The Obama administration has extended its Making Home Affordable program, which includes two sub-programs designed to help homeowners refinance so they can stay in their homes.
Making Home Affordable includes the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP). It was set to expire at the end of the year, but homeowners now have until December 31, 2015 to apply for modifications.
HAMP: Lenders are giving incentives from the federal government to modify homeowners’ mortgages.
HARP: Allows current but underwater homeowners (i.e., not those in danger of foreclosure) to refinance at lower rates