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Making Home Affordable Program
On February 18, 2009, President Obama announced his Making Home Affordable Program (MHA), designed to help up to 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages. In doing so, the plan not only helps responsible homeowners behind on their payments or at risk of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs. For more detailed information, visit MakingHomeAffordable.gov.
VA Announces HAMP Program Details
On January 8, 2010, the US Department of Veterans Affairs (VA) released Circular 26-10-2, which provides instructions for modifying VA loans through the Making Home Affordable Program. The two main features are the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP).
VA expects servicers to exert all reasonable efforts to assist veteran borrowers in retaining ownership of their homes or mitigating losses when retention is not possible. Before considering VA HAMP, servicers must first evaluate defaulted mortgages for traditional loss mitigation actions including repayment plans, special forbearances, and traditional loan modifications. If the payments are affordable, then the traditional loss mitigation option will be used to help the veteran retain the home and avoid foreclosure. If none of the loss mitigation options provide an affordable payment, the servicer must evaluate the loan for a VA HAMP modification prior to deciding that the default is insoluble. VA expects servicers to complete all loss mitigation activities expeditiously, including those under review for HAMP modifications.
Circular 26-10-2: VA Making Home Affordable Program
US Department of Veterans Affairs
Megan Booth 202-383-1222, Jerome Nagy 202-383-1233
Financial Incentives and Uniform Process for Short Sales - The Foreclosure Alternatives Program (FAP)
On May 14, 2009, Treasury Secretary Geithner and HUD Secretary Donovan announced new details on the Making Home Affordable Program to help homeowners facing foreclosure.
Treasury Department press release> (Treasury Dept.)
View detailed guidelines> (PDF: 316K)
Treasury's FAP factsheet> (PDF: 44K)
Avoiding Foreclosure
Whether you're in foreclosure now or worried
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Refinance Options
Making Home Affordable Program
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If You Can't Keep Your Home
Redemption period - your last chance to save your home
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Contact the U.S. Postal Service Movers Guide
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