Type of Instrument Instrument Revision Date

Mortgage Documents

Home Affordable Modification Agreement – Document Summary for Non-GSE loans (for use with Form 3157)

Type of Instrument Instrument Revision Date

Modification Agreement 3/09 (rev. 9/10)

Instrument Last Modified Summary Page Last Modified

8/17/09 (Document modified) 8/17/09 (Authorized changes modified)

10/28/09 (Spanish translation posted) 10/28/09 (Spanish translations added)

10/4/10 (Document modified) 11/13/09 (Authorized changes added)

7/25/11 (Spanish translation posted) 10/4/10 (Authorized changes added;

authorized changes modified)

7/25/11 (Authorized changes modified)

(Spanish translations added)

5/14/12 (Authorized changes added)

(Spanish translation added)

7/08/15 (Authorized changes added)

(Spanish translation added)

11/04/15 (Authorized changes added)

(Spanish translation added)

1/06/16 (Authorized changes added)

(Spanish translation added)

Printing Instructions

The PDF document must be printed on letter size paper, using portrait format.

Use This Document For

State / Lien Type / Product Type / Property Type / Occupancy Type
All / First / All / One- to four-unit, single-family dwelling / Principal residence & Rental property

Required Changes

The following changes MUST always be made to this document:

1. Lenders MUST revise the document as necessary to comply with applicable federal, state and local law.

Authorized Changes

The following changes MAY be made to this document at the lender’s option or MUST be made under certain circumstances only:

1. Lenders MUST insert the following new Section 1.H. if the borrower previously received a Chapter 7 bankruptcy discharge but did not reaffirm the mortgage debt under applicable law:

I was discharged in a Chapter 7 bankruptcy proceeding subsequent to the execution of the Loan Documents. Based on this representation, Lender agrees that I will not have personal liability on the debt pursuant to this Agreement.

[Spanish Translation]

Obtuve una eliminación de deuda en virtud de un procedimiento de quiebra bajo el Capítulo 7 con posterioridad a la suscripción de los Documentos del Préstamo. En base a esta declaración, el Prestador acuerda que no tendré responsabilidad personal por la deuda en virtud de este Acuerdo.

2. Lenders MUST amend the document as follows if the loan modification is offered under Streamline HAMP:

(a) Delete the uniform instrument tagline from the document (footer), “MULTISTATE HOME AFFORDABLE MODIFICATION AGREEMENT – Single Family – Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3157,” and replace it with “HOME AFFORDABLE MODIFICATION AGREEMENT – Non-GSE.”

(b) Delete the existing Section 1.A. and replace it with the following new Section 1.A.:

A. I am experiencing a financial hardship, and as a result, (i) I am in default under the Loan Documents or my default is imminent, and (ii) I do not have sufficient income or access to sufficient liquid assets to make the monthly mortgage payments now or in the near future. However, I believe that I can presently afford to make the modified mortgage payments shown below.

[Spanish Translation]

A. Me encuentro atravesando dificultades económicas y, como consecuencia de ello, (i) me encuentro actualmente en incumplimiento o mi incumplimiento es inminente en virtud de lo dispuesto en los Documentos del Préstamo y (ii) carezco de ingresos suficientes o acceso a activos corrientes suficientes para efectuar los pagos mensuales de la hipoteca en el presente o en un futuro próximo. Sin embargo, creo que en este momento si puedo efectuar el pago hipotecario modificado indicado a continuación.

B. (i) The Property has not been condemned; (ii) one of the borrowers signing this Agreement lives in the Property as a principal residence, or the Property is a rental property; and (iii) if the Property is a rental property, the certifications I have made concerning my intended use of the Property and the number of single-family properties that I own continue to be true and correct on the date hereof;

[Spanish Translation]

B.(i) La Propiedad no ha sido sujeta a una notificación de condena, (ii) Uno de los prestatarios que firmará este Acuerdo vive en la Propiedad y ésta constituye su residencia principal o la Propiedad es una propiedad de alquiler; y (iii) Si la Propiedad es una propiedad de alquiler, Las certificaciones que he hecho con respecto a como intento usar la Propiedad y el número de propiedades unifamiliares que poseo continúan siendo verdaderas y correctas hasta la fecha;

(d) Delete the existing Section 1.D. and replace it with the following new Section 1.D.:

D. I have provided to Lender a Streamline HAMP Affidavit or a Request for Mortgage Assistance which attests to my qualification for the Home Affordable Modification Program (“Program”).

[Spanish Translation]

D. He proporcionado al Prestador una Streamline HAMP Declaración Jurada o una Solicitud de Asistencia Hipotecaria que da fe de que cumplo las condiciones para el Programa de Modificación Home Affordable ("Programa").

