Mortgage Services Request Procedure
If you are a homeowner who purchased a home through the Partnership New Homes Program, the Nehemiah Program, the New Foundations Program, the HomeWorks or StoreWorks Program, you may have received a subsidy to afford the purchase of your home. This subsidy is in the form of a mortgage which is a lien on your property. If you are selling, refinancing or transferring ownership of your home, you require mortgage servicing. A response from HPD’s Mortgage Refinance and Homeowner Services unit may be obtained only by submitting a request complete with all required supporting documentation by mail or by fax.
To submit your request by mail, please address it to:
NYC Department of Housing Preservation and Development
100 Gold Street, Room 9M-1
New York, New York 10038
Attn: Mortgage Refinance and Homeowner Services Unit
To submit your request by fax, please fax your request to: (212) 863-6165.
All mortgage services are initiated with a written request. The unit processes a request in the order in which it is received. Please do not send duplicate requests as this will only delay the processing of your response. Incomplete requests or requests not including supporting documentation will not be processed. Please allow several weeks for processing.
If you wish to speak with a representative of the Mortgage Refinance and Homeowner Services unit, please call (212) 863-6404 between the hours of 10 am and 12 pm or 2pm and 5pm. The director may be reached between the hours of 9am and 10am, daily, at (212) 863-6914.
If you are a homeowner and would like to do any of the following, as it pertains to your New York City subsidy mortgage, please follow the procedures below for the service that you would like HPD to perform.
PLEASE NOTE, HPD DOES NOT SUBORDINATE TO HOME EQUITY LOANS.
I. Subordination
A. Rate & Term Only
If you are a homeowner who is refinancing the primary mortgage on your home for rate and term only, you need a Subordination from HPD. To obtain a Subordination, you must do the following:
- Complete a Mortgage Service Request Form (in PDF) providing all requested information. A written request may be submitted instead of the recommended form.
- Provide homeowner's name, address, telephone number, tax block and lot numbers, and the HPD Program and Project names through which the home was purchased, if it is known.
- Check the box next to Subordination (the type of service that you need) and indicate any comments that you may want HPD to have. Please be sure to include instructions to whom the original Subordination should be mailed for recording.
- Attach the new lender's loan commitment for your new first mortgage signed by all homeowners, a copy of the good faith estimate for the new loan amount signed by all homeowners, a copy of the mortgage schedule from the current title report (if available) and a copy of the HUD-1 Settlement Statement from the original purchase of your home (again, if available). Homeowners who own a home in Staten Island may be asked to provide a copy of the recorded NYC Mortgage.
- Send the completed Mortgage Service Request Form or written request with the required attachments by mail or fax to HPD’s Mortgage Refinance and Homeowner Services unit.
B. Cash Out
If you are a homeowner who is refinancing the primary mortgage on your home and the commitment for your new first mortgage exceeds the amount of the Subsidized Purchase Price (Original Sales Price - City Subsidy, both secured and unsecured portions) of your home; you may need a Subordination, Partial Payoff or Payoff letter from HPD.
In order for HPD to subordinate its position to a new first Lender, you may be required to repay a portion, or remaining balance of the City subsidy mortgage. To obtain a Partial Payoff or Payoff letter from HPD, you must do the following:
- Complete a Mortgage Service Request Form (in PDF) providing all requested information. A written request may be submitted instead of the recommended form.
- Provide homeowner's name, address, telephone number, tax block and lot numbers, and the HPD Program and Project names through which the home was purchased, if it is known.
- Check the box next to Subordination (the type of service that you need) and indicate any comments that you may want HPD to have. Please be sure to include instructions to whom the completed response should be mailed for recording.
- Attach the lender's loan commitment for your new first mortgage signed by all homeowners, a copy of the good faith estimate for the new loan amount signed by all homeowners, a copy of the mortgage schedule from the current title report (if available) and a copy of the HUD-1 Settlement Statement from the original purchase of your home (again, if available). Homeowners who own a home in Staten Island may be asked to provide a copy of the recorded NYC Mortgage.
- Send the completed Mortgage Service Request Form or written request with the required attachments by mail or fax to HPD’s Mortgage Refinance and Homeowner Services unit
PLEASE NOTE: You may be required to repay all or a portion of the balance of the NYC Mortgage. The amount you are required to repay, if any, is a function of how much your new loan amount exceeds the subsidized purchase price. The repayment of subsidy will not exceed the current NYC Mortgage balance. The subsidized purchase price is equal to the developer’s sale price minus the total NYC Mortgage (both secured and unsecured portions).
II. Assignment & Assumption with Subordination/Transfer of Ownership With Sale
If you are a homeowner and you are selling your home for an amount not exceeding the original developer’s sale price and the purchaser will be allowed to assume all or part of the NYC Mortgage, you need an Assignment & Assumption With Subordination from HPD. To obtain this, you must do the following:
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Complete a
Mortgage Service Request Form (in PDF) providing all requested information. A written request may be submitted instead of the recommended form.
