The Obama Mortgage is a government program sometimes known as Making Home Affordable. There are a variety of options designed to help homeowners depending on their individual circumstances.

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Obama Mortgage

Related Terms: Making Home Affordable, Home Affordable Refinance, Home Affordable Modification
The Obama Mortgage is a government program sometimes known as Making Home Affordable. There are a variety of options designed to help homeowners depending on their individual circumstances.
Obama Mortgage
Some borrowers may only be eligible for certain types of assistance under this program. It will depend on how quickly they act after realizing that their ability to make mortgage payments might be in jeopardy. It is important to reach out as soon as financial difficulty begins so that they are in the best position to retain ownership of their homes. Homeowners that fall behind in their payments may learn that they have fewer available options. 

The Home Affordable Refinance Program, otherwise known as HARP, was designed for homeowners who are current on their payments, but have had difficulty refinancing. This is a good option for those who how more than their home is worth, as long as the mortgage is owned by Fannie Mae or Freddie Mac.

The Home Affordable Unemployment Program, or UP, reduces or suspends monthly mortgage payments to give borrowers a cushion while they look for another job. It temporarily stops required payments for up to 12 months or reduces them to no more than 31% of gross income.

Other programs include Home Affordable Modification Program (HAMP), Home Affordable Foreclosure Alternatives Program (HAFA), Hardest Hit Fund Programs (HHF), and FHA Short Refinance for Borrowers with Negative Equity (FHA Short Refinance). Each program has its own deadline, so act fast to meet the application requirements.