The U.S. Treasury and Department of Housing and Urban Development recently said that President Obama’s Making Home Affordable Program would be extended until December 31, 2015, to align with extended deadlines for federal housing programs and initiatives.
The Making Home Affordable Program is a key component of the Obama administration’s strategy to help Americans avoid foreclosure and recover from the housing crisis. The original deadline was Dec. 31, but the program was extended to align with deadlines for the Home Affordable Refinance Program and Streamline Modification Initiative for homeowners with Fannie Mae and Freddie Mac loans.
“The housing market is gaining steam, but many homeowners are still struggling,” Treasury Secretary Jack Lew said. “Helping responsible homeowners avoid foreclosure is part of our wide-ranging efforts to strengthen the middle class, and Making Home Affordable offers homeowners some of the deepest and most dependable assistance available to prevent foreclosure. Extending the program for two years will benefit many additional families while maintaining clear standards and accountability for an important part of the mortgage industry.”
Since the program was launched in 2009, approximately 1.6 million actions have been taken to extend relief to homeowners. Nearly 1.3 million homeowners have been directly helped through the program.
The program includes the Home Affordable Modification Program, which modifies a homeowner’s loan terms to reduce the monthly payment in an effort to prevent foreclosure. As of March, more than 1.1 million homeowners have received mortgage modifications through HAMP.