About Northwest Counseling Ser About Nor hwest Counseling Service - PowerPoint PPT Presentation

About Northwest Counseling Ser About Nor hwest Counseling Service ice  Non Non Pr Prof ofit A it Agency  No Cost Housin  No Cost Housin No Cost Housing Counse No Cost Housing Counse Counseli Counseli ling ling Ser Service ices  An Any Ser y Service R ice Relat lated T d To A A Home Home  Specialize In Mor  Specialize In Mor Specialize In Mortgage Specialize In Mortgage gage gage Delinquency Delinquency  96% Rat 96% Rate In In Keepin eeping R g Residen sidents s In Homes In Homes  HUD Cer HUD Certif ified/O ied/OHCD F CD Funde nded 215-32 15-324-7500 4-7500  33 A 33 Agencies Lik encies Like Us Us In The C In The City ty

HAMP HAMP Direct Director of or of Business Business De Development, NW lopment, NWCS CS Housing Coun Housin g Counsel selor Help Homeo Help Homeowner ners in in Distress Distress Michael Brown Michael Brown

PRINCIPAL REDUCTION ALTERNATIVE ALTERNATIVE

Eligibility g y  Program Availability You may be eligible for PRA if:  Your mortgage is not owned or guaranteed by   More than 100 servicers Fannie Mae or Freddie Mac. participate in HAMP and You owe more than your home is worth.  can evaluate homeowners You occupy the house as your primary residence.  for principal reduction. f i i l d ti You obtained your mortgage on or before January  1, 2009.  Participating servicers are Your mortgage payment is more than 31 percent of  required to develop written your gross (pre-tax) monthly income. standards for PRA t d d f PRA You owe up to $729,750 on your 1st mortgage.  application. You have a financial hardship and are either  delinquent or in danger of falling behind.  The largest servicers You have sufficient, documented income to ,  i include Bank of America, l d B k f A i support the modified payment. CitiMortgage, JP Morgan You must not have been convicted within the last  Chase, and Wells Fargo. 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction. ith t l t t t ti

 Ext  Ext Extension of HAMP int Extension of HAMP int ension of HAMP into 20 ension of HAMP into 20 2013 2013  HAMP w HAMP was se s set t t to e expire f pire for ne r new trial w trial modifications modifications at the end of the y modifications modifications at the end of the y at the end of the year at the end of the year ar ar  HARP HARP, the , the ne newly wly-tweak tweaked refinancing pr d refinancing program, ogram, also has also has also has authority thr also has authority thr authority through 20 authority through 20 ugh 2013. ugh 2013. . .  This means that the bulk of the mone This means that the bulk of the money lef y left in in HAMP accounts can actually ge HAMP accounts can actually get used. HAMP accounts can actually ge HAMP accounts can actually get used. t used. t used.

 B  Borrowers with second liens or i h d li additional financial exposure (like medical bills will have the chance for another evaluation  More flexible debt-to-income criteria to expand modification assistance to borrowers with higher levels of secondary debt secondary debt  Properties intended for rental are eligible To mitigate FHFA’s concerns about  New principal reduction enhancements losing taxpayer money in the deal  Treasury has tripled the incentive payments Treasury will “pay principal y p y p p for investors who agree to reduce principal for reduction incentives to Fannie Mae borrowers or Freddie Mac if they allow  Principal reduction incentives for GSE-owned servicers to forgive principal in or guaranteed loans t d l conjunction with a HAMP modification.”

