Programs That Modify Mortgage Loans
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Programs That Modify Mortgage Loans
Many programs sprang up under the Bush and Obama administrations to help distressed homeowners who were having problems with their mortgages. Some of them are or were scheduled to end on some specified date, while others get reworked as needed. Most are administered through the US Department of Treasury, the Department of Housing and Urban Development, and/or the Federal Housing Administration. Others are run by the lender who is servicing a given loan and are unrelated to federal or state programs.
Things To Know
- New programs may arise if the government deems it necessary.
The major federal program of recent years was the Making Home Affordable program, which was created by the Financial Stability Act of 2009. It contained a number of programs within it that were designed to address different homeowner problems, such as job loss, loss of equity, and inability to make monthly payments.
Making Home Affordable ended in 2016 and is slated to wind down fully by early 2024.
In the future, new programs like this may arise if the government deems it necessary.