What is the Making Home Affordable (MHA) Program.
There are a variety of financial reasons why people are struggling to maintain their homeowner status. People may have lost their jobs, taken a pay cut, or maybe their business has recently taken a downward turn in today’s economy. Whatever the reason, President Obama’s administration is trying to stop the tide of a diminishing housing market and he is attempting to do so through the Making Homes Affordable Program. So for those on the verge of losing their family dream home, there is a lifeline of assistance available to them through the MHAP.
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The original Intention behind this program was to improve the United States’ housing market by helping homeowners with a variety of subsidiary programs structured in an umbrella called the MHAP. All of these eight programs are designed with the homeowner not a bank or the government in mind. However, as the need for assistance expanded so did this program. For instance, the programs range from potentially lowering your mortgage payments, to leaving your home and flat out avoiding foreclosures. There is a program for those who have lost their jobs and another one to help those who may have a lien or second mortgage that is causing the hardship. There are also programs designed for military service members who have had to move because of being relocated for their military duties.
While the Making Homes Affordable Program may not increase the number of new homeowners in the country, it is quite possible it will reduce the number of foreclosed homes. Due to unscrupulous lending practices that brought the housing market to the verge of collapse six years ago, this program looks to turn this market around. It will undoubtedly help those currently undergoing the financial stressors of home-ownership in a down economy where the lower and middle class have come to know what it means first hand on how to do more with less. For those that can no longer tighten the wallet and are in trouble of losing their family homes it is important for them to know….there is assistance available and it is through the Making Homes Affordable Program.