How Note Holders Can Help Struggling Homeowners

[Les Goss]

Just posted a blog with this title. You can see it here: 

https://www.biggerpockets.com/blogs/7697/49098-how...

It discusses using the Hardest Hit Fund if you have a non-performing note in one of 18 states or the District of Columbia. 

[Bob Malecki]

Les, I agree with your premise but would not write a new note if I can mod an existing note, especially if it were institutional paper. We have found it much easier and less problematic to do a modification rather than create a new note and have to comply with all of the Dodd Frank requirements. Just my 2 cents.

Also, we've tried to get distressed loan borrowers in NC to apply for HHF relief but they did not qualify for various reasons. Always a good thing to have them try though. 

Bob