Treasury and HUD have worked together to raise awareness of the free federal resources that are available through MHA or the Making Home Affordable Act.
The Making Home Affordable Program initiated by the Obama Administration provides mortgage assistance or relief to homeowners who have need hit by a financial crisis or for whatever reason cannot meet the monthly mortgage payment. The purpose of this program is to help the homeowner from having to foreclose on their home. This program permanently lowers the monthly mortgage payment to an affordable level for those who qualify. This program has been expanded and offers other types of specialized programs all designed to aid the homeowner.
The Hardest Hit Fund (HHF) was started in order to provide aid to families in targeted areas that have been hit hard by the downturn of the economy and the housing market. The states that participate were chosen because they were either struggling with unemployment rates above the national average, or home prices had a steep decline of greater than 20 percent since the market for housing took a downturn. The Hardest Hit Fund has developed locally tailored solutions to prevent foreclosures in the targeted areas.
By assisting homeowners in avoiding foreclosures communities are preserved and mortgage rates are kept affordable for families.