Five years later, and the U.S. Department of the Treasury’s Making Home Affordable program is celebrating half a decade of providing relief to struggling homeowners.
Since 2009, MHA programs have continued to evolve, in response to changing conditions and the needs of the nation’s struggling homeowners.
Programs include the Home Affordable Unemployment Program, which provides temporary relief to unemployed homeowners while they look for a job, and the Home Affordable foreclosure Alternatives program, which helps those need to transition to more affordable housing have access to short sales or deeds in-lieu-of foreclosure.
“While the economy is showing signs of recovery, there are still many families in need of mortgage assistance. Given the continuing need to help these homeowners, MHA has been extended until December 2015,” the Treasury said. “We will continue our strong efforts beyond our five year anniversary to help educate homeowners about the program and the options available to them.”
So far, the MHA helped in 5 significant areas:
1. Nearly 2 million mortgage assistance actions, including 1.3 million HAMP mortgage modifications.
2. $544: the median monthly savings for homeowners in HAMP modifications.
3. Over $13 billion in principal reduction for qualifying homeowners in HAMP modifications.
4. More than 76 thousand homeowners helped at 91 “Help for Homeowners” events
5. HAMP homeowners saved $25.5 billion to date on monthly mortgage payments.