Digital News Report – The Making Home Affordable program was designed to help homeowners stay in their house and prevent foreclosure. As home prices decline, the problem has been compounded.
There are a variety of aspects to the program which is designed to help homeowners at various stages in their mortgage. The program is free to the homeowner.
The Obama Administration reported last week that the housing market is stabilizing. Housing price declines have slowed and there is “high home affordability due in part to record low interest rates”.
Part of the program is intended to help Americans take advantage of the low interest rates. Those mortgages are held by Fannie Mae or Freddie Mac.
The Second Lien Modification Program (2MP) helps homeowners deal with their second mortgage. In many cases the first mortgage can’t be modified because it is hampered by a second lien.
On March 26, the Obama Administration expanded the modification program to help homeowners who lost their jobs (unemployed).
IF homeowners are unable to qualify for the various programs, they can still receive help from the government. People avoid foreclosure by a short sale or deed-in-lieu of foreclosure.
Check with a counselor for free to see if you qualify for any aspect of the program.
By: Tina Brown