Help for Those in Need
As of February 2009, the Obama Administration introduced an economic plan to overhaul the crumbling housing markets. A comprehensive Financial Stability Plan was unveiled to address the major problems at the center of the current housing crisis in a herculean effort to get the American economy stabilized again. One facet of the Financial Stability Plan is the Making Home Affordable (MHA) program which outlines various ways the government in conjunction with participating lenders can help struggling homeowners get financial relief to avoid foreclosure.
The Home Affordable Modification Program (HAMP) provides qualified homeowners an opportunity to modify their mortgages to help make them more affordable and to allow homeowners to keep their homes. According to reports, over 1 million homeowners have already received help in some way under the program. The program is projected to help an estimated 3 to 4 million homeowners by the year 2012.
On March 26, 2010 the Obama Administration unveiled yet another plan that would assist unemployed homeowners with an expanded flexibility plan for mortgage servicers to help more unemployed homeowners and homeowners who owe more than their home is worth through the program.
The Home Affordable Unemployment Program (UP) As of August 1, 2010 all lenders participating in the Making Home Affordable Program will offer assistance to borrowers who are unemployed who are unable to make their monthly mortgage payments. The Unemployment Program offers homeowners a temporary reduction or suspension of their monthly mortgage payments for a specified period of time while they find gainful employment.
The minimum period of reduction or suspension of payments is three months however a lender may extend that time frame contingent upon other factors. Should the homeowner find gainful employment during this period, the homeowner will be eligible for a loan modification under the MHA Program.
The lender may temporarily suspend all payments during this period.
The Second Lien Modification Program (2MP) offers homeowners an opportunity to modify their second lien mortgages to help make them more affordable when their first mortgage is modified under HAMP.
The Home Affordable Refinance Program (HARP) gives homeowners whose loans are owned or guaranteed by Fannie Mae or Freddie Mac a chance to successfully refinance into more affordable monthly mortgage payments if they are current on their mortgage and can qualify for the refinance.
The Home Affordable Foreclosure Alternatives Program (HAFA) enables homeowners who cannot afford their mortgage payments any longer and who cannot qualify for the Home Affordable Modification to avoid foreclosure through a short sale or deed-in-lieu of foreclosure.
We hope that you will find this website useful and informative as we all work together to solve our nation’s housing crisis and put our country on the path to a lasting and prosperous economic recovery again.
We at the National Mortgage Help Center can help struggling homeowners modify their loan in a sustainable way that helps borrowers avoid foreclosure and remain in their homes.
Contact an Advocate today to see how we can be of help to you or Apply Now to see if you are eligible for a loan modification.
