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Home Affordable Modification Program (HAMP) Extended

huffingtonpost.comJune 4, 2013

By Anna Cuevas

According to Jack Lew, U.S. Secretary of the Treasury, the Making Home Affordable Program (MHA) for non-Fannie Mae and Freddie Mac mortgage loans has been extended through December 31, 2015. It is the second extension of the foreclosure prevention program, which was currently set to expire on December 31, 2013. On the heels of the announcement, the Federal Housing Finance Agency (FHFA) announced that it will also extend the Home Affordable Modification Program (HAMP) for loans under Fannie and Freddie through the end of 2015. The FHFA will also extend their new foreclosure prevention streamlined modification program to December 31, 2015. The streamlined program offers loan modifications without documentation of financial hardship.

According to Treasury Secretary Jacob Lew, the extension is intended to help prevent foreclosures and assist the middle class. "Helping responsible homeowners avoid foreclosure is part of our wide-ranging efforts to strengthen the middle class, and Making Home Affordable offers homeowners some of the deepest and most dependable assistance available to prevent foreclosure."

HAMP is a foreclosure prevention program that provides loan modifications to struggling homeowners, which also includes Home Affordable Foreclosure Alternatives (HAFA) and a Second Lien Modification Program. The government's refinance program, Home Affordable Refinance Program (HARP), had previously been extended through December 31, 2015.

The extension is an ongoing effort to prevent foreclosures by modifying mortgages for at-risk homeowners. Through the first quarter of 2013, approximately 1.1 million homeowners benefited from a HAMP loan modification, resulting in an average monthly savings of $546 a month. By extending the program, Fannie Mae, Freddie Mac, and non-Fannie and Freddie homeowners will all be given additional time to seek a loan modification that will reduce their monthly payment and bring their loans current.

Acting Director Edward J. DeMarco supports the FHFA's extension, stating, "These extensions keep two valuable foreclosure prevention programs available to those who need them. The extensions also align the end date for three key assistance programs that were developed in response to the housing crisis."

Homeowners can learn if they qualify for one of these programs by talking to their lender or visiting Making Home Affordable, Fannie Mae, or Freddie Mac.


Anna Cuevas, ex-bank executive turned homeowner advocate known as "America's Loan Modification Guru," has empowered and guided thousands of Americans in keeping their homes from foreclosure through loan modification self-advocacy. A popular blogger (askaloanmodguru.com), Cuevas has been called a "superhero of the loan modification industry" and has been nominated for CNN's Heroes. She is the #1 bestselling author of SAVE YOUR HOME Without Losing Your Mind or Money.


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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