Program Leverage with Other Financial. Resources The basis of the 2nd lien relief program is to ‘free up’ the first mortgage note holder to complete the necessary modification to keep the borrower current and in their home. In order to leverage the 2nd lien relief funds, the program requires participating lenders to contribute $0.60 for each $0.40 contributed by this program. Additionally, if the lending institution whose 2nd lien is being relieved also holds the 1st mortgage, they (note holder) would have to contribute $0.50 to each dollar of 1st mortgage principal relief from NAHAC’s other HHF programs. The matching funds will be provided at closing.
Program Leverage with Other Financial. Resources In the event the short sale program recipient has incurred a lien as a result of earlier participation in NAHAC’s Principal Reduction, Second Mortgage Reduction Plan or Mortgage Assistance Program, then the lien may be extinguished for the purpose of helping to facilitate the short sale request.
Program Leverage with Other Financial. Resources The goal of the program is for the applicable servicer/lender to match PRP funds on a dollar-for-dollar basis. The servicer/lender’s matching funds will be paid no later than at the time of CalHFA MAC program funding. CalHFA MAC will require that the servicer waive all accrued and unpaid late charges and NSF fees at the time the modification agreement is completed
Program Leverage with Other Financial. Resources While Nevada does not require a contribution from the Servicer, it will be encouraged. Nevada will also request that the loan servicer waive certain fees like late charges, delinquency fee and penalties and recast the principal reduced loan and participate in its recordation.
Program Leverage with Other Financial. Resources The Program will strongly encourage the lenders/servicers to consider waiving late fees or any other expenses that are not paid to a third party. Lenders/servicers will not be required to match Program funds.
Program Leverage with Other Financial. Resources The goal of the program is for the applicable servicer/lender to leverage PRP funds by providing a loan recast, a loan modification or reduction or elimination of existing non-interest bearing forbearance to help establish an appropriate level of first mortgage debt for homeowners with qualifying properties. CalHFA MAC will require that the servicer waive all accrued and unpaid late charges and NSF fees at the time the modification agreement is completed. CalHFA MAC will require the servicer to waive any associated recast fee.
Program Leverage with Other Financial. Resources The basis of the 2nd lien relief program is to ‘free up’ the first mortgage note holder to complete the necessary modification or refinance to keep the borrower current and in their home. In order to leverage the 2nd lien relief funds, the program requires participating lenders to contribute a minimum of $0.60 for each $0.40 contributed by this program except in the event the 2nd lien is held by a downpayment assistance program provider, in which event no matching funds will be required. Additionally, if the lending institution whose 2nd lien is being relieved also holds the 1st mortgage, they (note holder) would have to contribute $0.50 to each dollar of 1st mortgage principal relief if they choose to subsequently participate in NAHAC’s Principal Reduction Program. The matching funds will be provided at closing.
Program Leverage with Other Financial. Resources The goal of the program is for the applicable servicer/lender to match MRAP funds on a dollar-for-dollar basis. The matching funds will be paid no later than at the time of CalHFA MAC program funding. CalHFA MAC will require that the servicer waive all accrued and unpaid late charges and NSF fees for all payments funded with MRAP benefits.
Program Leverage with Other Financial. Resources The program will strongly encourage servicers to waive late fees and any other non-3rd party expenses. SERVICE SCHEDULE B-3 Georgia Housing Finance Authority Recast/Modification Summary Guidelines
Program Leverage with Other Financial. Resources This program is designed to complement and supplement HAMP, Non-HAMP or other lender workout solutions. SERVICE SCHEDULE B-2 Rhode Island Housing’s Temporary and Immediate Homeowner Assistance (TIHA) Summary Guidelines
