Changes To The CHFA Second Mortgage Loan Modification Process

Effective with all loans reserved on or after Friday, April 1, 2011, Colorado Housing and Finance Authority (CHFA) will require a completed copy of CHFA Form 205, Modification of Promissory Note and Deed of Trust, if there is an error on the CHFA Second Mortgage Promissory Note and/or Deed of Trust. The completed CHFA Form 205, signed by the Borrower, must be reviewed by the CHFA Loan Operations Department prior to Purchase of the First Mortgage Loan. Upon Purchase approval, the original, unrecorded Modification may be sent as a trailing document to the Post Closing Department.

Please remember that all CHFA Form 205, Modification of Promissory Note and Deed of Trust, pertaining to the CHFA Second Mortgage Loan are prepared in the name of Colorado Housing and Finance Authority, are not signed by the Participating Lender, or sent to the county recording offices by the Participating Lender. CHFA will record the Modification after its execution.