The deadline for the Making Home Affordable (MHA) Program, developed as part of the US government’s plan to help struggling homeowners avoid foreclosure, was recently extended through December 31, 2013. The Program has evolved since its creation and now includes several modification, refinance and foreclosure options for both homeowners that are at risk of foreclosure and homeowners that are able to make their payments, but who have not been able to refinance due to the sharp decrease in property values. MHA offers solutions that help homeowner’s reduce mortgage payments and lower their interest rate.
There are two main components to the Making Home Affordable Program: the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP). The refinance program is designed to help borrowers who may not be able to refinance due to a decline in the appraised value of their homes. The modification program is targeted to borrowers who are struggling to make their mortgage payments due to severe financial difficulties.
Since the Making Home Affordable Program’s inception, MVSB has embraced the Program and its Lenders and Lending Operations personnel have stayed abreast to changes and updates to offer educated answers and advice to their customers and community members. MVSB has worked closely with the Federal Home Loan Mortgage Company, Freddie Mac, to offer its customers experiencing financial hardships or difficulty making payments the ability to refinance their homes at lower rates or modify their mortgages to a more manageable amount.
While the economy and housing markets have shown some growth, both remain fragile. The Making Home Affordable Program offers increased flexibility within the lending environment; however, even those who do not qualify for government assistance programs or whose mortgages are not serviced or retained by Freddie Mac may have options available to them. These options include traditional mortgage refinancing at historically low rates, loan modifications, home equity loans and lines of credit and other consumer loan products.
“Integrity is one of our core values at MVSB and we have continuously upheld our lending standards to ensure our customers are able to comfortably afford the loans we provide,” said Carol Bickford, Senior Vice President and Retail Lending Officer. “A homeowner’s life can change significantly throughout the duration of a mortgage. Our lenders are not only there to help our customers choose the lending product that will best meet their needs initially, but they are also there when life changes occur and a new solution is necessary.”
There is no charge to apply for the Making Home Affordable Program and consumers are encouraged to visit with an MVSB lender to see what program will best help them achieve their financial or homeownership goals.
“MVSB understands that proud homeowners are a key element to thriving communities” said Terri Morrill, Secondary Market Specialist at MVSB. “We do everything we can to ensure that our customers can stay in the home and community they love.”
For more information about the Making Home Affordable Programs, please visit home.treasury.gov/data/troubled-assets-relief-program/housing or call 888-995-HOPE. To discuss your lending needs, please contact the MVSB Loan Team at (800)922-6872.
