Don't Go Chasing Waterfalls
Little Pig, Little Pig, Let Me In
Let's Go on a Date
Green Eggs and HAMP with HAFA Toast
UPs and Downs
100
This is the target Housing Debt-to-Income (HDTI) ratio the U.S. Treasury has deemed as an "affordable payment," thus reflected in HAMP's directive.
What is 31%?
100
One of the eligibility requirements for HAMP is that the mortgagor’s loan must have been originated on or before this date.
What is January 1, 2009?
100
This is the date that HAMP was announced by President Obama and the U.S. Treasury (one of the reasons why HAMP is also known as the “Obama Plan” to many homeowners).
What is February 19, 2009?
100
This is the date that Home Affordable Foreclosure Alternatives (HAFA) program became effective.
What is April 5, 2010?
100
Among the other HAMP-required documents, the mortgagor must provide proof of this before being reviewed for HAUP.
What are unemployment benefits?
200
This is the first step of the Modification Waterfall.
What is Capitalize Arrearages?
200
These are two of the three documents necessary to prove residency, according to HAMP.
What are executed IRS Form 4506-T, paystubs, complete bank statements?
200
This is the original program cut-off date that the MHA initiative provided for HAMP, only because it would have signified the end of President Obama’s term in office and anticipated for any change in Office.
What is December 31, 2012?
200
These two are the most popular workout options under HAFA, which look into liquidation of the property from the mortgagor.
What are Short Sale and Deed-in-Lieu of Foreclosure?
200
Even on a UP Forbearance plan, the servicer’s goal is to reduce the mortgagor’s monthly mortgage payment to no more than 31% of this.
What is Gross Monthly Income?
300
Under the second step of the Modification Waterfall, if necessary, the interest rate can be reduced no lower than this percentage for a length of up to five years.
What is 2%?
300
This is the number of days of a profit and loss statement that a self-employed homeowner must furnish in order to calculate income.
What is 90 days?
300
According to the MHA guidelines, servicers are not required to consider a mortgagor for HAMP, UP, HAFA if the request is received after midnight of this day prior to a scheduled Foreclosure sale.
What is the seventh business day?
300
Should a mortgagor be sent this notice, where the Net Present Value of the Modification scenario is “negative,” the mortgagor will then be solicited for other Foreclosure prevention options, including alternative Modification programs (Non-HAMP) and HAFA.
What is a Non-Approval Notice?
300
Though there is no maximum term for a UP Forbearance, this is the recommended length of time a UP Forbearance should be negotiated to avoid the mortgagor’s delinquency from exceeding one year of scheduled payments.
What is 12-months?
400
This is what PRA stands for.
What is Principle Reduction Alternative?
400
This form is used to validate that no person convicted of Felony larceny, theft, fraud, or forgery will receive assistance under MHA.
What is the Dodd-Frank Certification?
400
This is the annual benchmark date that HAMP will allow tax returns from two years before for underwriting purposes because it allows for mortgagor(s) that filed Tax Return extensions for the previous calendar year.
What is June 1st?
400
These two parties who are required to vacate a rental property as a result of HAFA may be eligible to receive relocation incentives so long the mortgagor obtains and delivers a certification prior to the close of the transaction.
Who are tenants and other non-mortgagor occupants?
400
This is the date that the Making Home Affordable initiative enacted the Unemployment Forbearance Program (HAUP).
What is August 1, 2010?
500
When the servicer exercises the fourth step of the Modification Waterfall, Principle Forbearance, the percentage mark-to-market Loan-to-Value (LTV) needs to be greater than this percentage.
What is 115%?
500
The U.S. Treasury states this is the threshold principle balance that a single family, owner-occupied property must not exceed to be eligible for HAMP.
What is $729,750?
500
This is the UP program cut-off date that mortgagor(s) will be able to apply for HAUP.
What is December 31, 2013?
500
Only after the mortgagor loses this after a HAMP Modification has completed, and after the servicer has evaluated the mortgagor for other Loss Mitigation options (i.e. HAFA), can the servicer be permitted to move forward with Foreclosure.
What is Good Standing?
500
After May 18, 2011, servicers participating in HAMP are required to assign this to the mortgagor, who will be responsible for managing the mortgagor through the entire delinquency or imminent default resolution.
What is a Single Point of Contact (SPOC) representative?
M
e
n
u