HAMP Update 12-08 Federally Declared Disasters
Investor Update: On November 20, the U.S. Department of the Treasury issued Supplemental Directive (SD) 12-08: Making Home Affordable Program - Federally Declared Disasters.
In an effort to encourage servicers to provide as much relief as possible to borrowers located in a federally declared disaster (FDD) area, the U.S. Department of the Treasury has issued updated FDD guidance in Supplemental Directive (SD) 12-08: Making Home Affordable Program - Federally Declared Disasters today, November 20, 2012.
This SD is effective immediately and amends and supersedes the notated portions of the Making Home Affordable Program Handbook for Servicers of Non-GSE Mortgages.
The following topics are covered in this SD:
- Flexibility with Borrowers in Federal Emergency Management Agency (FEMA) Designated FDD Areas
- Forbearance Plans
- Borrowers in a Home Affordable Modification Program (HAMP) or the Second Lien Modification Program (2MP) Trial Period Plan
- Borrowers in a HAMP or 2MP Permanent Modification
- Handbook Mapping
This guidance does not apply to mortgage loans that are owned or guaranteed by Fannie Mae or Freddie Mac, insured or guaranteed by the Veterans Administration, Department of Agriculture's Rural Housing Service, or the Federal Housing Administration.
Please read SD 12-08 in its entirety for more information.
To view the online release, please click here.
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with more than 1,600 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.