HAMP Modifications Clause Samples
The HAMP Modifications clause outlines the terms and conditions under which a mortgage loan may be modified in accordance with the Home Affordable Modification Program (HAMP). This clause typically specifies the eligibility criteria for borrowers, the process for applying for a modification, and the changes that may be made to the loan, such as adjustments to interest rates, principal balances, or payment schedules. By establishing a clear framework for modifying loans under HAMP, this clause helps borrowers avoid foreclosure and provides lenders with a standardized process for addressing delinquent loans.
HAMP Modifications. The Credit Union shall take all necessary action to ensure that (i) from and after the date the Credit Union or any Credit Union Subsidiary that services residential mortgage loans has 100 or more residential mortgage loans not owned or guaranteed by ▇▇▇▇▇▇ ▇▇▇ or Freddie Mac which have been past due for 60 or more days, the Credit Union or such Credit Union Subsidiary shall, to the extent such programs are open for participation,
(A) participate in the United States Department of the Treasury’s Making Home Affordable (“MHA”) program, including MHA’s Second Lien Modification Program and (B) immediately execute a Commitment to Purchase Financial Instrument and Servicer Participation Agreement (in such form as may be set forth on the MHA website at ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇ from time to time) with ▇▇▇▇▇▇ ▇▇▇ (acting as the United States Department of the Treasury’s fiscal agent) and (ii) if the Credit Union or any Credit Union Subsidiary owns mortgage loans that are serviced by a non-affiliated mortgage servicer, the Credit Union or such Credit Union Subsidiary shall consent to any MHA modification request made by such mortgage servicer.
HAMP Modifications. The Company shall take all necessary action to ensure that (A) from and after the date the Company or any Company Subsidiary that services residential mortgage loans has 100 or more residential mortgage loans not owned or guaranteed by ▇▇▇▇▇▇ ▇▇▇ or ▇▇▇▇▇▇▇ Mac which have been past due for 60 or more days, the Company or such Company Subsidiary shall, to the extent such programs are open for participation, (1) participate in the United States Department of the Treasury’s Making Home Affordable (“MHA”) program, including MHA’s Second Lien Modification Program and (2) immediately execute a Commitment to Purchase Financial Instrument and Servicer Participation Agreement (in such form as may be set forth on the MHA website at ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇ from time to time) with ▇▇▇▇▇▇ Mae (acting as the United States Department of the Treasury’s fiscal agent) and (B) if the Company or any Company Subsidiary owns mortgage loans that are serviced by a non-affiliated mortgage servicer, the Company or such Company Subsidiary shall consent to any MHA modification request made by such mortgage servicer.
HAMP Modifications. The Company shall take all necessary action to ensure that (i) from and after the date the Company or any Company Subsidiary that services residential mortgage loans has 100 or more residential mortgage loans not owned or guaranteed by ▇▇▇▇▇▇ ▇▇▇ or ▇▇▇▇▇▇▇ Mac which have been past due for 60 or more days, the Company or such Company Subsidiary shall, to the extent such programs are open for participation,
(A) participate in the United States Department of the Treasury’s Making Home Affordable (“MHA”) program, including MHA’s Second Lien Modification Program and, (B) immediately execute a Commitment to Purchase Financial Instrument and Servicer Participation Agreement (in such form as may be set forth on the MHA website at ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇ from time to time) with ▇▇▇▇▇▇ Mae (acting as the United States Department of the Treasury’s fiscal agent) and (ii) if the Company or any Company Subsidiary owns mortgage loans that are serviced by a non-affiliated mortgage servicer, the Company or such Company Subsidiary shall consent to any MHA modification request made by such mortgage servicer.