Modify or Refinance Your Loan for Modify or Refinance Your Loan for Lower Payments Home Home Home Af Home Home Home Home Home Af Affordable Affordable Af Affordable Affordable Af able Modif able able Modif able Modification Modification Modif Modification Modification Modif cation cation cation Pr cation Pr Pr Program Pr Program Program Program ogram (HAMP ogram ogram (HAMP ogram (HAMP (HAMP (HAMP): (HAMP (HAMP (HAMP): : The : The : : : : The The typical The The The typical The typical HAMP typical HAMP typical typical typical typical HAMP HAMP HAMP HAMP HAMP modi HAMP modi modific modific modific modi modi modific fication fication fication fication tion tion tion tion   results in results results results in in a a 4 a 40 40 40 per percent perc rcent dro ent drop dr rop op in in in in a a m a monthly month monthly mor mor mortgage ortgage tgage gage pa payment pa payment. yment yment. . Principal Reducti Principal Principal Principal Re Reductio eduction ion Alternative on Alternativ Alt rnative (PRA) ve (PRA): PRA) RA): : PRA PRA PRA was RA was designed wa as design de gned ed to to to help help help hom homeowner homeo homeowners ners  whose homes whose whose whose homes homes are omes are are wor re wo worth significantl orth si significantl g g g g nificantly less nificantly y y y y less less tha less than than than the the they they ow y ow owe owe by by encoura y encouragin encoura encouragin g g g g g g g g ing ser ing servicer servicer ser icers icers and invest and and and in invest estors stor ors to to to reduce reduce reduce the the amoun the the amount amount you mount yo you owe owe on owe on on your yo your home ur home. home. . Second Second Lien Second Second Lien Lien Lien Modif Modif Modification Modification cation Pr cation Program Pr Program ogram ogram ( (2 (2 2MP) 2MP MP): MP): : If If If the the the the fir fi first mortgage irst mor mortgage gage was was permanently per perman ermanently anentl tly  modif modif modified modified ed ed under under under under HAMP HAMP HAMP SM AMP SM SM SM and and there and and there there is here is is a a second a s second second mor mortgage mor mortgage gage gage on on on on the the same the the same same prop ame proper pr proper operty erty ty, ty, the borro th th the borr borrower rower wer er ma may be may ma be eligible eligible eligible eligible for for a fo a modification modificati modif odification cation on or or or or pr princi pr princi cipa cipa pal reduc pal reduction on reduction ucti tion on on the on the the the second second second second mor mortgage mortgage mor gage under gage under under under 2 2MP 2MP MP MP. . Home Af Home Home Home Afford Afford rdable rdable able Refinance able Re Refinance Pro finance Pr Program rogram ogram (HARP) (HARP): (HARP): HARP) : For Fo For borrowers borr borrower ers who who who are ho are are current re cu current rrent rrent on on on on  their m th their th th th i th i th r mortg mor mortg tgage tgage a tg tg tg g tg g e and an and hav d h hav ave been ave b been een una een una unabl unabl ble to ble bl bl bl bl to o t o obt obt bt btain a btain bt bt i bt i n a a tra tra t t t t raditi raditi ditiona d diti ditiona d diti onal re onal l l refi re refi fi fi fi financ financ fi nance because nance because b ecause ecause the the the the value va value of alue of of the the home the the home home has ome has has has declined declined declined eclined

In today's housing market, many homeowners have experienced a d decrease in their home's value. Learn about these MHA programs to i th i h ' l L b t th MHA t address this concern for homeowners.

Home Affordable Refinance Program (HARP) The The mor mortgage must be gage must be owned or ned or  guarant guaranteed b guaranteed b guarant eed by Freddie eed by Freddie eddie Mac or eddie Mac or Mac or Mac or Fannie Mae. nnie Mae. The mor The mortgage must gage must ha have been been  sold t sold to F Fannie Mae nnie Mae or or Freddie eddie Mac Mac on or bef on or bef on or before on or before re Ma re Ma May 3 May 3 y 31 2009 y 31, 2009 2009. 2009 The mor The mortgage canno gage cannot t ha have been been  refinanced under refinanced under HARP pre HARP previously iously unless it is a unless it is a Fannie Mae nnie Mae loan that loan that was refinanced under was refinanced under s refinanced under HARP fr s refinanced under HARP fr HARP from HARP from om om Mar March-Ma h-May, 2009. 2009. The The current loan-t current loan-to-v o-value (L lue (LTV) )  ratio must be ratio must be great greater r than 80%. than 80%. The borr The borrower m The The borr borro er m er must be r m st be st be current on t be c rrent on rrent on rrent on  the mor the mortgage at the time of the gage at the time of the refinance, refinance, with a with a good pa good payment yment his histor ory in n the past 1 the past 12 mon months hs.