Mortgage Programs and Assistance Availability
Lots of American homeowners are going through difficult times. The country is still recovering from the worst recession since the Great Depression. And this process is taking more time than anyone expected. Many need help. For some – reality is very painful. Almost a quarter of the home values are still underwater (with negative net worth), where first and second mortgage in some cases are ARMs (adjustable-rate mortgages).
Losing a job or income in the household may increase the probability to default on mortgage payments. In many such cases traditional refinancing and getting current low mortgage rates in present economic and financial environment is almost impossible.
Making Home Affordable Program
Fortunately there is help available from the U.S. Federal Government. Making Home Affordable is an official program of the Department of the Treasury and Department of Housing and Urban Development. There are various programs with different eligibility requirements and benefits designed to cover different homeowners’ hardships and financial situations. Many struggling homeowners can benefit from the following Making Home Affordable options created to help them stay in their homes.
- Home Affordable Modification Program (HAMP®)
- Principal Reduction Alternative SM (PRA)
- Second Lien Modification Program (2MP)
- FHA Home Affordable Modification Program (FHA-HAMP)
- USDA’s Special Loan Servicing
- Veteran’s Affairs Home Affordable Modification (VA-HAMP)
- Home Affordable Foreclosure Alternatives Program (HAFA)
- Second Lien Modification Program for Federal Housing Administration Loans (FHA-2LP)
- Home Affordable Refinance Program (HARP)
- FHA Refinance for Borrowers with Negative Equity (FHA Short Refinance)
- Home Affordable Unemployment Program (UP)
- Hardest Hit Fund (HHF)
For example if you are employed, Home Affordable Modification Program my lower your mortgage payments if approved. Other programs like Principal Reduction Alternative Program and Home Affordable Refinance Program are designed to lower principle home loan amount or refinance your mortgage respectively even your home value is bellow of what you own to the bank.
Find more about all Home Affordable programs available from the U.S. Federal Government by exploring Helping Americans Find Help Mortgage menu.