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  • Make Home Affordable Program

    Started by the Obama administration, the Make Home Affordable program is designed to assist struggling families with a suite of programs, including targeting monthly mortgage payments with the Home Affordable Modification Program (HAMP), the FHA-backed Home Affordable Modification Program (FHA-HAMP), the Veteran’s Affairs Home Affordable Modification Program (VA-HAMP), the Principle Reduction Alternative (PRA), the Second Lien Modification Program (2MP), and the United States Department of Agriculture’s (USDA) Special Loan Servicing program.

    The purpose of the suite of Make Home Affordable programs is to bolster a damaged and fragile economy by helping families who have difficulty making mortgage payments as a result of reduced or lost incomes, lost jobs, and other unfortunate situations that can arise during periods of economic decline that are beyond control such as debilitating illness and death.

    HAMP Deadline Extension

    To further assist families and to help stimulate the economy, the Obama Administration is extending the eligibility deadline for the HAMP program to December 31st, 2013 to continue to meet the demand for assistance to families that suffer from current hardships. The details of the extended program will be available for lenders in February 2012 and home owners can start applying in May 2012.

    The extended program brings with it a number of changes from the current HAMP requirements. Applicants to the extended program are be reviewed if they did not then, or can not now, meet the 31 percent debt to income ratio as per the current Home Affordable Modification Program requirements. In addition, those home owners who did not successfully complete the HAMP trial period for some reason or who were let go from HAMP because they missed their agreed mortgage payments.

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