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 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.

  1. Mortgage Modification

    A permanent change in a homeowner's home loan terms that makes ...
  2. Right Of Foreclosure

    A lender's ability to take possession of the property used to ...
  3. Term Payment Plan

    A term payment plan is an option for receiving reverse mortgage ...
  4. Exotic Mortgage

    A type of home loan that offers lower monthly payments in the ...
  5. Homeowner Affordability And Stability ...

    A program rolled out in 2009 in an attempt to stabilize the U.S. ...
  6. Foreclosure Action

    The legal proceedings initiated by a lender in the case of mortgage ...
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