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Did You Know the Making Home Affordable Program Has Been Extended?

Did You Know the Making Home Affordable (MHA) Program Has Been Extended?

I was talking with some people who told me they had a high interest rate and are facing some financial challenges. I suggested they call their lender, explain their situation and ask about programs which might help reduce their interest rate. The lender pretty quickly agreed to reduce the interest rate by more than 2.5%. Unfortunately, the lender is so backed up that they said it would take 3 months to process the change!

Given the collapse of our housing market 4+ years ago, and the impact on our entire economy, it's very frustrating to hear that this is the best a lender can do.

family in house frameDid you know the Making Home Affordable Program has been extended?

The Making Home Affordable Program is a part of the Obama Administration's plan to stabilize the U.S. market by helping homeowners get mortgage relief and avoid foreclosure. It is an official program of the Departments of the Treasury & Housing and Urban Development (HUD).

The application deadline for the program has been extended to December 31, 2013. The eligibility criteria for MHA has also been extended to offer assistance to more homeowners.

There are also changes which may benefit Military homeowners.

The Making Home Affordable Program has a range of solutions that may help a homeowner take action before it's too late. These include:

  • Refinancing and taking advantage of today's low interest rates
  • Reducing your monthly mortgage payments
  • Geting mortgage relief while searching for re-employment
  • Getting help when you owe more than your home is worth
  • Avoiding foreclosure when homeownership is not longer affordable

Take a look at the Making Home Affordable Program "Getting Started" section on their website or call them att 888-995-4673 or Hearing impaired: 877-304-9709 TTY.

If you have decided to sell your home in Sharon MA, call me at 781-883-3764 for a market analysis of your home. I'll help you understand the value of your home in today's market. With my marketing plan and proper pricing, I'll get your home sold in Sharon MA!

Nina Rogoff Top Real Estate Agent in Sharon MA

 

 

 

 

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7 commentsNina Rogoff • January 30 2013 07:54PM

Comments

Great information for homeowners. The recovery continues.
Posted by Ellie McIntire, CDPE, Howard County Homes for Sale (Ellicott City Clarksville Howard County Maryland Real Estate) over 1 year ago
Nina, "Thank you!" This post is something we all need to convey to our market of struggling sellers who are confused and living in fear of losing their American Dream!
Posted by Jane & Garry Smith, ABR, GRI, Realtors - Portland, ME - (207) 253-3195 (Coldwell Banker Residential Brokerage) over 1 year ago

Hi, Ellie...it definitely does, but the banks need to be even more proactive so people don't get stuck waiting for a loan modification to be processed.

Thank you, Jane and Garry! When people have a hardship in their life they sometimes don't realize that they CAN ask their lender for help. I do think as Realtors we have a responsibility to help educate people on options for making home ownership more affordable, as well as helping them sell or buy when they're ready.

Posted by Nina Rogoff, Your Hometown Realtor in Sharon MA (RE/MAX Executive Realty - ) over 1 year ago

Nina~ We need to keep the public educated about these opportunities. When programs like this are extended, consumers don't always get the update!  Well done!

Posted by Donna Foerster, Metro Denver Real Estate Agent (Cherry Creek Properties, LLC) over 1 year ago

Thank you, Donna! The Make Home Affordable Program was extended because there are so many more homeowners who need help!

Posted by Nina Rogoff, Your Hometown Realtor in Sharon MA (RE/MAX Executive Realty - ) over 1 year ago

Hi Nina, this seems to be good news. I am sure buyers will be happy to hear about this extension, get some motivated buyers today.

Posted by Eileen Hsu, LICENSED REAL ESTATE SALESPERSON (Douglas Elliman Real Estate) over 1 year ago

Hi, Eileen...hopefully more homeowners will benefit from this program by lowering their mortgage rates and payments.

Posted by Nina Rogoff, Your Hometown Realtor in Sharon MA (RE/MAX Executive Realty - ) over 1 year ago

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