Mortgage Reinstatement Program – Term Sheet

$15,000 Grant Program

Dated: July 1, 2023

This version replaces ALL previous versions.

Page | 1

Criteria Terms

Brief Description

Provide fundsto eliminate or reduce past due payments and other

delinquent amounts, including payments under a forbearance plan,

on forward mortgages, reverse mortgages, loanssecured by

manufactured homes, or contracts for deed.

HAF Funds may be used to reinstate the mortgage(s) and/or other

related housing expenses, which may include property taxes, hazard

insurance premiums, flood or wind insurance premiums, ground

rents, condominium fees, cooperative maintenance fees, planned

unit development fees, homeowners’ association fees or utilities.

Reinstatements can also include fees advanced to protect the subject

property lien position. Payment may also include any reasonably

required legal fees.

HAF funds will be used only after other loss mitigation options offered

by the servicer are considered, or where, without HAF funds, the

homeowner would not qualify for that loss mitigation option.

MaximumAmount of

Assistance Per

Homeowner

Each Homeowner will be eligible for a grant up to $15,000 depending

on program application and eligibility.
Mortgage Reinstatement Program – Term Sheet

$15,000 Grant Program

Dated: July 1, 2023

This version replaces ALL previous versions.

Page | 2

Homeowner Eligibility

and Documentation

Requirements

The primary goal in determining the documentation requirements is 

to ensure compliance with Treasury guidelines, but also to ensure that

the process is not burdensome on an applicant, especially those that

are traditionally undeserved or may have difficulty in navigating

traditional government assistance programs.

Eligible homeowners:

• Has a household income as set forth in the program

guidelines that also conforms with the U.S. Treasury’s

guidelines and HUD’s Homeowner Assistance Fund Income

Limits Summary.

• Has a demonstrable hardship caused by COVID-19 that

began on or after January 21, 2020.

• Is the owner of the dwelling (up to four units) and it isthe

primary residence (owner-occupied) of the applicant (this

can include a manufactured/mobile home on rented space).
Mortgage Reinstatement Program – Term Sheet

$15,000 Grant Program

Dated: July 1, 2023

This version replaces ALL previous versions.

Page | 3

HomeownerEligibility

and Documentation

Requirements(cont.)

Documents Required:

• Application Form/Agency Intake Form

• Attestation of COVID-19 Impact

• Attestation that homeowner will remain in home for one

year

• Current mortgage statement

• Income Verification

• Valid Identification

Other documents already collected under a normal housing counseling

process(for example, documentsrequired by NeighborWorks or HUD

counseling programs) for the household which could include:

• YTD income from paystubs

• Profit and loss statements and tax return for self-employed

• 2021 Social Security award letters

• Child support

• Regularly scheduled payments(including rental income)

• 3 months bank statements

• Utility bill to show occupancy

• Tax returnsif appropriate

• 3rd party authorization so you can speak to servicer

• If divorced, need divorce decree and/or a quitclaim deed

• If HOA, need HOA statement to show what is owed.

Loan Eligibility Criteria

Specific to the Program

Must be delinquent by at least one installment payment (including

payments missed during a forbearance period) or otherwise in

default, as reflected in documentation from the payee or the payee’s

agent. The grant should bring the homeowner current unless other

arrangements have been made to ensure the homeowner can remain

in the home. This program shall have NO housing to income ratio 

(HTI) requirements.

Form of Assistance Assistance will be structured as a non-recourse grant.
Mortgage Reinstatement Program – Term Sheet

$15,000 Grant Program

Dated: July 1, 2023

This version replaces ALL previous versions.

Page | 4

Payment Requirements Funds will be paid, as applicable, to the mortgage servicer or other

third-party payee validated by the HAF Program Administrator as an

approved housing expense payee authorized to collect eligible chargesin

accordance to the reinstatement of housing expenses. Payments are

NOT made to homeowner.
Mortgage Reinstatement Program – Term Sheet

$60,000 Grant Program

Dated: September 1, 2022

This version replaces ALL previous versions

Page | 1

Criteria Terms

Brief Description Provide fundsto eliminate or reduce past due payments and other

delinquent amounts, including payments under a forbearance plan,

on forward mortgages, reverse mortgages, loans secured by

manufactured homes, or contracts for deed.

HAF Funds may be used to reinstate the mortgage(s) and /or other

related housing expenses, which may include property taxes, hazard

insurance premiums, flood or wind insurance premiums, ground

rents, condominium fees, cooperative maintenance fees, planned

unit development fees, homeowners’ association fees or utilities.

Reinstatements can also include fees advanced to protect the

subject property lien position. Payment may also include any

reasonably required legal fees.

HAF funds will be used only after other loss mitigation options offered

by the servicer are considered, or where, without HAF funds, the

homeowner would not qualify for that loss mitigation option.

