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The Making Home Affordable Program
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In 2009, the federal government initiated the Making Home Affordable program, a series of programs that were intended to help homeowners avoid foreclosure. The first two programs were called the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP). A number of additional and supplementary programs were subsequently promulgated by the Treasury Department. Together, these Making Home Affordable programs are the main game in town when it comes to trying to save your house by refinancing or modifying your mortgage to make your monthly payments more affordable. These programs are described in the articles below. More detailed information is available through the Making Home Affordable website, particularly under the "FAQs" tab.
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Borrowers who qualify for a HAMP modification may be able to reduce their monthly mortgage payments to 31% of their gross income.
If you're eligible for HARP, you may be able to take advantage of historically low mortgage interest rates to reduce your monthly mortgage payment.
Don't qualify for HARP? Find out whether you're eligible to refinance your underwater mortgage through the FHA Short Refinance program.
Find out what options you have to avoid foreclosure if your mortgage is insured or guaranteed by the FHA, VA, or USDA.
Two of the lesser-known Making Home Affordable programs are designed to help homeowners whose mortgages are way underwater or who are temporarily unemployed.
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