On
Monday, February 27, 2017, Fannie Mae, acting as
administrator of Home Affordable
Modification Program (HAMP), implemented portions of the Supplemental
Directive 16-02
regarding the termination of Making Homes
Affordable Program (MHA).
Now,
borrowers who have applied for a modification on or before the termination of
the MHA on December 31, 2016 under HAMP Tier 1, HAMP Tier 2, Streamline HAMP, Second Lien
Modification Program
(2MP), Treasury Federal
Housing Administration HAMP (Treasury FHA-HAMP), and Rural Development HAMP
(RD-HAMP) must have modification effective dates on or before December 1, 2017.
Additionally, closing dates for a transaction under Home Affordable
Foreclosure Alternatives Program (HAFA) must be on or before December 1, 2017.
In
conjunction with the termination of the MHA on December 31, 2016, Supplemental
Directive 16-02 provides guidance to servicers regarding non-Government Sponsored
Enterprise (GSE) Mortgages of borrowers who have requested assistance prior to
December 31, 2016. Specifically, this Directive applies to: the HAMP, the Home Affordable Unemployment Program (UP), HAFA, 2MP, Treasury
FHA-HAMP, and RD-HAMP. In
addition, this Supplemental Directive provides guidance with respect to the
eligibility of certain GSE HAMP Loans to receive pay-for-performance incentives
through the Troubled Asset
Relief Program
(TARP).
So,
the MHA has ended. However, no need to worry if you have applied on or before
December 31, 2016 for a home loan modification through MHA because you still
have time to receive the benefits of the MHA if you complete the modification
process by December 1, 2017.
Alternatively,
if you have not yet applied for a home loan modification, New Yorkers may
continue seek mortgage modifications under Civil Practice Law
and Rule §3408.
