The real estate market went through some terrible times in the early 2000s across Florida. It put many people’s home in jeopardy of being foreclosed. According to the U.S. Department of the Treasury, the government created a program called the Making Home Affordable Program to help you out if you faced foreclosure. It was specifically designed to help you avoid losing your home and to assist you with getting back on your feet when you got into a bad financial situation.
Created under the Obama Administration, the MHA featured the Home Affordable Modification Program. The HAMP helped to reduce or modify mortgage payments to make them affordable for you. Under the MHA, you also could get help with a short sale of your home, forbearance of your loan payments and refinancing. You also may have qualified for a deed-in-lieu of foreclosure. The program worked by considering your specific situation and tailoring a solution that met your needs. It offered help so you could keep your home or get out of homeownership. It was quite helpful if you were unemployed or owed more than your home was worth on your mortgage.
It is important to note the MHA program ended in December 2016. Applications are no longer being accepted. However, more than 1.8 million homeowners were helped through the program. It also impacted the mortgage industry to make changes that are long lasting and can help you today if you have concerns about a possible foreclosure. This information is only intended to educate and should not be interpreted as legal advice.