The Deadline to Apply for Principal Reduction Alternative (PRA) has Expired
The deadline to submit an initial package to be evaluated for the Principal Reduction Alternative program expired on December 30, 2016. If you have an assigned Asset Manager, reach out to him or her to discuss payment solutions. To discuss other options that may be available to you, contact our Loan Counseling staff directly at 1.800.771.0299
Keeping Your Home with the Principal Reduction Alternative (PRA) Program
PRA is a unique loan modification program offered as part of the Making Home Affordable initiative to help distressed homeowners avoid foreclosure. As your mortgage loan servicer, we are motivated and empowered to help you avoid foreclosure.
How Does PRA Help Me?
If you were approved for the Principal Reduction Alternative program, your loan balance may be reduced to provide you with affordable payments and loan terms more closely related to current market values. PRA offers you the opportunity to keep your home with an affordable home mortgage.
You may be eligible for PRA if:
- You completed and submitted an application by December 30, 2016.
- Your mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac.
- You owe more than your home is worth.
- You occupy the house as your primary residence.
- You obtained your mortgage on or before January 1, 2009.
- Your mortgage payment is more than 31 percent of your gross (pre-tax) monthly income.
- You owe up to $729,750 on your 1st mortgage.
- You have a financial hardship that has reduced your income or increased your expenses.
- You have sufficient, documented income to support the lower modified payment.
- You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.
The Hardship Application
should have been completed and submitted to Bayview by December 30, 2016, in order to be evaluated for PRA. To discuss other options that may be available to you, contact our Loan Counseling staff directly at 1.800.771.0299
. Your Bayview representative will advise you if you need to complete this application to be evaluated for other options.
Once you have completed the application, please use one of the five simple ways to return documents