; and (II) no person that purchases the property securing the mortgage may initiate an action to recover possession of the property. (ii) Violations A sale of property in violation of this subparagraph shall be void. (G) Initial application defined For purposes of this paragraph, the term initial application means a completed Uniform Borrower Assistance Form 710 of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, a Request for Modification and Affidavit of the Making Home Affordable Program, or other equivalent form that sets forth the borrower’s financial, income, and hardship information and Form 4506–T of the Internal Revenue Service. (6) Affordable loan modifications (A) Affordable loan modification defined For purposes of this subsection, the term affordable loan modification means an agreement to reduce the amount of scheduled regular payments, determined by the borrower’s debt-to-income ratio or residual income, and subject to such terms and conditions as may be set by the Bureau, including any reduction of the principal amount of the mortgage note as described in paragraph (4), that is reflected in a permanent change to the terms of the mortgage note under such terms as the Bureau shall define. (B) Calculation of target affordable regular mortgage payment For purposes of this paragraph, the target affordable regular mortgage payment shall be an amount determined by the borrower’s debt-to-income ratio or residual income, and subject to such terms and conditions as may be set by the Bureau, subject to such terms and conditions as may be set by the Bureau. Such terms shall be based on a fully amortizing principal and interest payment over the remainder of the term of the mortgage, as modified by any reduction in principal. (C) Eligibility A mortgagor shall be eligible to participate in an affordable loan modification if— (i) such person is a borrower under a federally related loan secured by the principal residence of the borrower or a person eligible to assume such a