LEARN ABOUT FORECLOSURE ALTERNATIVES:
The Making Home Affordable (MHA) Program is a critical part of the Obama Administration's broad strategy to help homeowners avoid foreclosure, stabilize the country's housing market, and improve the nation's economy.
Homeowners can lower their monthly mortgage payments and get into more stable loans at today's low rates. And for those homeowners for whom homeownership is no longer affordable or desirable, the program can provide a way out which avoids foreclosure. Additionally, in an effort to be responsive to the needs of today's homeowners, there are also options for unemployed homeowners and homeowners who owe more than their homes are worth.
LOWER YOUR MONTHLY PAYMENTS:
Through MHA modifications, homeowners have been able to lower their mortgage payments more than $500 each month, a significant savings for families. And for homeowners who have seen their home values drop, recent program enhancements could provide additional benefits.
GET HELP IF UNEMPLOYED:
In response to real issues facing so many communities across our country, MHA and related programs were also designed to provide relief to those who are unemployed; those who owe more than their homes are worth; and those with home equity loans, HELOCs, or other second liens that are causing a strain on homeownership affordability.
GET HELP WHEN YOU OWE MORE THEN YOUR PROPERTY IS WORTH:
In today's housing market, many homeowners have experienced a decrease in their home's value. Learn about these MHA programs to address this concern for homeowners.
TAKE ADVANTAGE OF MHA REFINANCING:
If you are interested in taking advantage of today's historically-low mortgage-interest rates, MHA offers refinance programs to help families get into more affordable and more stable fixed-rate mortgages. Even if you owe more than your home is worth, you may be eligible.
GET HELP WITH YOUR SECOND LIEN:
If you have a home equity loan, HELOC, or some other second lien that is making it difficult for you to keep up with your mortgage payments, learn more about this MHA program.
EXIT GRACEFULLY:
If homeownership is no longer affordable or the weight of homeownership has become too much to bear, MHA has a program that allows you to exit gracefully from the property with $3,000 in relocation assistance. Through Home Affordable Foreclosure Alternatives (HAFA), you won’t owe any more for the property after leaving, and you will be free from the threat of foreclosure.