Federal Making Home Affordable Programs
In 2009, the federal government unveiled the Making Home Affordable (MHA) program to help homeowners stay in their houses and avoid foreclosure. Many people have heard of the Home Affordable Modification Program (HAMP), which induces lenders and servicers to modify homeowners' loans so that payments become more affordable. But there are many other components of MHA as well, including refinancing assistance through HARP2, reducing your mortgage principal through (PRA), modifying a second mortgage (2MP), and more. Recently, the deadline to apply for most of these programs was extended to December 31, 2016.
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The Home Affordable Modification Program (HAMP)
Many people avoided foreclosure with the federal government's Home Affordable Modification Program (HAMP).
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Do Mortgage Modification Programs Apply to Rental or Investment Property?
If you have a rental or investment property, you might qualify for a mortgage modification.
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What's the Difference Between HAMP and HAFA?
HAMP was a modification program, while the HAFA program allowed struggling homeowners to gracefully give up their home—but both programs are no longer available. Learn what programs remain.
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If I Default Under HAMP, Can I Reapply?
The HAMP program is no longer accepting applications so if you default, you can’t reapply.
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Second Lien Modification Program (2MP)
The expired Second Lien Modification Program (2MP) was part of the government’s Making Home Affordable initiative.
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Principal Reduction Alternative (PRA)
The Principal Reduction Alternative (PRA) program ended on December 31, 2016. Learn what foreclosure avoidance options are still available.
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Home Affordable Unemployment Program (UP)
The now-expired Home Affordable Unemployment Program (UP) reduced or suspended monthly mortgage payments for a year or longer.
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Emergency Homeowners' Loan Program (EHLP)
The Dodd-Frank Wall Street Reform and Consumer Protection Act provided $1 billion to the U.S Department of Housing and Urban Development (HUD) to set up the Emergency Homeowners' Loan Program (EHLP
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What Is the Difference Between HAMP Tier 1 and HAMP Tier 2?
The HAMP program ended in 2016. Learn what options are generally available to homeowners now facing a foreclosure.
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