Some people may go their entire lives without ever having to face the struggle of foreclosure. If you are reading this, I hope that you are one of those people. But if you are or maybe it isn’t you, it is someone you know and love, I hope you are not going through it alone. It is a sad but true fact that most people who have foreclosure knocking at their door have no idea where to turn and they have no idea that there is actually help available to them.
That is why the Making Home Affordable (MHA) program provides free resources and assistance for distressed homeowners who are working hard at juggling expenses to makes ends meet. There are more options available for struggling homeowners today than ever before, and MHA works to provide them with the mortgage solution that is right for them.
Foreclosures can have a devastating effect on families and communities. There are still too many homeowners struggling to make their mortgage payments or facing the prospect of losing their homes. About one in 13 homeowners nationwide has fallen behind on his or her mortgage payments, putting them at a higher risk of foreclosure.
Across the country, more than 1.8 million families have already been helped through MHA programs. The Hardest Hit Fund (HHF) has helped real people, with genuine stories of financial struggle and potential loss, get back on their feet and on the road to financial stability. Through the Home Affordable Modification Program (HAMP), many homeowners are able to reduce their monthly mortgage payments by approximately $500 each month. That’s real payment relief.
Anyone who has lived in the same home for the majority of his or her life can relate to the old adage “home is where the heart is.” A home is where important life memories are made, where family and friends can gather, and where you can enjoy a sense of safety and comfort. Your home is something that you work hard to call your own and should never be in fear of losing due to unforeseen circumstances.
Visit MakingHomeAffordable.gov to read about available programs to help with mortgage payments. If you or someone you know is struggling, there is help.
Hardest Hit Fund (HHF)– HHF programs in 18 states and the District of Columbia are designed to provide assistance to struggling homeowners through modification, mortgage payment assistance, and transition assistance programs. HHF programs vary state to state, but often include:
- Mortgage payment assistance for unemployed or underemployed homeowners
- Principal reduction to help homeowners get into more affordable mortgages
- Funding to eliminate homeowners’ second lien loans
- Help for homeowners who are transitioning out of their homes and into more affordable places of residence
Home Affordable Modification Program (HAMP) – HAMP® is designed to lower your monthly mortgage payments, making them more affordable and sustainable for the long-term.
- HAMP achieves a more affordable payment by adjusting your interest rate, extending your term, and reducing or forbearing your principal.
- HAMP homeowners typically save about $500 per month.
- Through HAMP, you can get help with your primary residence or rental property.
- If you owe significantly more than your home is worth (>115 Loan-To-Value), you’re automatically evaluated for principal reduction.
- Just for making timely payments, you could earn up to $10,000, which would be used to reduce your principal balance.
Through the Federal Making Home Affordable program, many homeowners have received much-needed help to reduce their monthly payments, get mortgage relief, and avoid foreclosure. Homeowners who are struggling to make mortgage payments can call 888-995-HOPE or visit MakingHomeAffordable.gov for free resources and information to help them with their mortgage problems and avoid foreclosure. By calling the hotline, homeowners can speak with a housing expert at a HUD-approved counseling agency at no cost, 24 hours a day, 7 days a week and identify potential solutions based on their individual circumstances.