A policy of restraint in taking legal action to remedy a default or breach of contract, generally in the hope that the default will be cured, given additional time.
The Home Affordable Modification Program (HAMP) is a U.S. government program designed to help homeowners reduce their monthly mortgage payments to make them more affordable, aiming to cap mortgage payments at 31% of a borrower’s verified monthly gross pretax income.
Mortgage relief involves the alleviation or settlement of mortgage debt. This can occur through the assumption of mortgage by another party or the repayment of debt. In tax-free exchanges, mortgage relief can be considered as boot received and could have tax implications.
