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Form 982 for Franklin Ohio: What You Should Know

CV Homeownership Program — HUD The CPH Homeownership Programs (CHOP) Program assists families on the brink of foreclosure to prevent unnecessary foreclosure and provide stability and affordability to our neighborhoods. To qualify, a borrower must have at least one of the following: • A federally-assisted mortgage that had an adverse adjustment (including but not limited to a loan modification or other relief from foreclosure) of a mortgage secured by the principal dwelling of the borrower on or before the date the borrower made the application. A borrower's original or former employer must consent to the loan modification. • A credit enhancement. • For non-conforming loans in which the FHA was the originating lender, a mortgage insured by the FHA from a qualified lender. If the mortgage was an FHA-insured mortgage, the creditor may not participate in or guarantee the program. • Withdrawal of an FHA-insured mortgage loan with the intent to avoid foreclosure in the future for that same property. The only exception is that it may have been a prior owner who received an enhancement or an FHA-insured loan modified in a prior foreclosure. The borrower must be a bona fide mortgage originator or service that has not made a prior FHA-insured loan or loan modification based upon an adverse credit modification. • Withdrawal by the borrower of a non-qualified loan made by a federally-insured lender, after the end of the borrower's ownership and occupancy period (unless prior approval was obtained from the FHA). The borrower can qualify for loan forgiveness if the nonqualified loan was an FHA-insured residential mortgage loan with an appraised value of up to 500,000. When approved, the borrower will receive a refund of the loan. • The FHA will assess a fee of up to 3 percent of an FHA insured loan to compensate them for expenses incurred in servicing a loan with an adverse adjustment. The non-qualified loan must have been underwritten by a qualified lender, with FHA-insured documentation. The fee shall not be assessed to the non-qualified loan holder.  • If your loan was modified as a result of an adverse modification (e.g. foreclosure), you will receive the loan modification documentation in a written communication by the IRS. If you received this certification, and you subsequently decide you no longer want an FHA-insured residential mortgage, you will have no further obligation to the FHA. You also can opt out of the CPH program using HUD's online form.

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