As of 2015, more than 100 mortgage lenders participate in the Making Home Affordable program, also known as the Home Affordable Modification Program. Lenders include Bank of America, First National Bank, Guaranty Bank, Nationstar Mortgage and Wells Fargo. Loans serviced by Fannie Mae and Freddie Mac are required to participate.Continue Reading
The Home Affordable Modification Program lists relevant contact information for each mortgage lender. Homeowners who feel they need extra help working with their mortgage company or who have been denied a modification can call the Homeowner's HOPE Hotline at 1-888-995-4673.
The program is jointly administered by the Department of Housing and Urban Development with the Department of the Treasury. The Making Home Affordable program helps homeowners avoid foreclosure if someone's financial situation suddenly worsens. Homeowners can lower their monthly payment, get assistance if they become unemployed or discuss options if a home is worth less than what is owed. The program started in early 2009 as a way to stabilize the U.S. economy.
In order to qualify, homeowners must have finalized their mortgages before Jan. 2, 2009, and they must currently live on the property. Financial conditions include owing a monthly mortgage payment more than 31 percent of pre-tax monthly income and being unable to afford a monthly payment due to a reduction of income or increase of expenses. Loan servicers typically inform homeowners if they qualify for a modification.Learn more about Credit & Lending