The Making Homes Affordable Program has been extended up to December 31, 2016. This is good news for homeowners who may still be experiencing financial distress as a result of the housing bubble collapse or any homeowner struggling to meet their housing payments every month.
The MHA Program is designed to help deliver mortgage relief, either by helping homeowners avoid foreclosure andmanage mortgage payments. Apply on the website for free to see if you qualify or contact your lender today.
The MHA Program uses a variety of approaches to help owners manage debt and possibly avoid foreclosure. Note that homeowners must meet eligibility requirements to participate in the program and applications can be done online, for free.
Depending on your situation, you may be eligible for lower mortgage payments every month which can free up some breathing room for other expenses or help you accrue savings. You may be eligible for this if you are fully or partially employed.
The MHA provides several different programs, such as the Home Affordable Modification Program (HAMP) to help manage mortgage payments or the Principal Reduction Alternative (PRA) if your home is worth less than what you are paying for it.
Special Guarantor Circumstances
The MHA Program has special programs for homes guaranteed or insured by federal agencies like the Federal Housing Administration (FHA), United States Department of Agriculture (USDA) under the Section 502 Single Family Housing Guaranteed Loan Program,or Department of Veterans Affairs (VA). However, like with all programs borrowers must meet eligibility requirements to qualify for aid.
If the situation has become too dire and too costly, the MHA Program may be able to help eligible borrowers sell their home in lieu of a foreclosure through the Home Affordable Foreclosure Alternatives (HAFA) Program. While selling an undervalued home may seem like surrender, in some cases it is the best option.
In many situations, this will prevent a foreclosure entry in a credit report and may help keep your credit line afloat for the transition period after sale. Additionally the HAFA Program provides a transitional allowance for affected individuals and families.
Special Individual Circumstances
If you are currently or facing unemployment and are worrying about how to keep up with payments, the MHA may be able to provide help through the Home Affordable Unemployed Program (UP) to help reduce or suspend mortgage payments during the period of unemployment.
All eligibility requirements are listed on the MHA home page for each program at www.makinghomeaffordable.gov, as well as the details of each program. To see if you qualify, visit the MHA website here or call 888-995-4673 or the hearing impaired hotline at 881-304-9709 TTY.