Beginning October 15, 2016, loan servicers must begin contacting eligible homeowners about the Principal Reduction Modification program. They have until December 31, 2016 to do so, which means homeowners have a very narrow window to apply for a principal reduction. The FHFA estimates that approximately 33,000 homeowners will qualify.
2. What is the Florida Hardest-Hit Fund Principal Reduction (HHF-PR) program? The Florida HardestHit FundPrincipal Reduction (HHFPR) program is designed toassist eligible homeowners by providing up to $50,000 to reduce the principal balance of the first mortgage, thereby
Learn more about the Home Affordable Unemployment Program. principal reduction alternative (PRA) The Principal Reduction Alternative encourages your mortgage lender to reduce the amount of principal you owe. Currently there are over 100 loan servicers participating in this program. Learn more about the Principal Reduction Alternative. The Home.
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The program was approved under FHFA’s statutory authority in the Emergency Economic Stabilization Act of 2008 "to implement a plan that seeks to maximize assistance for homeowners and. minimize foreclosures," including through a "reduction in loan principal," while minimizing losses for the Enterprises (12 USC 5220(b)) as well as other.
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The federal government has allocated funding to assist eligible Florida homeowners who owe at least 125% more on their home than its current market value, commonly referred to as the home being "under water." The Florida Hardest-Hit Fund Principal Reduction (HHF-PR) program will provide up to $50,000 to an eligible homeowner(s) to help reduce.
In Phoenix, 550,000 homeowners have negative equity — 58 percent of houses with loans. Florida. principal-reduction efforts for owners who have severe negative equity and see no way out. Another.
CFPB fines Residential Credit Solutions $1.5 million for illegal mortgage servicing But after allegedly screwing over homeowners by, among other things, not honoring loan modifications on mortgages transferred from other servicers, RCS is on the hook to pay .5 million in.
Find the answers to your questions on the Principal Reduction Alternative under the Home Affordable Modification Program (HAMP), which was established to help distressed homeowners lower their monthly mortgage payments. The Principal Reduction Alternative does not apply to loans that are owned or guaranteed by Fannie Mae or Freddie Mac.
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Florida homeowners who have remained current on their mortgages may apply for federal assistance from the Florida Hardest-Hit Fund Principal reduction (hhf-pr) program. The online application, www.PrincipalReductionFLHHF.org , is open and available in all 67 counties.