MHA Assists Homeowners Lower Monthly Payments
The Making Home Affordable (MHA) program was implemented to assist homeowners in avoiding foreclosure, to stabilize the country’s housing market, and to improve the nation’s economy. Regardless of how you arrived in your current financial situation, the MHA program can help you get real answers and assistance.
Where to start
Depending on your situation, there are programs in-place to assist qualified homeowners in lowering their payments.
- If you are not unemployed, but are having a hard time making the monthly payments, you may qualify for the Home Affordable Modification Program (HAMP).
- Another situation could be if your current home is worth less than you owe, MHA offers Principal Reduction Alternative (PRA) to qualifying homeowners.
- For those with second mortgages, the Second Lien Modification Program (2MP) offers assistance with homeowners whose first mortgage is already modified under HAMP.
Another place to look is directly with FHA, USDA, and Veteran’s Affairs. Each have their own programs designed to assist homeowners whose financing is backed by their department.
- FHA offers the FHA Home Affordable Modification Program (FHA-HAMP), created to assist borrowers whose mortgages are backed by FHA.
- Veteran’s Affairs Home Affordable Modification Program (VA-HAMP) provides assistance to Veterans through a program designed specifically for Veteran’s Affairs.
- The USDA has a Special Loan Servicing Department in place to assist homeowners that may be having difficulties meeting the monthly on a USDA backed loan.
These are not the only situations that may be eligible for relief under MHA. For additional details please visit the Making Home Affordable website.