How Does Making Home Affordable Work

As of december 30 2016 no new applications or new requests for assistance under any mha program will be accepted.

How does making home affordable work. 1 review for making home affordable 5 0 stars. The making home affordable program of the united states treasury was launched in 2009 as part of the troubled asset relief program the main activity under mha is the home affordable modification program. Home affordable unemployment program up. For immediate assistance call 888 995 hope 4673 hearing impaired.

Over the last seven years the making home affordable mha program has helped over 1 8 million families obtain mortgage relief and avoid foreclosure. They are just. If you qualify for a home affordable mortgage modification we ll outline qualification details in a moment your interest rate will be reduced. A lower interest rate means a lower monthly payment and the goal is to lower your monthly payment to 31 of your gross before taxes monthly income.

The largest program within mha is the home affordable modification program hamp. Principal reduction alternative pra assists homeowners with a loan to value ratio exceeding 115 percent. This will put you in touch with a hud counceler. They will take your info and tell you over the phone what programs you qualify for and assign you a case number.

Go to making homes affordable gov and call the number on the upper right hand corner. Launched in february 2009 making home affordable mha consists of several programs designed to help struggling homeowners prevent avoidable foreclosures. Hamp s goal is to offer homeowners who are at risk of foreclosure reduced monthly mortgage payments that are affordable and sustainable over the long term. I thought i d put this up because i wasted time and almost gave away information responding to all those ads offering to help with home loan refinancing mortgage reduction.

If you want to know exactly how it works read this article. Other programs under mha include. As with most government programs the making homes affordable program is a bit complicated. Turns out you don t need to bother with those.

If you are a homeowner who needs help with your mortgage please visit www makinghomeaffordable gov. If you re eligible for the home affordable modification program sm hamp your mortgage company will usually put you on a three month trial plan to let you demonstrate your ability to make timely payments at the new monthly payment level if you successfully make all required payments during your trial period your mortgage company will execute an official modification agreement. How does making home affordable work.