directed IDT to explore

More information

MPF Xtra PFI Advisory

MPF Xtra PFI Advisory MPF Xtra PFI Advisory June 23, 2014 Special Attention: PFI MPF Program Management and Servicing Management If you need assistance or guidance on a particular MPF Xtra mortgage affected by the circumstances

More information

The Road Map Back to Home Ownership after. Short Sale, Foreclosure and/or Bankruptcy

The Road Map Back to Home Ownership after. Short Sale, Foreclosure and/or Bankruptcy The Road Map Back to Home Ownership after Short Sale, Foreclosure and/or Bankruptcy Danny Poulos, Mortgage Banker The Elite Lending Team at FEMBI Copyright 2013 When Can I Buy a House Again? Alright, so

More information

Supplemental Directive 11-04 May 18, 2011. Making Home Affordable Program Single Point of Contact for Borrower Assistance

Supplemental Directive 11-04 May 18, 2011. Making Home Affordable Program Single Point of Contact for Borrower Assistance Supplemental Directive 11-04 May 18, 2011 Making Home Affordable Program Single Point of Contact for Borrower Assistance In February 2009, the Obama Administration introduced the Making Home Affordable

More information

To help you better understand the foreclosure process, these definitions are presented in a logical order, rather than alphabetical order.

To help you better understand the foreclosure process, these definitions are presented in a logical order, rather than alphabetical order. FORECLOSURE GLOSSARY NOTICE: This glossary of legal words and phrases related to foreclosure is provided to you by the Clermont County Common Pleas Court to help you better understand your legal problem

More information

Multiple Financed Properties Program Fannie Mae/Freddie Mac. Table of Contents

Multiple Financed Properties Program Fannie Mae/Freddie Mac. Table of Contents Table of Contents 1. Category... 2 2. High Balance... 2 3. Property Types...2 4. Applying the Multiple Financed property Policy to Manually Underwritten Loans... 2 5. Applying the Multiple Financed property

More information

TO: All Freddie Mac Sellers and Servicers October 7, 2005

TO: All Freddie Mac Sellers and Servicers October 7, 2005 Bulletin TO: All Freddie Mac Sellers and Servicers October 7, 2005 SUBJECT: Servicing Relief Measures for Mortgages Affected by Hurricane Katrina and Hurricane Rita, and a change to Selling Requirements

More information

Acquiring Institutions under Share Loss Agreements and LLC Servicers under LLC Servicing Agreements

Acquiring Institutions under Share Loss Agreements and LLC Servicers under LLC Servicing Agreements Federal Deposit Insurance Corporation Division of Resolutions and Receiverships 550 17 th Street, NW, Washington, DC 20429-9990 Risk Sharing Asset Management To: From: Acquiring Institutions under Share

More information

Making Home Affordable

Making Home Affordable Making Home Affordable Working Together to Help Homeowners The Crisis Continues Foreclosures continue to devastate families and communities across the country. 2 Response to the Crisis MHA is part of Administration

More information

RESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE

RESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE RESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE Whether you are buying a house or refinancing an existing mortgage, this information can help you decide what type of mortgage is right for you. You

More information

I m behind in my mortgage payments, what should I do?

I m behind in my mortgage payments, what should I do? FORECLOSURES This handout was prepared by Legal Services of Greater Miami, Inc.(LSGMI) with support from the Institute for Foreclosure Legal Assistance. LSGMI represents homeowners in foreclosure and homeowners

More information

Special Report: IRS Tax Lien

Special Report: IRS Tax Lien Special Report: IRS Tax Lien TAX PLANNING AND IRS DEFENSE C a l l T o d a y! 540-438- 5344 What an IRS Tax Lien is and How it Works What is Inside? Why the IRS Files a Notice of Federal Tax Lien IRS Tax

More information

Need Help With Your Mortgage?

