At one point in our lives or another, most of will unfortunately hit rough patches when it comes to our finances. Perhaps there is a medical emergency that drains our accounts? The loss of a job unexpectedly? An injury that keeps us from work. Despite our best laid plans, life happens. Suddenly we find ourselves in a less than ideal financial situation and we wonder how we're going to get through. Believe me, I've been there.
For the homeowner, this is an even bigger fear.
Did you know that nearly one in 17 homeowners nationwide has fallen behind on his or her mortgage payments, putting them at a higher risk of foreclosure. Homeowners should not feel alone, but many do.
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. Many of these homeowners may be unaware that MHA has expanded its options, and may have a solution available to address their particular financial situation. Moreover, the Hardest Hit Fund (HHF) – available in 18 states and the District of Columbia -- also helps real people get back on their feet and on the road to financial stability in states hit hard by the economic and housing downturn.
Across the country, more than 1.5 million families have already benefited from MHA. Through the Home Affordable Modification Program (HAMP), homeowners have been able to reduce their monthly mortgage payments by approximately $500 each month. That’s real payment relief.
Don't just take MY word for it, check out just a few of the testimonies from real homeowners who were able to overcome potential foreclosures and save their homes with the help of the Making Home Affordable program:
Do these stories sound familiar? Perhaps you too have been struggling financially and are at risk of losing your home? Or perhaps there is someone in your life that could use assistance? Here is a bit more information about these great services:
- Home Affordable Modification Program (HAMP) - HAMP® is designed to lower monthly mortgage payments, making them more affordable and sustainable for the long-term.
- HAMP achieves a more affordable payment by adjusting the mortgage interest rate, extending the term of the loan, and reducing or forbearing principal.
- Homeowners have saved about $500 per month.
- Through HAMP, homeowners can get help with their primary residence or rental property.
- Homeowners who owe significantly more than their home is worth (>115% Loan-To Value or LTV ratio) are automatically evaluated for principal reduction.
- Just for making timely payments, homeowners could earn up to $10,000, which is used to reduce the principal balance of their mortgage.
- Hardest Hit Fund (HHF)- HHF programs are designed to complement MHA programs and provide assistance to struggling homeowners, like those in the testimonial videos, through modifications, 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.
If you know someone who could benefit from this information, please share! Hard times hit us all, but no one should have to lose the home they've made!