• Agency: U.S. Department of Housing and Urban Development (HUD)
• Status: Projects Under Regulation

Through Making Home Affordable (MHA) program, the U.S. Department of Housing and Urban Development (HUD) offer homeowners several foreclosure alternatives that can help lower their monthly mortgage payments and access more stable loans at competitive rates. And for those homeowners for whom homeownership is no longer affordable or desirable, the program can provide a way out which avoids foreclosure. Additionally, in an effort to be responsive to the needs of today’s homeowners, there are also options for unemployed homeowners and homeowners who owe more than their homes are worth. While some of the programs under MHA are currently available, programs under MHA that are under regulation and no longer accepting applications include:

Home Affordable Modification Program (HAMP): This program is designed to enable borrowers that meet eligibility requirements to avoid foreclosure by modifying loans to a level that is affordable for borrowers and sustainable for the long-term. This program is no longer available. Federal Housing Administration (FHA)-insured fist lien HAMP (FHA-HAMP) mortgages were also offered under the Making Home Affordable program.

Home Affordable Refinance Program (HARP): Homeowners who are current on their mortgage and have been unable to obtain a traditional refinance because the value of their home has declined may be eligible to refinance through HARP, which is designed to help homeowners refinance into a new affordable, more stable mortgage. This program ended in 2018.

Treasury/FHA Second Lien Program (FHA2LP): This program allows borrowers who are current on a negative equity mortgage to restructure their debt and refinance into an FHA-insured first lien loan.  This program expired in 2013.

Home Affordable Foreclosure Alternatives (HAFA): HAFA facilitates short sales and deeds-in lieu to help more borrowers avoid foreclosure if they do not qualify for or complete a permanent modification through HAMP. This program was effective 2010-2016.

Emergency Homeowners’ Loan Program (EHLP): The EHLP is designed to provide mortgage payment relief to eligible homeowners experiencing a drop in income of at least 15% directly resulting from involuntary unemployment or underemployment due to adverse economic conditions or a medical emergency. This program ended in 2011.