The Make Your Home Affordable Program was created I 2009 to aid homeowners struggling to meet monthly mortgage payments and avoid foreclosure of their homes. It was also introduced as one part of Obama Administration’s plan to strengthen the housing market.
MHA has assisted homeowners avoid foreclosure by offering a number of options to refinance or modify their mortgages. It has allowed others to get temporary “forbearance” if they have gainful employment. And in some instances it has allowed a transition out of owning the home through a short sale or “deed in lieu of foreclosure”.
The main part of MHA is the program HAMP or Home Affordable Modification Program. This program offers those eligible homeowners the chance to reduce their monthly mortgage payment to a rate that is more affordable.
Additionally, other programs under the Making Home Affordable (MHA) have been created to assist homeowners who are unemployed or “underwater” on their loan. Underwater refers to those homeowners who owe more than their home is worth. Programs to help with a second loan or programs for those who wish to get more affordable living through a short sale, have also been launched by the Treasury.
The number of people who are eligible for these programs has been enlarged to try to assist as many homeowners as possible. No one wants to lose their home. The deadline for the application is December 31, 2016.