What is Obama Home Foreclosure Program?

President Obama’s home foreclosure program, Making Home Affordable, is a program that provides a number of government-subsidized options for homeowners who are struggling. The goal is for these homeowners to avoid home foreclosure, which helps get the American economy back on track.

There are four different programs available to homeowners under the Making Home Affordable program.

The Home Affordable Modification Program (HAMP) allows homeowners to modify the terms of their existing mortgage to make it more affordable.

For homeowners who have a second mortgage, and have already modified their first with HAMP, the Second Lien Modification Program (2MP) provides the opportunity to modify that second mortgage, so that both payments are more affordable.

The Home Affordable Refinance Program (HARP) is for homeowners who have loans that are owned or guaranteed by Fannie Mae or Freddie Mac. Homeowners can refinance these loans into more affordable payments.

Finally, the Home Affordable Foreclosure Alternatives Program (HAFAP) is designed for those homeowners who cannot afford their home any longer but are trying to avoid foreclosure. This program helps homeowners transition to more affordable housing through a short sale or a deed-in-lieu of home foreclosure.

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