The Mortgage Reinstatement Assistance Program (“MRAP”) is a federally-funded programs developed to provide temporary financial assistance to eligible homeowners who wish to remain in their homes, but are in imminent danger of losing their home
The program is administered by CalHFA MAC’s where the program provide fund to assist income-qualified home owners to help them with their delinquent mortgage loans. These funds can include payments needed to reinstate the home owners loan and prevent foreclosures.
MARP has been funded to the tune of $159,400,000
1) The program is not intended for jumbo loans. First Mortgage amount can not exceed 729,750.00
2) The eligibility is determined by CalHFA MAC based on the availability of funds.
3) Home owners must prove financial hardship by documenting their income and expenses.
4) Home owners monthly mortgage payment (Principal, interest, taxes, and insurance) must exceed 31% of the owners GROSS monthly income.
5) Mortgage should either be delinquent or at serious risk of imminent defaults as substantiated by the lender and home owners documentation.
6) The program pays up to $25,000 per household. The program expires on December 31, 2017 or when the funds run out.
7) The program assistance can last up to 12 months.
8) Not every Mortgage Servicer is participating in this program.
9) The applicants must owner and occupy the Single Family Home or 1-4 unit home. Moblie homes can also quality if they have a permanently affixed to the real property and secured by the 1st lien. The property can not be abandoned.
Some of the major exclusion and exception for the program are:
1) Owners has filed bankruptcy.
2) A Notice of Default has been filed and recorded on the property.
3) Loan is foreclosed and an Notice of default has been recorded.
Feel free to contact us if you need help with this paper work.