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Tuesday, November 20, 2012

Federally Declared Disasters - Supplemental Directive (Modifications)

On November 16, 2012, we blogged about the Making Home Affordable Program's forbearance program for victims of Hurricane Sandy.

Today, Treasury issued Supplemental Directive 12-08, which addresses Federally Declared Disasters, such as Hurricane Sandy, and specifically directs Non-GSEs (servicers) with respect to the following topics:

  • Flexibility with Borrowers in Federal Emergency Management Agency (FEMA) Designated FDD Areas
  • Forbearance Plans
  • Borrowers in a Home Affordable Modification Program® (HAMP) or the Second Lien Modification ProgramSM (2MP) Trial Period Plan
  • Borrowers in a HAMP or 2MP Permanent Modification
  • Handbook Mapping

To read Supplemental Directive 12-08, click here.