Loan Modification: How Do I Get One?
Several Loan Modification programs exist under the government sponsored Making Homes Affordable Program (MHA). In general lenders are not required to extend loan modifications. However, under several government programs your chances of a successful loan modification increase. These programs include the following:
- Home Affordable Modification Program (HAMP®)
- Principal Reduction Alternative SM (PRA)
- Second Lien Modification Program (2MP)
- FHA Home Affordable Modification Program (FHA-HAMP)
- USDA’s Special Loan Servicing
- Veteran’s Affairs Home Affordable Modification (VA-HAMP)
- Home Affordable Foreclosure Alternatives Program (HAFA)
- Second Lien Modification Program for Federal Housing Administration Loans (FHA-2LP)
- Home Affordable Refinance Program (HARP)
- FHA Refinance for Borrowers with Negative Equity (FHA Short Refinance)
- Home Affordable Unemployment Program (UP)
- Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (HHF)
For more information on these programs visit www.MakingHomesAffordable.com.
In addition to these federally sponsored programs, individual lenders may provide loan modification assistance. Contact your lender to determine your eligibility for these income programs.
Content approved for publication
by John G. Merna