Make home affordable

If you are having trouble making your mortgage payments, take heart. You are not alone. The early 2000 housing boom led to record homeownership, however, a large number of these were subprime loans. Subprime loans were offered at a higher interest rate and higher prepayment penalties. Many others were adjustable rate mortgages whose interest rate significantly increased after the initial low-rate period. One program designed to help struggling home owners is the MHA program.

Making Home Affordable (MHA) is designed to help you get mortgage help and avoid foreclosure. Programs offered under MHA include:

  • Home Affordable Refinance Program (HARP). Designed to lower your monthly mortgage payments, making them more affordable and sustainable for the long-term.
  • Home Affordable Foreclosure Alternatives Program (HAFA). If you’re current on your mortgage, but have had difficulty refinancing, HARP could provide a solution. Even if you owe more than your home is worth, if your mortgage is owned by Fannie Mae or Freddie Mac, you could save with HARP.
  • Home affordable Unemployment Program (UP). Provides homeowners the opportunity to exit their homes and be relieved of their remaining mortgage debt through a short sale or a deed-in-lieu of foreclosure (DIL). It also provides homeowners with $10,000 in relocation assistance.
  • Federal Housing Administration Short Refinance for Borrowers With Negative Equity (FHA Short Refinance). If you’re up-to-date on your mortgage payments, but owe more than your home is worth, a FHA Short Refinance could get you into a more affordable, more stable, FHA-insured mortgage.
  • Hardest Hit Fund Programs (HHF). Programs in 18 states and the District of Columbia designed to provide assistance to struggling homeowners through modification, mortgage payment assistance, and transition assistance programs.