Available Options To Help You
Home Affordable Modification Program (HAMP)
A federal government program that allows you to repay the loan on newly agreed upon terms, which may
include lowering the interest rate, placing past due amounts at the end of the loan, and/or extending the
term of the loan. You may be eligible for this program if you meet the following requirements:
- The home is your primary residence and you currently live in it.
- The amount you owe on the first mortgage is equal to or less than $729,750 for a single-family
home, $934,200 for a 2 unit property, $1,129,250 for a 3 unit property or $1,403,400 for a 4
- You have experienced a hardship that has impacted your income. For example, a significant
increase in your mortgage payment OR reduction in your income OR other hardship.
- Your mortgage was obtained before Jan. 1, 2009.
- Your payment on your first mortgage (including principal, interest, taxes, insurance and
homeowner’s association dues, if applicable) is more than 31% of your current gross income. To
calculate this, divide your first mortgage payment by your gross income (income before taxes).
If you can bring your loan payments up to date, we will accept the funds needed to bring the loan up
to date until the day of your foreclosure sale.
A temporary agreement which allows for the repayment of the unpaid, past due amount along with regular
mortgage payments. This may include principal, interest, fees, and/or costs assessed to your loan.
Temporary Forbearance Agreement
An agreement whereby we agree not to proceed with foreclosure and/or collection of payments for a
period of time, to allow you to re-establish your ability to make the required payments.
Loan Modification (non-HAMP)
Repay the loan on newly agreed upon terms, which may include lowering the interest rate, placing
amounts past due at the end of the loan, and/or extending the term of the loan.
Partial Claim (FHA loans Only)
If you have a Federal Housing Administration (FHA) loan and your payments are past due but you
are now able to make your regular monthly mortgage payment, this program is designed to bring your
loan up to date by creating a second mortgage/lien on your property for the amount that is past due.
Options To Consider If You Cannot
Or Do Not Wish To Stay In Your Home
Home Affordable Foreclosure Alternatives Program (HAFA)
Designed to help borrowers who are eligible for the Home Affordable Modification Program (HAMP) but
were unsuccessful in securing a permanent modification through the program. HAFA provides the option
of a short sale and, if unsuccessful, a deed in lieu of foreclosure. A short sale is a transaction in which you
sell your property for less than the total amount owed on the loan (subject to agreement by your servicer/
lender/investor), resulting in the release of our lien on your home and avoidance of foreclosure. A deed in
lieu of foreclosure is a transaction in which you agree to voluntarily transfer ownership of your property to us
in order to avoid foreclosure.
Short Sale/Preforeclosure Sale (non-HAFA)
Offered to borrowers who are not eligible for HAMP or other home retention alternatives. With a short sale,
you sell your property for less than the total amount owed on the loan (subject to agreement by your servicer/
lender/investor), resulting in the release of our lien on your home and avoidance of foreclosure.
Deed in Lieu of Foreclosure (non-HAFA)
Offered to borrowers not eligible for HAMP or other home retention alternatives, and who were not able
to sell the property through a short sale. With a deed in lieu of foreclosure, you agree to voluntarily transfer
ownership of your property to us in order to avoid foreclosure.
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