MAKING HOME AFFORDABLE/AMERICAN RECOVERY AND REINVESTMENT ACT (ARRA)
Federal Housing Administration (FHA) & United
States Treasury Department's program requirements for
the "Making Home Affordable Modification" Program, has
been extended through December 2015. It will
provide struggling homeowners additional time to
access sustainable mortgage relief and align end dates
assistance programs, visit: (http://www.makinghomeaffordable.gov). The changes to FHA’s "Special Forbearance Program" will require servicer to:
- Postpone payments for unemployed homeowners from four months to 12 months, and remove upfront hurdles to make it easier for unemployed borrowers to qualify.
- Also require servicers participating in the current "Making Home Affordable Program (MHA)" to extend the minimum forbearance period to 12 months wherever possible under regulator and investor guidelines.
- Additionally, forbearance under this program will
become available to borrowers who are seriously
***Individuals are encouraged to contact their mortgage loan servicer for more details, and to see if they qualify.
For a HUD Special Forbearance Frequently Asked
Questions (FAQ's), on the program, see:
The following is summarized from the U.S. Department of the Treasury, “Making Home Affordable” guidelines, http://www.makinghomeaffordable/gov
The American Recovery and Reinvestment Act (ARRA), “Making Home Affordable” mortgage assistance program will assist current or at-risk homeowners to refinance or modify loans to more affordable terms.
1. THE HOME AFFORDABLE REFINANCE PROGRAM (HARP):
Homeowners who may be eligible are those who are
current on their mortgages, but are not able to
refinance to take advantage of today’s lower interest
rates due to a decrease in the value of their
home. For more details, call the HARP Helpdesk
at 888-666-5019 or visit the website at: http://harpprogram.org/
- To find lender information, see: http://www.hopenow.com
2. THE HOME AFFORDABLE MODIFICATION (HAMP):
HAMP was developed to help homeowners who are
struggling with their mortgage payments by modifying
the terms (such as the interest rate or length) of the
loan. To be eligible for HAMP, homeowners must have
loans owned by Fannie Mae or Freddie Mac—or loans
serviced by a participating mortgage
company. The program has been extended until December 31, 2015, for more details on this program, visit: http://www.knowyouroptions.com/news/hamp-extended-through-2015-0
BEWARE OF FORECLOSURE RESCUE SCAMS:
- No fee will be associated with acquiring information about Making Home Affordable from a lender or HUD Housing Counselor.
- Beware of persons or organizations that ask for a fee for supplying housing counseling on a homeowner’s delinquent loan.
- Beware of scams that say they can “save” your home if you sign over the deed to your house.
- Never make mortgage payments to anyone other than your mortgage lender.
TO FIND PROVIDERS IN CONNECTICUT'S COMMUNITY RESOURCE
Search by Agency or Program Name: Mortgage
Delinquency & Default Counseling
United States Treasury Department: Making Home Affordable Program; United States Housing and Urban Development (HUD)
PREPARED BY: 211/tb
CONTENT LAST REVIEWED: March2015