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Home Retention and Foreclosure Avoidance Programs ... - Chase

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					Home Retention and Foreclosure Avoidance Programs

                               Government and Agency Home Retention Programs
                               Home Affordable Refinance         Provides refinancing on Fannie Mae and Freddie Mac investor loans for homeowners ineligible for a traditional refinance
                               Program (HARP) and HARP II        due to the current value of their home versus the outstanding mortgage balance.
                               Home Affordable Modification
                                                                 Modification program for bank-owned and investor-held loans that are currently delinquent or in imminent default.
                               Program (HAMP)
                               Home Affordable Second Lien       Modifies home equity loan or home equity line of credit for homeowners who have received modifications on their first
                               Modification (2MP)                mortgage under HAMP.

                               Second Lien Non-HAMP
                                                                 Non-MHA second lien modification program designed to work in tandem with non-MHA first lien modification programs.
                               Modification (2NH)
                               FHA/VA/USDA Modification
                                                                 Modifies loans for homeowners with an FHA/VA/USDA-insured mortgage.
                               Program
                               Home Affordable Unemployment
                                                                 Provides temporary relief from mortgage payments for unemployed homeowners with a bank-owned or investor-held loan.
                               Program (HAUP)
                               Fannie Mae Alternative            Fannie Mae modification option for loans declined from HAMP and other Fannie Mae modifications. It has different eligibility
                               Modification                      criteria that include no document and debt-to-income requirements.

                               State Home Retention Programs
                               Hardest Hit Fund (HHF)            The Treasury Department has awarded funding for programs developed by state Housing Finance Agencies (HFAs) to
                               Administered by State Housing     prevent foreclosures and stabilize housing markets in 19 states including the District of Columbia. The Hardest Hit Fund
     Home Retention Programs




                               Finance Agencies in 19 states.    (HHF) programs include unemployment mortgage assistance and reinstatement funds. Program eligibility and product
                                                                 offerings vary by state housing agency.
                                                                 - Unemployment – Covers mortgage payments for a period of time for unemployed homeowners (AL, AZ, CA, FL, GA, IL, IN,
                                                                   KY, MI, MS, NC, NJ, NV, OH, OR, RI, SC, TN, and Washington, DC)
                                                                 - Reinstatement – Provides a one-time payment to bring mortgage more current (AL, AZ, CA, FL, GA, IL, IN, KY, MI, MS, NC,
                                                                   NJ, NV, OH, OR, RI, SC, TN, and Washington, DC)
                                                                 - Principal reduction – Reduces principal balance of loan, in conjunction with a HAMP modification (AZ, CA, NV, RI)
                                                                 - Second Lien relief – Reduces or eliminates home equity loan or line of credit to enable first modification (AZ, NC, NV)
                                                                 - Transition assistance – Assists with relocation expenses following a short sale or deed-in-lieu (AZ, NV, OH, RI)

                               Chase Home Retention Programs
                               Forbearance Plan                  Suspend/reduce payments for special circumstances; delinquency must be cured through full reinstatement, payment in full,
                                                                 a repayment plan, or an alternate workout option (i.e., modification).
                               Repayment Plan                    Past-due amount on mortgage loan extended over several months to bring the account current.

                               Chase Home Affordable             Modification program with expanded eligibility criteria for Chase-owned and investor-held mortgage loans that do not qualify
                               Modification Program (CHAMP)      under the HAMP guidelines.

                               HOPE Modification Program         Preapproved modification program for first lien homeowners with bank-owned and delegated private investor portfolios.
                                                                 Homeowner’s monthly payment is adjusted through a combination of the following: interest rate reduction, term extension,
                                                                 forgiveness, and/or forbearance. A three-month trial period must be completed successfully before the modification is permanent.
                               HOPE Modification Program ­       Preapproved modification program targeted to second lien homeowners who have successfully modified their first lien
                               Second Lien                       through the Hope Modification program. The homeowner’s monthly payment is adjusted using the same treatments as the
                                                                 Hope Modification first lien program. No trial period is required.
                               Texas 50(a)(6) Modification       Modification program for Texas home equity loans that are subject toTexas 50(a)(6) regulation
                               Program                           (CHAMP, FHA, VA and USDA only).

                               Loan Assumption Modification      Concurrent assumption and modification policy for the following conditions:
                               Program (LAMP)                       · a Request for Mortgage Assistance (RMA) has been received from the homeowner(s) or an authorized third party,
                                                                    · one or more of the original homeowner(s) has died or divorced, and
                                                                    · a potential assumptor desires to take responsibility for repayment of the outstanding debt.
                                                                 This policy also applies in cases when the RMA is submitted by someone with an ownership interest in the property other
                                                                 than the obligor(s) or an authorized third party contact.
                               Chase Home Affordable
                                                                 Provides a temporary relief of mortgage payments for unemployed homeowners.
                               Unemployment Program (CHAUP)
                               Military Programs                 Specifically for military servicemembers, these programs include extra benefits in addition to SCRA, including lower interest
                                                                 rates, longer protections from foreclosure or eviction and options for those affected by permanent change in station (PCS).
                                                                 Additionally, debt forgiveness programs are offered to surviving family members of military homeowners who have been
                                                                                                                                                      1,
                                                                 killed in combat action or died in a combat theater of operations since September 1 2001.

                               Short Sale Programs (Bank-Owned/Investor Portfolios)
Foreclosure Alternative




                               Home Affordable Foreclosure
                                                                 A government short sale program developed for homeowners who owe more on their mortgage than their home is worth; it
                               Alternatives (HAFA) Program
                                                                 provides $3,000 in relocation assistance at closing, and the deficiency is waived in full.
      Programs




                               Chase and Investor Short Sale     Allows a homeowner to sell the home for less than the amount owed; any deficiency is handled through extended repayment
                               Program                           terms, or possibly waived in full. Some Chase programs offer funds for relocation assistance at closing.

                               Deed-in-Lieu of Foreclosure Program (Bank-Owned/Investor Portfolios)
                               Chase and Investor Deed-in-Lieu
                                                                 Programs that allow homeowners to avoid foreclosure by agreeing to transfer the title of the property to the bank and
                               of Foreclosure
                                                                 possibly have any deficiency waived.

                                                                                                                                                For internal and external use        HPO_0912

				
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