MaximumAmount of

Assistance Per

Homeowner

Each Homeowner will be eligible for a grant up to $60,000

depending on program application and eligibility. The stated grant

limit is for all eligible program uses and cannot be combined with

other program componentsto exceed the $60,000 grant limit.

To access the $60,000 grant program, a homeowner must work with

a program housing counselor or civil legal aid before and during the

application process. However, this requirement can be removed

from the program if it is determined direct application will benefit

program administration and potentially eligible homeowners.

Homeowner Eligibility

and Documentation

Requirements

The primary goal in determining the documentation requirements is

to ensure compliance with Treasury guidelines, but also to ensure

that the process is not burdensome on an applicant, especially those

that are traditionally undeserved or may have difficulty in navigating

traditional government assistance programs.

Eligible homeowners:

• Has a household income as set forth in the program

guidelines that also conforms with the U.S. Treasury’s

guidelines and HUD’s Homeowner Assistance Fund Income

Limits Summary.
Mortgage Reinstatement Program – Term Sheet

$60,000 Grant Program

Dated: September 1, 2022

This version replaces ALL previous versions

Page | 2

Homeowner Eligibility

and Documentation

Requirements(cont.)

• Has a demonstrable hardship caused by COVID-19 that

began on or after January 21, 2020.

• Is the owner of the dwelling (up to four units) and it isthe

primary residence (owner-occupied) of the applicant (this

can include a manufactured/mobile home on rented space).

Documents Required:

• Application Form/Agency Intake Form

• Attestation of COVID-19 Impact

• Attestation that homeowner will remain in home for one

year

• Current mortgage statement

• Income Verification

• Valid Identification

Other documents already collected under a normal housing counseling

process (for example, documents required by NeighborWorks or HUD

counseling programs) for the household which could include:

• YTD income from paystubs

• Profit and loss statements and tax return for self-employed

• 2021 Social Security award letters

• Child support

• Regularly scheduled payments(including rental income)

• 3 months bank statements

• Utility bill to show occupancy

• Tax returnsif appropriate

• 3rd party authorization so you can speak to servicer

• If divorced, need a divorce decree and/or a quitclaim deed

• If HOA, need HOA statement to show what is owed.

Loan Eligibility Criteria

Specific to the Program

Must be delinquent by at least one installment payment (including

payments missed during a forbearance period) or otherwise in

default, as reflected in documentation from the payee or the payee’s

agent.
Mortgage Reinstatement Program – Term Sheet

$60,000 Grant Program

Dated: September 1, 2022

This version replaces ALL previous versions

Page | 3

Loan Eligibility Criteria

Specific to the Program

(cont.)

The grant should bring the homeowner current.

Form of Assistance Assistance will be structured as a non-recourse grant.

Payment Requirements Funds will be paid, as applicable, to the mortgage servicer or other

third-party payee validated by the HAF Program Administrator as an

approved housing expense payee authorized to collect eligible charges

in accordance to the reinstatement of housing expenses. Payments

are NOT made to homeowner.
Mortgage Modification Program – Term Sheet

$60,000 Grant Program

Dated: September 1, 2022

This version replaces ALL previous versions

Page | 1

Criteria Terms

Brief Description

Provide fundsto reduce the mortgage principal balance (with recast) or

modify the terms of a subject property mortgage loan to provide an

affordable paymentto a homeowner.

HAF Funds may be used to reduce the principal balance on a

mortgage that can be recasted in order to achieve an affordable

payment, or to be used to assist in the qualification of a loan

modification that may include the reinstatement of the mortgage

and/or other related housing expenses that have been advanced by

the lender or servicer on the borrower’s behalf for property charges,

including property taxes, hazard insurance premiums, flood or wind

insurance premiums, ground rents, condominium fees, cooperative

maintenance fees, planned unit development fees, homeowners’

association fees or utilities. Reinstatements may also include fees

advanced to protect the subject property lien position. Payment may

also include any reasonably required legal fees.

HAF funds will be used only after other loss mitigation options offered

by the servicer are considered, or where, without HAF funds, the

homeowner would not qualify for that loss mitigation option.

MaximumAmount of

Assistance Per

Homeowner

Each Homeowner will be eligible for a grant up to $60,000 depending on

program application and eligibility. The stated grant limit is for all

eligible program uses and cannot be combined with

other program componentsto exceed the $60,000 grant limit.

Homeowner Eligibility

and Documentation

Requirements

The primary goal in determining the documentation requirements is to

ensure compliance with Treasury guidelines, but also to ensure that

the process is not burdensome on an applicant, especially those that

are traditionally undeserved or may have difficulty in navigating

traditional government assistance programs.

Eligible homeowners:

• Has a household income as set forth in the program

guidelines that also conforms with the U.S. Treasury’s

guidelines and HUD’s Homeowner Assistance Fund Income

Limits Summary.

• Has a demonstrable hardship caused by COVID-19 that

began on or after January 21, 2020.

