1. Developed and created by SC Legal Services, 2013 South Carolina Homeownership Employment Lending Program (SC HELP) Andrea E. Loney, Esquire Executive Director

2. Funding Source of SC HELP $295 Million from the U.S. Department of Treasury’s Housing Finance Agency Innovation Fund (Hardest Hit Funds). To South Carolina State Housing Finance & Development Authority. South Carolina Homeownership & Employment Lending Program established to administer Developed and created by SC Legal Services, 2013

3. Purposes Help homeowners avoid foreclosure Or Transition from homeownership to rental Developed and created by SC Legal Services, 2013

4. Impact of Foreclosure Reduction in property taxes Reduction in property value Increase in crime Increase in domestic violence Increase in school problems Increase in stress on extended family Developed and created by SC Legal Services, 2013

5. Eligible Borrowers Responsible Borrowers Unemployed – getting unemployment compensation or it ended within the last 12 months Under-employed or reduced income/hardship because of death of spouse, catastrophic medical expenses, divorce, disability, etc. Self-employed with reduction in income Developed and created by SC Legal Services, 2013

6. AMOUNT OF BENEFITS A.Five Year Forgivable Loans 1. Unemployed; under-employed; self-employed can get monthly mortgage payment – up to $36,000 or 24 months (whichever comes first) 2. Direct Loan (reduced income) – up to $36,000 on past due amount 3. Combined Assistance – pays past due mortgage (direct loan) up to $25,000 and makes monthly payments for a combined total of $36,000 Developed and created by SC Legal Services, 2013

7. Amount of Benefits, Cont’d. B. Grant 1. Property Disposition Assistance: move from home ownership to rental - $5,000 a.Application with SCHELP completed FIRST b.Permission for short-sale or deed-in-lieu of foreclosure granted by mortgage company c.Money distributed AFTER execution of deed completed Developed and created by SC Legal Services, 2013

8. General Information 1. Hardship Need not be delinquent Lender must agree to participate in SC HELP Value of home -- $729,500 Mobile home taxed as real property Owner occupied Minimum of 24 months homeownership history Developed and created by SC Legal Services, 2013

9. Types of Information Needed Everyone either on mortgage or deed must sign Complete application online or call the toll-free number for assistance Hardship letter Property tax bill Bank statements Tax returns w/ W-2 Income information Deed and mortgage account information 2 most recent pay stubs (if paid twice monthly) 4 most recent pay stubs (if paid every week) Developed and created by SC Legal Services, 2013

10. How to Apply Homeowners may call South Carolina Legal Services: 1 (888) 257-1988 Homeowners may also submit an application at www.SCMORTGAGEHELP.com Or call: 855 HELP 4 SC Developed and created by SC Legal Services, 2013

11. The Home Affordable Modification Program (HAMP)

12. HAMP This program was issued as a part of the Making Home Affordable initiative to incentivize modification of mortgages. Requires screening of all loans by participating servicers, subject to investor restrictions Provides cash incentives for participating servicers Developed and created by SC Legal Services, 2013

13. How to Apply for HAMP Must complete and provide the following to your HAMP participating mortgage servicer: 1) Request for Mortgage Assistance Form 2) IRS Form 4506T-EZ or 4506-T 3) Verification of Income Developed and created by SC Legal Services, 2013

14. Some General HAMP Eligibility Requirements Borrower obtained mortgage on or before January 1, 2009. The property has not been condemned Borrower owes up to $729,750 on primary residence or single unit rental property Developed and created by SC Legal Services, 2013

15. Some General HAMP Eligibility Requirements, continued …. Borrower has a financial hardship and is either delinquent or in danger of falling behind on mortgage payments *** Non-owner occupants must be delinquent in order to qualify Borrower has sufficient, documented income to support a modified payment *** Must be 31% of borrower’s gross monthly income Borrower gets trial period plan of 3 months Developed and created by SC Legal Services, 2013

16. A Borrower Should Apply for HAMP IF: A borrower needs to obtain a permanent modification of his/her mortgage with lower monthly mortgage payments HAMP does NOT help pay monthly mortgage payments, arrearages, or provide funds for families to move Developed and created by SC Legal Services, 2013

17. A Borrower Should Apply for SC Help IF: A borrower needs help making his/her monthly mortgage payments on a temporary basis A borrower needs funds to move from home in foreclosure or about to be in foreclosure A borrower needs help to pay arrearage in the amount of $20,000 or less to make mortgage current Developed and created by SC Legal Services, 2013

18. A Borrower Applying for Both HAMP and SC Help If a borrower is going to apply for HAMP, then the borrower should first apply to SC Help or do so simultaneously, if the borrower is in arrears on his/her mortgage. SC Help does not usually pay arrearages for a borrower who has already obtained a Home Affordable Modification. Developed and created by SC Legal Services, 2013