Making Home Affordable

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. Home Affordable Modification Program ...

    A loan modification program introduced in 2009 to promote stability ...
  2. Foreclosure - FCL

    A situation in which a homeowner is unable to make principal ...
  3. Hope For Homeowners

    A federal aid program aimed at helping homeowners who reside ...
  4. Foreclosure Prevention Act of 2 ...

    A housing act that is designed to help families keep homes that ...
  5. Term Payment Plan

    An option for receiving reverse mortgage proceeds that gives ...
  6. Foreclosure Buyout

    A refinancing program that allows a homeowner to avoid foreclosure ...
Related Articles
  1. Personal Finance

    Is Foreclosure Ever a Good Idea?

    Foreclosing on a home has major ramifications that can last for years, but for some, foreclosure may seem like the only option.
  2. Personal Finance

    How To Delay Foreclosure

    While losing a home can be a traumatic event for you and your family, it's best to find ethical means of delaying or avoiding foreclosure, even if it takes more time.
  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. Personal Finance

    Don't Get Trapped in a Zombie Foreclosure

    Understand how foreclosures work and you can avoid the disastrous consequences of having a zombie foreclosure.
  6. Investing

    Saving Your Home From Foreclosure

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

    Avoiding Foreclosure Scams

    If you want to save your home, avoid bogus offers and take matters into your own hands.
  8. Personal Finance

    Should You Get a Reverse Mortgage?

    A reverse mortgage allows seniors to take advantage of the equity in their home. But is it a good idea?
  9. Investing

    Understanding the Mortgage Payment Structure

    We explain the calculation and payment process as well as the amortization schedule of home loans.
  10. Personal Finance

    Buying Foreclosures At A Bargain Price

    Learn how to buy a foreclosed home at a discount.
RELATED FAQS
  1. 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 >>
  2. How do I refinance my home without paying PMI?

    I received one loan of $222,000 and a second of $22,000. I would like to refinance my home, but I do not want to pay PMI. ... Read Answer >>
  3. How can I avoid paying private mortgage insurance (PMI)?

    Private mortgage insurance (PMI) is an insurance policy that protects lenders from the risk of default and foreclosure, and ... Read Answer >>
  4. Is homeowners' insurance required by law?

    Learn why it is always wise to protect your home with insurance even if it is not required. Understand how high-deductible ... Read Answer >>
  5. What is PMI, and does everyone need to pay it?

    Also known as "Primary Mortgage Insurance," PMI is the lenders (banks) protection in the event that you default on your primary ... Read Answer >>
  6. When did the real estate bubble burst?

    Collapsing home prices from subprime mortgage defaults and risky investments on mortgage-backed securities burst the housing ... Read Answer >>
Trading Center