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The Mortgage Assistance Program (MAP) for Homeowners

 
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DMCKEON
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Joined: Mar 17, 2005
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PostPosted: Sun Mar 24, 2013 7:54 pm    Post subject: The Mortgage Assistance Program (MAP) for Homeowners
From Mar 24, 2013 to Mar 24, 2013 (included)
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The Mortgage Assistance Program (MAP) for Homeowners

MAP provides loans to homeowners at risk of foreclosure. MAP loans help homeowners achieve sustainable, affordable mortgage payments.

What are common situations where MAP can help?
How does MAP work?
Can MAP help me?

What are common situations where MAP can help?
MAP funds can be helpful in many situations, especially if a homeowner has experienced a hardship leading to default or foreclosure. Common examples of hardship include:
temporary unemployment or reduced hours
divorce/separation
medical expenses/illness
unaffordable interest rate resets
Some common uses for MAP funds include:
reinstating an affordable mortgage
providing a good faith payment and/or the repayment of arrears on a modification that does not qualify for the Making Home Affordable program
paying off a second loan once the first mortgage has been modified or is otherwise affordable
MAP cannot be used to pay consumer debts, municipal debts, or municipal liens.

How does MAP work?
You will work with a housing counselor or free legal services provider who will help you determine how much you need to borrow in order to help you keep your home. They will work with you and the MAP loan administrator at the Center for NYC Neighborhoods to find out if you qualify, prepare your application and assist you in closing the MAP loan through Sustainable Neighborhoods, LLC.

If you are approved for a MAP loan, the money will be paid directly to your bank once you and your bank agree to a plan to stop the foreclosure and/or reduce your monthly mortgage payments.

MAP loans do not accrue interest and there are no monthly principal or interest payments. There are no application fees, no credit report fees, no processing fees, and no property appraisal fees associated with a MAP loan.

The MAP loan is repaid when you re-finance, sell, or otherwise transfers your home. If you remain in your home without refinancing, the MAP loan is due at the end of your first or second mortgage term, whichever is longer. In some cases, MAP loans may be forgivable; specific terms can be found in the MAP mortgage.

Can MAP help me?
To find a housing counselor or free legal servicers provider in your neighborhood who can help you determine if you qualify for a MAP loan, call 311 and ask for the Center for NYC Neighborhoods or call the Center directly at 646-786-0888. Homeowners may not apply for MAP without the assistance of a qualified housing counselor or legal services provider. In either case, service providers may not charge fees for their assistance.

Contact Information for Sustainable Neighborhoods, LLC:

Sustainable Neighborhoods, LLC
c/o The Center for New York City Neighborhoods
74 Trinity Place, Suite 1302
New York, NY 10003

Phone: 646-786-0888

Email: map@cnycn.org

Facebook: facebook.com/MAPNYC

Twitter: @MAP_NYC
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