DEFINITION of 'Making Home Affordable'

This program was designed to aid approximately seven to nine million eligible homeowners by lowering their monthly mortgage payments to a more manageable level. Making Home Affordable is ultimately designed to stabilize the housing market and prevent foreclosures. The reduction in payments may be accomplished either through refinancing or modification of the existing mortgage.

BREAKING DOWN 'Making Home Affordable'

Homeowners may visit the website for this program at www.makinghomeaffordable.gov and answer the questions on the homepage to see if they are eligible. They can also call (888) 995-HOPE to get more information. The Obama Administration allocated $75 billion to this program.

RELATED TERMS
  1. Mortgage Modification

    A permanent change in a homeowner's home loan terms that makes ...
  2. Home Affordable Modification Program ...

    A loan modification program introduced in 2009 to promote stability ...
  3. Underwater Mortgage

    A home purchase loan with a higher balance than the free-market ...
  4. Home Affordable Refinance Program ...

    A mortgage refinancing program offered by the Federal Housing ...
  5. Right Of Foreclosure

    A lender's ability to take possession of the property used to ...
  6. Foreclosure Prevention Act of 2 ...

    A housing act that is designed to help families keep homes that ...
Related Articles
  1. Personal Finance

    Avoid Foreclosure: How To Handle An Underwater Mortgage

    Foreclosure is the biggest fear of any struggling homeowner. These tips just might save your credit rating.
  2. Personal Finance

    Mortgage Options for Underwater Homeowners

    Find out what options are available when your mortgage is greater than the value of your home.
  3. Investing

    Battling Foreclosure: The HOPE NOW Alliance Strategy

    Hope Now was formed to help prevent foreclosures. Are the organization's strengths enough to overpower its weaknesses?
  4. Retirement

    How Does A Reverse Mortgage Work?

    A homeowner who’s at least 62 years old can use a reverse mortgage to tap into her home’s equity for money. The house serves as the loan’s collateral. The loan is repaid when the homeowner dies, ...
  5. Investing

    5 Ways To Avoid Foreclosure

    If you go into default on your mortgage payments, don't worry, there are still ways to save your home.
  6. Personal Finance

    How to Work With Your Lender if You Can't Pay Your Mortgage

    Homeownership is a dream but when you can't pay your mortgage it becomes a nightmare. In the wake of the housing meltdown lenders are more willing to help.
  7. Investing

    Saving Your Home From Foreclosure

    Learn the tactics you can use to prevent your home from being repossessed.
  8. Investing

    Don't Get Trapped in a Zombie Foreclosure

    Understand how foreclosures work and you can avoid the disastrous consequences of having a zombie foreclosure.
  9. Personal Finance

    7 Solutions for Homeowners Struggling with their Mortgage

    If you can't afford your mortgage, don't throw in the towel. You may be able to find a solution that works for your particular situation.
  10. Personal Finance

    Rate Freeze To Cool Mortgage Meltdown

    The U.S. government is offering help to subprime borrowers. Is this a cure or a curse?
RELATED FAQS
  1. What are the best ways to pay off my mortgage quickly?

    Learn how mortgage payments may be reduced and how to save thousands on mortgage loans by lowering the interest and principle ... Read Answer >>
  2. When Do Mortgage Payments Usually Start?

    Discover when your first mortgage payment is due and how it differs from rent. Learn about the closing process and why you ... Read Answer >>
  3. What are the requirements to apply for a reverse mortgage loan?

    For homeowners of a certain age who wish to stay in their homes but are finding it costly, a reverse mortgage could be the ... Read Answer >>
Trading Center