• Is the owner of the dwelling (up to four units) and it isthe

primary residence (owner-occupied) of the applicant (this can

include a manufactured/mobile home on rented space).
Mortgage Modification Program – Term Sheet

$60,000 Grant Program

Dated: September 1, 2022

This version replaces ALL previous versions

Page | 2

Homeowner Eligibility

and Documentation

Requirements(cont.)

Documents Required:

• Application Form/Agency Intake Form

• Attestation of COVID-19 Impact

• Attestation that homeowner will remain in home for one year

• Current mortgage statement

• Income Verification

• Valid Identification

Other documents already collected under a normal housing counseling

process(for example, documentsrequired by NeighborWorks or HUD

counseling programs) for the household which could include:

• YTD income from paystubs

• Profit and loss statements and tax return for self-employed

• 2021 Social Security award letters

• Child support

• Regularly scheduled payments(including rental income)

• 3 months bank statements

• Utility bill to show occupancy

• Tax returnsif appropriate

• 3rd party authorization so you can speak to servicer

• If divorced, need a divorce decree and/or a quitclaim deed

• If HOA, need HOA statement to show what is owed.

Loan Eligibility Criteria

Specific to the Program

Mortgage default is NOT a requirement of this program. The grant

should bring the homeowner current unlessthis programis combined

with the $60kMortgageReinstatement Programto achieve reinstatement.

Form of Assistance Assistance will be structured as a non-recourse grant.

Payment Requirements Funds will be paid, as applicable, to the mortgage servicer or other

third-party payee validated by the HAF Program Administrator as an

approved housing expense payee authorized to collect eligible chargesin

accordance to the reinstatement of housing expenses. Payments are

NOT made to homeowner.
Property Charge Default Resolution – Term Sheet

Stand-Alone Requests

Dated: July 1, 2023

This version replaces ALL previous versions

Page | 1

Criteria Terms

Brief Description Provide fundsto resolve any property charge default that

threatens a homeowner’s ability to sustain ownership of the property,

whether concurrently with other loss mitigation options offered by the

loan servicer or in conjunction with other assistance programs.

HAF Funds may be used to pay past due property taxes, insurance

premiums, HOA fees, condominium fees, cooperative maintenance

or common charges that threaten sustained ownership of the

property must be brought current by program assistance or

resolved concurrently with the program providing assistance.

Payment may also include any required legal fees.

MaximumAmount of

Assistance Per

Homeowner

Each Homeowner will be eligible for a grant up to $60,000 depending

on program application and eligibility. The stated grant limit is for all

eligible program uses and cannot be combined with other program

componentsto exceed the $60,000 grant limit.

Homeowner Eligibility

and Documentation

Requirements

The primary goal in determining the documentation requirements is 

to ensure compliance with Treasury guidelines, but also to ensure that

the process is not burdensome on an applicant, especially those that

are traditionally undeserved or may have difficulty in navigating

traditional government assistance programs.

Eligible homeowners:

• Has a household income as set forth in the program

guidelines that also conforms with The U.S. Treasury’s

guidelines and HUD’s Homeowner Assistance Fund Income

Limits Summary.

• Has a demonstrable hardship caused by COVID-19 that

began on or after January 21, 2020.

• Is the owner of the dwelling (up to four units) and it is the

primary residence (owner-occupied) of the applicant (this

can include a manufactured/mobile home on rented space).

Documents Required:

• Application Form/Agency Intake Form

• Attestation of COVID-19 Impact
Property Charge Default Resolution – Term Sheet

Stand-Alone Requests

Dated: July 1, 2023

This version replaces ALL previous versions

Page | 2

HomeownerEligibility

and Documentation

Requirements(cont.)

• Attestation that homeowner will remain in home for one

year

• Current tax, HOA or COA statement

• Income Verification

• Valid Identification

Other documents already collected under a normal housing counseling

process(for example, documentsrequired by NeighborWorks or HUD

counseling programs) for the household which could include:

• YTD income from paystubs

• Profit and loss statements and tax return for self-employed

• 2021 Social Security award letters

• Child support

• Regularly scheduled payments(including rental income)

• 3 months bank statements

• Utility bill to show occupancy

• 3rd party authorization as necessary

• If divorced, need a divorce decree and/or a quitclaim deed

• If HOA, need HOA statement to show what is owed.

Loan Eligibility Criteria

Specific to the Program

Mortgage default is NOT a requirement of this program, nor is there a

requirement to have a mortgage. However, the stand-alone scenario

must meet the other requirements of the associated program. The

grant should bring the homeowner current unless other arrangements

have been made to ensure homeowner can remain in the home.

Form of Assistance Assistance will be structured as a non-recourse grant.

Payment Requirements Funds will be paid, as applicable, to the mortgage servicer or other

third-party payee validated by the HAF Program Administrator as an

approved housing expense payee authorized to collect eligible chargesin

accordance to the reinstatement of housing expenses. Payments are

NOT made to homeowner.