Great news for those struggling with their mortgage after
previously receiving a modification! Now, you can re-modify your mortgage due
to recent amendments to the Making Homes Affordable (MHA) Handbook. On
September 30th, Treasury released Supplemental Directive 14-03,
which provides new guidelines, updates and clarifications that servicers must
follow.
To better understand these new amendments, previously, a
servicer could not re-modify a loan that received a HAMP permanent modification
until either the loan lost good standing or more than 5 years had passed since
the permanent modification effective date.
Now, the new rule permits a loan that was previously permanently
modified under HAMP to be re-modified regardless of loss of good standing so
long as, either, the borrower has experienced a change in circumstance, or at
least 12 months have passed since the HAMP Modification Effective Date. This
amendment will allow for borrowers to re-modify loans that have already
received a HAMP permanent modification if they experience a new hardship or if
one year has passed.