3. Lenders MUST amend the document as follows if the borrower does not occupy the Property securing the loan being modified as a principal residence:

(b) If the borrower has been displaced, but the Property qualifies as “owner-occupied” under Treasury HAMP guidance, delete the existing Section 1.B. and replace it with the following new Section 1.B.:

B. (i) I lived in the Property as a principal residence immediately prior to my displacement, (ii) I intend to re-occupy the Property as a principal residence in the future, (iii) I do not own any single-family real estate other than the Property, and (iv) the Property has not been condemned;

[Spanish Translation]

B. (i) Yo viví en la Propiedad como mi residencia principal inmediatamente antes de ser desalojado, (ii) yo intento reocupar la Propiedad como mi residencia principal en el futuro, (iii) yo no poseo ninguna otra residencia unifamiliar otra que la Propiedad, y (iv) la Propiedad no ha sido sujeta a una notificación de condena;

(c) If the Property is a rental property that does not qualify as “owner-occupied” under Treasury HAMP guidance, delete the existing Section 1.B. and replace it with the following new Section 1.B.:

B. The certifications I have made concerning my intended use of the Property and the number of single-family properties that I own continue to be true and correct on the date hereof, and the Property has not been condemned;

[Spanish Translation]

B. Las certificaciones que he hecho con respecto a como intento usar la Propiedad y el número de propiedades unifamiliares que poseo continúan siendo verdaderas y correctas hasta la fecha, y la propiedad no ha sido sujeta a una notificación de condena;

4. Lenders MUST amend the document as follows if capitalization of arrearages is not permitted under the applicable pooling and servicing agreement or other investor servicing agreement:

(b) If all arrearages are forgiven and the terms of the loan do not include principal forgiveness, delete the existing Section 3.B. and replace it with the following new Section 3.B.:

B. All amounts and arrearages that will be past due as of the Modification Effective Date (including unpaid and deferred interest, fees, escrow advances and other costs, but excluding unpaid late charges) less any amounts paid to the Lender but not previously credited to my Loan have been forgiven. Such amount and arrearages that have been forgiven are $____. Thenew principal balance of my Note will be $______(the “New Principal Balance”).

[Spanish Translation]

B. Todos los montos y pagos atrasados que estarán morosos hasta la Fecha Efectiva de la Modificación (incluyendo intereses no pagados o diferidos, honorarios, avances de cuenta de reserva y otros costos, pero excluyendo los pagos por atraso que no se han pagado) menos cualquiera de los otros pagos hechos al Prestador que no han sido acreditados anteriormente a mi Préstamo han sido perdonados. El monto y pagos atrasados que han sido perdonados son $____. El nuevo saldo del principal o capital en mi Nota será $_____ (el “Nuevo Saldo del Principal o Capital”).

(c) If all arrearages are forgiven and the terms of the loan modification include principal forgiveness, delete the existing Section 3.B. and replace it with the following new Section 3.B.:

B. All amounts and arrearages that will be past due as of the Modification Effective Date (including unpaid and deferred interest, fees, escrow advances and other costs, but excluding unpaid late charges) less any amounts paid to the Lender but not previously credited to my Loan have been forgiven. Such amount and arrearages that have been forgiven are $____. In addition, Principal in the amount of $______has been forgiven. Thenew principal balance of my Note will be $______(the “New Principal Balance”).

[Spanish Translation]

B. Todos los montos y pagos atrasados que estarán morosos hasta la Fecha Efectiva de la Modificación (incluyendo intereses no pagados o diferidos, honorarios, avances de cuenta de reserva y otros costos, pero excluyendo los pagos por atraso que no se han pagado) menos cualquiera de los otros pagos hechos al Prestador que no han sido acreditados anteriormente a mi Préstamo han sido perdonados. El monto y pagos atrasados que han sido perdonados son $____. Adicionalmente, la siguiente cantidad del monto Principal o Capital $______se ha perdonado. El nuevo saldo del principal o capital en mi Nota será $______(el “Nuevo Saldo del Principal o Capital”).

(d) If all arrearages are neither capitalized nor forgiven, lenders MUST submit to the Program Administrator for approval a proposed alternate paragraph for inclusion as the new Section 3.B. In addition, if the terms of the loan modification include principal forgiveness, the proposed alternate paragraph must indicate the amount of Principal that has been forgiven.

5. Lenders MUST insert the following at the end of the first sentence in Section 3.B. if all arrearages are capitalized and the terms of the loan modification include principal forgiveness:

and less Principal in the amount of $______which has been forgiven.

