What is the HomeownerPreservation Center?

The Homeowner Preservation Center [HOPC] was created to provide an alternative to speculative hedge funds acquiring foreclosed properties for pennies on the dollar. Its programs aim to keep homeowners in their homes, while providing socially conscious investors with a good return on their investment.

How does the Homeowner Preservation Center help home owners?

HOPC will keep home owners in their home by providing loan modification with principal forgiveness. Its Shared Apreciation Contract will further reduce loan principal balance to enable more home owners qualify for loan modification. If homeowners do not qualify for loan modification, then they can have a short sales agreement with shared equity participation.

How does the Homeowner Preservation Center help communities?

HOPC will help stabilize the real estate market, maintain homeownership, bring back homeownership pride which will be reflected in revitalized neighborhoods.

How does the Homeowner Preservation Center help its investors?

HOPC’s investors are mostly socially conscious investors that receive a good return on their investment while they keep homeowners in their homes and preserve and restore the middle class one homeowner at a time. They bring back prosperity to the middle class while they stop another transfer of wealth to hedge funds.

How are the Homeowner Preservation Center programs different from other housing programs?

HOPC programs provide for a true partnership between the homeowner and the investor. With so many properties under water the programs provide for principal reduction that reduces the total amount owed on the mortgage.

How does the Homeowner Preservation Center help homeowners avoid foreclosure?

HOPC provides a number of options to assist home owners avoid foreclosure. The programs include a permanent loan modification with principal forgiveness, a Shared Appreciation Contract with additional principal reduction and a short sales agreement with shared equity participation.

How do I find out what program I qualify for?

To qualify your mortgage must be owned by HOPC. When HOPC acquires your ortgage, you will receive a letter informing you of our programs. You must meet eligibility requirements and one of our underwriters will help you complete your application and determine what program you are eligible for.

What is Shared Appreciation Contract?

A SAC is not a mortgage but an agreement between the homeowner and the investor whereby the investor exchanges a reduction in the mortgage loan balance for a share of the future home price appreciation. By providing this additional principal reduction, the investor assists the homeowner to qualify for a loan modification by lowering his monthly mortgage payment and thus maintain his home.

What is a short sales agreement with shared equity participation?

If the homeowner does not qualify or does not want to participate in a loan modification, then the homeowner will sell the home and share in any profits from the sale.

How do I apply?

Contact your assigned HOPC nderwriter or outreach person and they will help you complete your application.

Is there an upfront fee with the application?

No, there are no upfront costs or fees required.

What documents do I need?

We need to see last year’s tax returns, a recent pay stub, a recent bank statement and your home insurance statement. Based on your individual case. Your HOPC underwriter may ask you for additional documentation to assist with your loan modification.

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Once you have been contacted by your assigned underwriter, you will have two weeks to submit your documentation. Your underwriter will assist you in completing your application and will make the determination of the program you qualify for within seven working days.

Can I participate in any Homeowner Preservation Center program if I have another lender?

No. HOPC can only work with homeowners and modify loans that it has purchased. If you have not been notified that HOPC has purchased your loan, you are not eligible to participate in any of its rograms.

What if I have a second mortgage?

In most cases HOPC will be able to pay off the second so that the homeowner can participate in all of its programs.

If I cannot participate in any Homeowner Preservation Center programs, where can I find help?

If HOPC does not own your loan and you are a homeowner facing foreclosure, please connect with a HUD approved housing counselor that will assist you through your possible options. You can call the hotline at 1-888-995-HOPE or go to www.hopenow.com for more information.