We discussed the mortgage modification process under HAMP. We addressed proactive short sales under HAFA. Now, we provide guidance for borrowers who need assistance as a result of Hurricane Sandy, which was a Federally Declared Disaster (FDD) pursuant to the Making Home Affordable (MHA) program.
Please know that pursuant to MHA - "Any FDD forbearance plan should not impact the status of a homeowner's permanent HAMP modification."
So, if you, your clients or your customers cannot make payments as a result of the Hurricane, contact your servicer / lender and request an FDD forbearance until you can get back to affording life.
To learn more about Treasury's direction to servicers in how they should make offerings of help to borrowers as a result of Hurricane Sandy, click here.