Making Home Affordable® (MHA) Programs Imagine buying your dream home. Connect with a lender to help you make it happen.
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The Making Home Affordable® (MHA) program is a critical part of the Obama Administration’s broad strategy to help homeowners avoid foreclosure, stabilize the country’s housing market, and improve the nation’s economy.
Maybe your expenses have increased due to medical bills or you’re picking up the pieces after a separation or divorce. Maybe you’re trying to get by with less because your hours were cut or your business stumbled. In any case, it’s important to be proactive. MHA® can help you get real help and real answers right now.
The more prepared you are, the faster you can get help. Gather documentation detailing your mortgage, your current and past financial situation and the reasons you are having financial difficulty. With that information in hand, you can then call 888-995-HOPE (4673) or your mortgage company to find out if you are eligible for a Making Home Affordable® Program. Spending time up front gathering these documents pays off in a smoother, more efficient process.
What Options are Available?
The Making Home Affordable® (MHA) program is an important part of the Obama Administration’s comprehensive plan to stabilize the U.S. housing market by helping homeowners get mortgage relief and avoid foreclosure. To meet the various needs of homeowners across the country, Making Home Affordable® programs offer a range of solutions that may be able to help you take action before it’s too late.
- Refinance and take advantage of today’s low mortgage interest rates
- Reduce your monthly mortgage payments
- Get mortgage relief while searching for re-employment
- Get help when you owe more than your home is worth
- Avoid foreclosure when homeownership is no longer affordable or desirable
What Documentation Will I Need to Provide?
Exactly what you will need to provide your mortgage company to apply for mortgage assistance through Making Home Affordable® varies somewhat from program-to-program and from servicer-to-servicer – but they all require documentation on your loan, your finances and your circumstances. To maximize your options, you will need to gather this documentation as quickly and completely as you can. You will need to download, fill out and copy several forms that you will find links to below. You will then need to compile all your forms and documents into an organized file that your housing expert or mortgage servicer can understand and evaluate.
- Monthly mortgage statement
- Information about other mortgages on your home, if applicable
- Two most recent pay stubs for all household members contributing toward the mortgage payment
- Last two years of tax returns
- If self-employed, the most recent quarterly or year-to-date profit and loss statement
- Documentation of income you receive from other sources (alimony, child support, social security, etc.)
- Two most recent bank statements
- A utility bill showing homeowner name and property address
- Unemployment insurance letter, if applicable
- Account balances and minimum monthly payments due on all of your credit cards
- Information about your savings and other assets
It may also be helpful to have a letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.)
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What Other Forms Do I Need?
You will need to complete and present the following forms:
If you’ve already received an offer from someone to purchase your home, be prepared to submit these additional forms:
- Alternative Request for Approval of Short Sale (Alternative RASS)
- Executed sales contract