Transition Assistance Program • Summary Guidelines TAP For California Homeowners
The Transition Assistance Program (“TAP”) has been developed by servicers to provide homeowners with transition assistance when determined they can no longer keep or afford their home. The TAP Program is designed for helping homeowners who have tried several times to modify or resolve their mortgage hardship. If a homeowner cannot modify or payback the past due balance, then extra aggressive protection for the homeowner is needed. The TAP program is designed to allow a California homeowner to resolve the mortgage debt through a short sale or equity sale. If a California homeowner cannot keep their home, then they will be able to avoid foreclosure on their own terms. Keeping you in control and doing what is best for you and your family, not the servicer.
This is not a traditional real estate transaction. Experience with lenders while in foreclosure, negotiations with lenders, and legal protections are absolutely needed for success.
Important Points:
- Homeowners must complete and sign the TAP Authorization and RLA for representation.
- Homeowners must provide all necessary documentation to satisfy program guidelines.
- First-lien mortgage loan is delinquent or at risk of imminent default as substantiated by homeowner’s hardship. Loans in foreclosure are eligible.
- The applicant must own or occupy the the single family, 1-4 unit home located in California.
- No corporate real estate sign or real estate marketing will be advertised on homeowners property.
- The TAP Program will keep your family in the home for 2-6 months with foreclosure on “hold” for transition assistance. Please save your money during this time.
- Homeowners will receive assistance to help transition to a new home.
- Homeowners subordinate liens on title will be resolved, negotiated, or paid off.
- Homeowners who have previously filed bankruptcy are eligible.
- We specialize in loss mitigation, default mortgages only. Including Equity Sales, Short Sales, Estate, Trusts, and Probate.
- All representation will be licensed in California for real property and Foreclosure Prevention.
- All files can be reviewed for loss mitigation options for a last review to possibly save the property. Seller Exclusion of Listing from CRMLS will be executed. 1-3 months of review will be needed in loss mitigation.
CA DRE# 02070191