Making Home Affordable (MHA)

Program Purpose and Overview

In early 2009, Treasury launched the Making Home Affordable® Program (MHA) to help struggling homeowners avoid foreclosure. MHA is only one part of the Obama Administration’s broader efforts to strengthen the housing market.

Since its inception, MHA has helped homeowners avoid foreclosure by providing a variety of solutions to modify or refinance their mortgages, get temporary forbearance if they are unemployed, or transition out of homeownership via a short sale or deed-in-lieu of foreclosure.

The cornerstone of MHA is the Home Affordable Modification Program (HAMP), which provides eligible homeowners the opportunity to reduce their monthly mortgage payments to more affordable levels.

Since its launch, Treasury launched additional programs under MHA to help homeowners who are unemployed, “underwater” on their loan (those who owe more on their home than it is currently worth), or struggling with a second lien. It also includes options for homeowners who would like to transition to a more affordable living situation through a short sale or deed-in-lieu of foreclosure. In early 2012, the Obama Administration announced important enhancements to MHA that will expand the pool of eligible borrowers. On June 26, 2014, the Obama Administration extended the application deadline for MHA programs to December 30, 2016. Although MHA programs have expired, homeowners are encouraged to contact their mortgage company directly to inquire about available solutions.

Key Facts

  • Launched in February 2009, Making Home Affordable® (MHA) consists of several programs designed to help struggling homeowners prevent avoidable foreclosures.
  • Over 1.8 million families have been helped directly through HAMP. The MHA program has also set new standards that have transformed the mortgage industry, resulting in more than 3.9 million private-sector mortgage modifications through October 2013. Together, public and private efforts have helped more than 7 million Americans get mortgage assistance to prevent avoidable foreclosures.
  • MHA’s principal component is the Home Affordable Modification Program (HAMP®). Other programs assist homeowners with second liens, “underwater mortgages,” and those seeking a short sale or deed-in-lieu of foreclosure.
  • The application deadline for assistance under MHA programs expired on December 30, 2016.
  • Treasury committed up to $45.6 billion to help homeowners avoid foreclosure under TARP.