N.Y. Comp. Codes R. & Regs. Tit. 3 § 83.3 - Eligibility requirements for shared appreciation mortgage modification
(a) Mortgage
loans eligible for a shared appreciation mortgage modification.
A
(1) the mortgage loan is:
(i) a first lien mortgage loan with an unpaid
principal balance (described below in section
83.4
of this Part) that exceeds the appraised value of the residential property
based on an appraisal report prepared no more than 150 days before the
execution of a shared appreciation mortgage modification and shared
appreciation agreement;
(ii) a
junior lien mortgage loan satisfying the same criteria set forth in
subparagraph (i) of this paragraph; or
(iii) a combination of a first and junior
lien mortgage loan , both held by the same holder , which satisfies the criteria
set forth in subparagraph (i) of this paragraph.
(2) The mortgagor is 60 or more days past due
on payments of the mortgage loan (s), or the mortgage loan (s) is the subject of
an active foreclosure action;
(3)
The mortgagor 's eligibility to enter into any of the following alternatives has
been assessed and disclosed to the mortgagor by the holder in accordance with
the disclosure requirements set forth in section
83.7(b)(10)
of this Part, and the mortgagor has thereafter elected to enter into the shared
appreciation agreement:
(i) a modification
under the federal home affordable modification program (HAMP);
(ii) a modification offered under the
government sponsored enterprises' (GSE) HAMP programs or proprietary
modification programs, if the loan is owned by the GSE;
(iii) a modification offered by the Federal
Housing Administration;
(iv) a
proprietary modification offered by the holder , including a proprietary
mortgage that includes a principal reduction, principal forbearance and/or
principal forgiveness feature without a shared appreciation component;
or
(v) traditional refinance,
streamlined refinance or refinance under the Home Affordable Refinance Program
(HARP) and the Federal Housing Administration Refinance Program.
Notes
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