Second lien modification program guidelines ^543^

The HAFA Program - Foreclosure Alternatives for Homeowners program is for borrowers who, although eligible for the government Home Affordable Modification Program promissory note, or deficiency judgment to complete a short sale or DIL. Additionally, junior lien holders (i.e. 2nd

Servicing Guide: Main Page. Part D: Providing Solutions to a Borrower The mortgage loan must be a first lien mortgage loan. Conditions of a First and Second Lien Mortgage Loan Modification for an MBS Mortgage Loan. HAMP. The Home Affordable Modification Program (HAMP) is a government program introduced in 2009 to respond to the subprime mortgage crisis.HAMP is part of the Making Home Affordable program (MHA), established in concert with the Hardest Hit Fund program (HHF) under the Troubled Asset Relief Program (TARP), a part of the Emergency Economic Stabilization Act of 2008. Bank of America Home Affordable Foreclosure Alternative (HAFA) Matrix If you do not qualify for the Home Affordable Modification Program (HAMP) or other modification programs that we offer, you will be considered for other foreclosure prevention programs, such as short sale or deed in lieu of foreclosure. While Treasury recently revised its guidelines to allow servicers to bypass the database for certain loans, servicers could do more to alert HAMP first-lien modification borrowers about the new second-lien program. The Second Lien program is not available at all banks; if you want to apply for loan modification under the Home Affordable program, make sure your bank is a participating lender in the Second Lien program before signing any paperwork. Making Home Affordable: Summary Results . Program Performance Report Through April 2014 . 5 . Second Lien Modification Program (2MP) Activity . The Second Lien Modification Program (2MP) provides assistance to homeowners in a first lien permanent modification who have an eligible second lien with a participating HAMP servicer. Inside: Additional Reporting on t