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He requires the entity that owns the mortgage finance current renounce all rights to any collection of fines or penalties for late payments there. He requires the entity that owns the mortgage finance to receive the new loan amount as full payment for the debt. That is, the homeowner must only is it the new mortgage insured by HUD. All sub-creditor must release any rights you may have about the mortgage or property. (This only remains for the new debt and nothing else). It prohibits the person requesting the loan refinancing through Hope for Homeowners program to take out a second mortgage on the property for a minimum period of 5 years and don’t use bankruptcy to stop foreclosure. (A second mortgage in this period of 5 years will only be permitted in special circumstances for emergency repairs).