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HUD's Standard Loss Mitigation Options. Through its National Servicing Center (NSC), FHA offers a number of loss mitigation programs and informational resources to assist FHA-insured homeowners facing financial hardship, and whose mortgage is either in default or at risk of default.
COVID-19 Advance Loan Modification (ALM): The COVID-19 ALM is a permanent change in one or more terms of a borrower's mortgage that achieves a minimum 25 percent reduction to the borrower's monthly principal & interest (P&I) payment and does not require borrower contact.
21 Φεβ 2024 · The new offering, called the Payment Supplement, provides mortgage servicers with an additional tool to temporarily reduce a borrower’s monthly mortgage payment by up to 25 percent without modifying the mortgage’s current interest rate.
The largest program within MHA is the Home Affordable Modification Program (HAMP). HAMP’s goal is to offer homeowners who are at risk of foreclosure reduced monthly mortgage payments that are affordable and sustainable over the long-term.
4 Σεπ 2020 · The modification can reduce your monthly payment to an amount you can afford. Modifications may involve extending the number of years you have to repay the loan, reducing your interest rate, and/or forbearing or reducing your principal balance.
27 Φεβ 2024 · The Payment Supplement option combines a standalone Partial Claim to bring the mortgage loan current with a new Monthly Principal Reduction (MoPR) that will reduce the borrower’s monthly principal payment for a three-year period, without requiring a modification of the mortgage loan.
18 Απρ 2022 · FHA's COVID-19 Recovery options for use by mortgage servicers include the COVID-19 Advance Loan Modification (ALM). Available to owner-occupant and non-occupant borrowers, the COVID-19 ALM is a permanent change in one or more terms of a borrower's mortgage that achieves a minimum 25 percent reduction to the borrower's monthly Principal and ...