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Provide homeowner's name, address, telephone number, tax block and lot numbers, and the HPD Program and Project names through which the home was purchased, if it is known.
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Check the box next to Assignment & Assumption With Subordination (the type of service that you need) and indicate any comments that you may want the unit to have. Please be sure to include instructions to whom the original response should be mailed for authorization and recording.
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Attach the new lender's loan commitment and good faith estimate signed by the purchaser, the contract of sale and the closing costs of the seller (attorney's fees and transfer taxes). Also attach a copy of the mortgage schedule from the current title report (if available) and a copy of the HUD-1 Settlement Statement from the original purchase of your home (again, if available). Homeowners who own a home in Staten Island may be asked to provide a copy of the NYC Mortgage.
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Send the completed Mortgage Service Request Form or written request with the required attachments by mail or fax to HPD’s Mortgage Refinance and Homeowner Services unit.
III. Assignment & Assumption with Subordination/Transfer of Ownership Without Sale
If you are a homeowner who wants to add or delete from the City subsidy mortgage any eligible person (a person using the home as a primary residence and is willing to assume the rights and responsibilities of the City subsidy mortgage), you need an Assignment & Assumption With Subordination from HPD. To obtain this, you must do the following:
- Complete a Mortgage Service Request Form (in PDF) providing all requested information. A written request may be submitted instead of the recommended form.
- Provide homeowner's name, address, telephone number, tax block and lot numbers, and the HPD Program and Project names through which the home was purchased, if it is known.
- Check the box next to Assignment & Assumption With Subordination/Transfer of Ownership Without Sale (the type of service that you need) and indicate any comments that you may want HPD to have.
- Attach a letter explaining the circumstances surrounding the transfer of ownership prepared and signed by the homeowner(s). A statement prepared and signed by the individual(s) assuming the mortgage should also be included. Both statements must include corresponding names and telephone numbers of the respective individuals. Also attach a copy of the mortgage schedule from the current title report (if available) and a copy of HUD-1 Settlement Statement from the original purchase of your home (again, if available). Homeowners who own a home in Staten Island may be asked to provide a copy of the recorded NYC Mortgage.
- Send the completed Mortgage Service Request Form with the required attachments by mail or fax to Mortgage Refinance and Homeowner Services unit.
IV. Pay-off the Balance of Your NYC Mortgage
If you are a homeowner who would like to pay off the balance of your NYC Mortgage by refinancing the primary mortgage on your home, it is recommended that you review Cash Out under Section I: Subordination.
If you are a homeowner who is planning to sell your home or wish to pay off the balance of your NYC Mortgage to pursue a home equity loan or are simply interested in knowing your current mortgage balance, you need a payoff letter from HPD. To obtain a Payoff letter, not related to refinancing the primary mortgage, you must do the following:
- Complete a Mortgage Service Request Form (in PDF) providing all requested information. A written request may be submitted instead of the recommended form.
- Provide homeowner's name, address, telephone number, tax block and lot numbers, and the HPD Program and Project names through which the home was purchased, if it is known.
- Check the box next to Payoff (the type of service that you need) and indicate any comments that you may want HPD to have. Please note payoff letters not related to refinancing of the homeowner’s primary mortgage will be issued to homeowners only. If you are a homeowner and you no longer reside at the address on your mortgage, please provide detailed instructions where the payoff letter should be forwarded and why you no longer reside at the address. If you have already sold your home and are seeking a payoff letter to have funds released from escrow, please provide a HUD-1 Settlement Statement from the recent sale. Homeowners who own a home in Staten Island may be asked to provide a copy of the recorded NYC Mortgage.
- Send the completed Mortgage Service Request Form or written request with the required attachments by mail or by fax to HPD’s Mortgage Refinance and Homeowners Services unit.
V. Satisfactions
If you are a homeowner who has met all the requirements of the New York City second note and mortgage and are now entitled to a removal of the City's lien, you need a Satisfaction from HPD. To obtain a Satisfaction, you must do the following:
- Complete a Mortgage Service Request Form (in PDF) providing all requested information. A written request complete with all required supporting documentation may be submitted instead of the recommended form.
- Provide homeowner's name, address, telephone number, tax block and lot numbers, and the HPD Program and Project names through which the home was purchased, if it is known.
- Check the box next to Satisfaction (the type of service that you need) and indicate any comments that you may want HPD to have. Please be sure to include instructions to whom the original Satisfaction should be mailed for recording. Also attach a copy of the mortgage schedule from a current title report (if available) and a copy of the HUD-1 Settlement Statement from the original purchase of your home (again, if available). Homeowners who own a home in Staten Island may be asked to provide a copy of the recorded NYC Mortgage.
- Send the completed Mortgage Service Request Form or written request with required attachments by mail or fax to HPD’s Mortgage Refinance and Homeowner Services unit
