Digital News Report – The Making Home Affordable program was designed to help homeowners stay in their home. The government program is not designed to help everyone and there are several aspects of the program to help families in different situations.
The Department of Housing and Urban Development (HUD) is warning Americans about scams. “Beware of Foreclosure Rescue Scams – Help Is Free”, the government said in a statement.
“Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes.” The government pays the counselors.
The main part of Making Home Affordable is the Home Affordable Modification Program. There are money incentives for the bank to work with homeowners to make modifications.
The Second Lien Modification Program (2MP) helps families modify their second mortgage. This makes it easier to work with the primary lender.
Interest rates are at historically low levels. The Home Affordable Refinance Program helps homeowners refinance loans held by or insured by Fannie Mae and Freddie Mac.
If everything else fails, the government can still provide help through the Home Affordable Foreclosure Alternatives Program. Counselors can help homeowners avoid foreclosure and transition into more affordable housing.