As of 2015, the Making Home Affordable Program offers several options for homeowners. The program provides assistance for people struggling to pay their mortgage, trying to refinance, are unemployed or are considering a short sale, according to the U.S. Department of the Treasury & the U.S. Department of Housing and Urban Development. Each program under the Making Home Affordable Program has different eligibility requirements.
For people who are having trouble paying their mortgage, the HAMP and HHF programs are viable options. The following criteria must be met to qualify for HAMP: the applicant must be suffering financial hardship, must be delinquent or in danger of becoming delinquent on their mortgage, have gotten their mortgage before January 1, 2009, the property must not be condemned, and the applicant must owe less than $729,750 on their primary residence or rental property.
The Hardest Hit Fund, or HHF, programs are available in 18 states as well as Washington, D.C. The HHF program assists those who live in states that were hit the hardest by the economic crisis. Eligibility requirements vary from state to state.
For the unemployed, the Home Affordable Unemployment Program is available. This program suspends or reduces monthly mortgage payments while the borrower searches for work. Mortgage payments may be suspended up to 12 months. The eligibility criteria for the UP program are slightly different than HAMP eligibility. In addition to the HAMP requirements, the applicant must be struggling to pay their mortgage or in danger of becoming delinquent on their mortgage due to unemployment, according to Citibank.
For those considering short sale, the Home Affordable Foreclosure Alternatives Program is available to relieve their remaining mortgage debt and also receive $10,000 in relocation assistance.