Common use of Program Leverage with Other Financial Clause in Contracts

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 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. Additionally, if program except in the lending institution whose event the 2nd or 3rd lien is being relieved also holds the 1st mortgageheld by a downpayment assistance program provider, they (note holder) would have to contribute $0.50 to each dollar of 1st mortgage principal relief from NAHAC’s other HHF programs. The in which event no matching funds will be provided at closingrequired.

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. Additionally, if program except in the lending institution whose event the 2nd or 3rd lien is being relieved also holds the 1st mortgageheld by a down payment assistance program provider, they (note holder) would have to contribute $0.50 to each dollar of 1st mortgage principal relief from NAHAC’s other HHF programs. The in which event no matching funds will be provided at closingrequired.