One of the best tools the government has given homeowners in trouble is this HAMP program…especially those Americans that needed to complete a short sale…HAMP’s HAFA program protects the homeowner in the short sale eliminating the recourse from mortgage companies.
This announced by C.A.R. today:
HAMP PROGRAM EXTENDED THROUGH 2016
A new financing partnership between the Treasury Department and the Department of Housing and Urban Development (HUD) will support the Federal Housing Administration’s (FHA) multifamily mortgage risk-sharing program. With the new Treasury-HUD partnership, the Federal Financing Bank (FFB) will use its authority to finance FHA-insured mortgages that support the construction and preservation of rental housing.Additionally, the Making Home Affordable (MHA) program will be extended at least through Dec. 31, 2016, to allow the Administration to continue assisting homeowners facing foreclosure and those whose homes are underwater. To date, the MHA program has provided relief to homeowners across the country, including more than 1.3 million homeowners who have permanently modified their mortgages, saving a median of $540 a month in mortgage payments. The Treasury Department’s housing assistance programs have also become a model for the broader housing sector, setting a new standard for the mortgage industry on how to restructure loans and help homeowners. More than 5 million homeowners have been helped by private lenders who have, in many cases, used a similar framework to the one created by MHA’s Home Affordable Modification Program.
Thanks C.A.R. Newsline for this great announcement.
