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  • Principal Reduction Alternative (PRA)

    This program reduces the amount owed and the lender doesn’t have to take a potential loss on the loan, and benefits those homeowners for whom their property is now worth less that the home loan currently owed on it. This program is designed to help stem the tide of homeowners who are choosing to abandon their properties or allow foreclosure to take place, feeling that they are unable to continue with the burden of carrying their property, when in fact there are a number of programs available to help home owners in many different situations.

    To participate in the Principal Reduction Alternative program, the requirements are much like those of the home affordable modification program (HAMP) and the home affordable refinance program (HARP) requirements except that the mortgage on the property must not be guaranteed by either Fannie Mae or Freddie Mac, and the outstanding amount of the mortgage is greater than the value of the home. The mortgaged property in question is currently the primary residence of the applicant, the amount owing is less than $729,750, there is a financial hardship and the homeowner is delinquent or will be delinquent in the payments, that future modified payments are affordable and that the applicant has not been convicted of a real estate related fraud or felony in the last ten years.

    There are well over 100 lenders who participate in the program, and since there is a degree of flexibility in the requirements, it is strongly suggested that the applicant consult with a home loan modification lawyer to determine eligibility.

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