Financial hardships happen for a variety of reasons. All of which can put you in jeporday of not being able to make your monthly mortgage payment and possibly losing your home to foreclosure. Thanks to the Obama Administrations Making Home Affordable Prgram options exist to keep you from having to foreclose on your home.
Depending on your circumstances and eligibility, various programs have been designed with the intention of allowing you to be able to continue to live in your home and make affordable monthly payments towards your loan.
The Principal Reduction Alternative (PRA) offers assistance to homeowners that have a “loan to value ratio” that exceeds 115 percent.
The Home Affordable Modification Program (UP) was created to provide a temporary “forbearance” to those homeowners who suddenly find themselves unemployed.
The Second Lien Modification Program (2MP) allows for lenders to modify second loans if a homeowner received the first loan modification through HAMP.
The Home Affordable Foreclosure Alternatives Program (HAFA) assists homeowners in leaving their homes and transitioning to a living situation that is more affordable through a short sale or deed of in lieu foreclosure. This program streamlines the process as well as provides protections that are important for the homeowners.
To find out if you are eligible for these programs you can go to the Department of Treasury and look through their eligibility requirements.