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.
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.
Modifies loans for homeowners with an FHA/VA/USDA-insured mortgage.
Home Affordable Unemployment
Provides temporary relief from mortgage payments for unemployed homeowners with a bank-owned or investor-held loan.
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
killed in combat action or died in a combat theater of operations since September 1 2001.
Short Sale Programs (Bank-Owned/Investor Portfolios)
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.
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
possibly have any deficiency waived.
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