[Spanish Translation]

y menos Principal por la suma de $______, el que ha sido condonado.

6. Lenders MUST amend the document as follows if the terms of the loan modification include a principal deferral that does not use Principal Reduction Alternative (PRA):

(a) Revise the document as necessary to comply with applicable federal, state and local law governing mortgage loans with balloon payments.

(b) Delete the existing Section 3.C. and replace it with the following new Section 3.C.:

C. $______of the New Principal Balance shall be deferred (the “Deferred Principal Balance”) and I will not pay interest or make monthly payments on this amount. The New Principal Balance less the Deferred Principal Balance shall be referred to as the “Interest Bearing Principal Balance” and this amount is $______. Interest at the rate of ______% will begin to accrue on the Interest Bearing Principal Balance as of ______and the first new monthly payment on the Interest Bearing Principal Balance will be due on ______. My payment schedule for the modified Loan is as follows:

Years / Interest Rate / Interest Rate Change Date / Monthly Principal and Interest Payment Amount / Estimated Monthly Escrow Payment Amount* / Total Monthly Payment* / Payment Begins On / Number of Monthly Payments
[1-5] / [2.00%] / 00/00/0000 / $0000.00 / $000.00, may adjust periodically / $000.00, may adjust periodically / 00/00/0000 / [60]
[6] / [3.00%] / 00/00/0000 / $0000.00 / May adjust periodically / May adjust periodically / 00/00/0000 / [12]
[7] / [4.00%] / 00/00/0000 / $0000.00 / May adjust periodically / May adjust periodically / 00/00/0000 / [12]
[8] / [5.00%] / 00/00/0000 / $0000.00 / May adjust periodically / May adjust periodically / 00/00/0000 / [12]
[9-[40]] / [6.00%] / 00/00/0000 / $0000.00 / May adjust periodically / May adjust periodically / 00/00/0000 / [Insert Remaining months]

*The escrow payments may be adjusted periodically in accordance with applicable law and therefore my total monthly payment may change accordingly.

The above terms in this Section 3.C. shall supersede any provisions to the contrary in the Loan Documents, including but not limited to, provisions for an adjustable, step or simple interest rate.

I understand that, if I have a pay option adjustable rate mortgage loan, upon modification, the minimum monthly payment option, the interest-only or any other payment options will no longer be offered and that the monthly payments described in the above payment schedule for my modified Loan will be the minimum payment that will be due each month for the remaining term of the Loan. My modified Loan will not have a negative amortization feature that would allow me to pay less than the interest due resulting in any unpaid interest to be added to the outstanding principal balance.

[Spanish Translation]

C. La suma de $______del Nuevo Saldo del Principal se diferirá (el “Saldo del Principal Diferido”) y no pagaré intereses ni realizaré pagos mensuales sobre esta suma. Se hará referencia al Nuevo Saldo del Principal menos el Saldo del Principal Diferido como el “Saldo del Principal que Devenga Intereses” y dicha suma asciende a $______. El Saldo del Principal que Devenga Intereses comenzará a devengar intereses a la tasa del ______% a partir del ______y el primer nuevo pago mensual sobre el Saldo del Principal que Devenga Intereses vencerá el ______. Mi programa de pagos correspondiente al Préstamo modificado será el siguiente:

Años / Tasa de Interés / Fecha de Cambio de Tasa de Interés / Monto del Pago Mensual de Principal e Intereses / Monto del Pago en Reserva Mensual Estimado* / Pago Mensual Total* / Fecha de Comienzo de Pago / Cantidad de Pagos Mensuales
[1-5] / [2,00%] / 00/00/0000 / $0000,00 / $000,00, se podrá ajustar periódicamente / $000.00, se podrá ajustar periódicamente / 00/00/0000 / [60]
[6] / [3,00%] / 00/00/0000 / $0000,00 / Se podrá ajustar periódicamente / Se podrá ajustar periódicamente / 00/00/0000 / [12]
[7] / [4,00%] / 00/00/0000 / $0000,00 / Se podrá ajustar periódicamente / Se podrá ajustar periódicamente / 00/00/0000 / [12]
[8] / [5,00%] / 00/00/0000 / $0000,00 / Se podrá ajustar periódicamente / Se podrá ajustar periódicamente / 00/00/0000 / [12]
[9-[40]] / [6,00%] / 00/00/0000 / $0000,00 / Se podrá ajustar periódicamente / Se podrá ajustar periódicamente / 00/00/0000 / [Indicar meses restantes]

*Los pagos en reserva podrán ajustarse periódicamente de conformidad con la ley aplicable y, por ende, mi pago mensual total podrá modificarse en consecuencia.