The Making Home Affordable loan mortgage modification programs were announed in February 2009 as the plan by president Obama to stem the tide of foreclosures. MHA was designed to help many different types of hardships which people experience paying their mortgage. HAMP was the specific program under the Making Home Affordable plan that deals directly with mortgage payment hardship.
HAMP has expanded it’s reach to a broader swatch of hardships to include more people in the program. Many are confused to how HAMP works and this is the key to getting more people on board so the program can do what it’s designed to do – stop foreclosures.
Many banks have been slow to move on many of the Making Home Affordable loan mortgage modification programs for lots of reasons that may or may not be valid.
One such program included in HAMP is the ‘exit gracefully opportunity’. It’s called the Home Affordable Foreclosure Alternatives (HAFA) Program and this seems to be picking up steam as more and more people learn about this Making Home Affordable HAMP loan mortgage modification alternative strategy from getting out from under your mortgage.