President Obama's Making Home Affordable Program

If you are having trouble making your mortgage payments, are in the midst of foreclosure proceedings or are very close to defaulting on your home loan, you may be a perfect candidate for the Making Home Affordable (MHA) program. Jointly administered by the federal Department of Housing and Urban Development and Department of the Treasury, MHA has changed the lives of many homeowners and given them a new sense of hope. Thank President Obama for this one, since the Obama Administration was responsible for enacting the mortgage relief program.

There are several different types of MHA programs available to homeowners facing economic difficulties affording their mortgage payments. You have probably heard of “HARP,” and you may have even heard about “HAMP.” These are just two smaller programs available under the MHA program. You do not need an attorney to apply for these programs, but you should understand which program you should apply for before spending too much time on the initial qualification process. An attorney or housing counselor can help you review your options.

Over the next few weeks, I will address each of the programs available under the Making Home Affordable plan. The programs have changed thousands of lives, and there are no application fees. Even if it seems like you may not qualify for one program, you may qualify for another or request an exception. You can even find free help through HOPE, a nonprofit credit-counseling agency that offers HUD-approved housing counselors to help you 24 hours a day. Beware of foreclosure rescue scams and mortgage modification promises by groups making false promises.

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