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To help you encourage servicers to change finance when standard is reasonably foreseeable, it will be ideal for the brand new Treasury Institution so you’re able to material advice providing a great deal more certainty to servicers one an amendment according to the Modification System wouldn’t end up in adverse income tax consequences according to the REMIC otherwise grantor believe regulations

• Origination Day. The loan loan should have come began into the otherwise just before .
• First Lien. The loan loan must be a first lien home loan.
• Manager Occupied. The home must be proprietor-filled (as well as a couple of-five household members residential property where the debtor uses up one to unit) due to the fact homeowner’s first house (since verified of the a tax go back otherwise credit file with other supporting documentation). The house may possibly not be vacant otherwise condemned.