Need Help With Your Mortgage? ACT NOW TO GET THE HELP YOU NEED! Need Help With Your Mortgage? Learn how you may be able to make your mortgage payment more affordable. Beware of Foreclosure Rescue Scams Assistance from a HUD-approved

More information

FOR IMMEDIATE RELEASE November 7, 2013 MEDIA CONTACT: Lisa Gagnon 703-903-3385 INVESTOR CONTACT: Robin Phillips 571-382-4732

FOR IMMEDIATE RELEASE November 7, 2013 MEDIA CONTACT: Lisa Gagnon 703-903-3385 INVESTOR CONTACT: Robin Phillips 571-382-4732 FOR IMMEDIATE RELEASE MEDIA CONTACT: Lisa Gagnon 703-903-3385 INVESTOR CONTACT: Robin Phillips 571-382-4732 FREDDIE MAC REPORTS PRE-TAX INCOME OF $6.5 BILLION FOR THIRD QUARTER 2013 Release of Valuation

More information

Appendix A: Description of the Data

Appendix A: Description of the Data Appendix A: Description of the Data This data release presents information by year of origination on the dollar amounts, loan counts, and delinquency experience through year-end 2009 of single-family mortgages

More information

Keep Your Home California State-Run, Federally-Funded Foreclosure Prevention Programs

Keep Your Home California State-Run, Federally-Funded Foreclosure Prevention Programs Keep Your Home California State-Run, Federally-Funded Foreclosure Prevention Programs Mortgage Assistance for California Homeowners Webinar October 27, 2015 About Keep Your Home California California s

More information

HAMP Tier 2. Housing Counselor

HAMP Tier 2. Housing Counselor Christy Neuman Housing Counselor Housing Alliance of York Basic eligibility remains the same: Mortgage originated on or before January 1, 2009 Unpaid principal balance, prior to capitalization, must be

More information

Citi U.S. Mortgage Lending Data and Servicing Foreclosure Prevention Efforts

Citi U.S. Mortgage Lending Data and Servicing Foreclosure Prevention Efforts Citi U.S. Mortgage Lending Data and Servicing Foreclosure Prevention Efforts Third Quarter 28 EXECUTIVE SUMMARY In February 28, we published our initial data report on Citi s U.S. mortgage lending businesses,

More information

Avoid Foreclosure. How to Help Yourself (or someone you know) A Step-By-Step Consumer Self-Help Kit. Plus: How to Spot & Report Loan Scams!

Avoid Foreclosure. How to Help Yourself (or someone you know) A Step-By-Step Consumer Self-Help Kit. Plus: How to Spot & Report Loan Scams! How to Help Yourself (or someone you know) Plus: How to Spot & Report Loan Scams! Avoid Foreclosure A Step-By-Step Consumer Self-Help Kit Open mail from your mortgage company Can you afford your home?

More information

Financing Residential Real Estate. Lesson 12: VA-Guaranteed Loans

Financing Residential Real Estate. Lesson 12: VA-Guaranteed Loans Financing Residential Real Estate Lesson 12: VA-Guaranteed Loans Introduction In this lesson we will cover: characteristics of VA loans, eligibility requirements, VA guaranty, VA loan amounts, and underwriting

More information

Supplemental Directive 10-10 September 17, 2010. Home Affordable Modification Program Modifications of Loans Guaranteed by the Rural Housing Service

Supplemental Directive 10-10 September 17, 2010. Home Affordable Modification Program Modifications of Loans Guaranteed by the Rural Housing Service Supplemental Directive 10-10 September 17, 2010 Home Affordable Modification Program Modifications of Loans Guaranteed by the Rural Housing Service In Supplemental Directive 09-01, the Treasury Department

More information

ReNew Grant Guidelines

ReNew Grant Guidelines Brooklyn Center ReNew Buyer Incentive Program Greater Metropolitan Housing Corporation Program Summary The Economic Development Authority (EDA) of Brooklyn Center, Minnesota (EDA) has partnered with the

More information

Support Under the Homeowner Affordability and Stability Plan: Three Cases

Support Under the Homeowner Affordability and Stability Plan: Three Cases Support Under the Homeowner Affordability and Stability Plan: Three Cases Family A: Access to Refinancing In 2006: Family A took a 30-year fixed rate mortgage of $207,000 on a house worth $260,000 at the

More information