Making Home Affordable

Making Home Affordable
Working Together to Help Homeowners
November 2015 | Making Home Affordable
Agenda
1
Making Home Affordable Program Overview
2
Hardest Hit Fund Overview
3
RealtyTrac Foreclosure Filing Data
4
Mississippi Home Saver Program
5
Questions
November 2015 | Making Home Affordable
2
MHA Offers Solutions
MHA and
related
programs work
together to
help
homeowners
avoid
foreclosure.
Transition
from Home
Ownership
Historically
Low
Mortgage
Interest Rates
AVOIDING
FORECLOSURE
Help When You
Owe More Than
the Home is
Worth
Breathing
Room for
Unemployed
More
Affordable
Payments
November 2015 | Making Home Affordable
3
MHA Extended through 2016
“Families and
neighborhoods
across the country
continue to
recover from the
financial crisis,
and we must not
lose our resolve to
help them, even
as the economy
continues to
expand,” said
Secretary Lew.
“…the Secretary
announced an
extension of the
MHA program for at
least one year…”
November 2015 | Making Home Affordable
4
MHA Provides Relief to Struggling Homeowners
Over 2.4
million actions
taken to help
homeowners.
Note: First Lien Permanent
Modifications and HAFA
numbers include GSE Standard
Modifications and GSE HAFA II
Transactions, respectively.
*Total does not include 3.3
million Home Affordable
Refinance Program (HARP)
refinances.
MHA Foreclosure Avoidance Programs
MHA First Lien Permanent Modifications Started
Homeowner
Assistance
Actions
1,861,622
Second Lien Modifications (2MP) Started
149,577
Home Affordable Foreclosure Alternatives (HAFA)
Transactions Completed
373,863
Unemployment Program (UP) Forbearance Plans
Started
44,006
Total
2,429,068*
Source: Making Home Affordable Program
Performance Report Through 2nd Quarter of 2015
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5
Important Progress
Programs are
providing relief
for millions as
we continue to
recover from an
unprecedented
housing crisis.
Source: Housing Scorecard. The Obama Administration’s Efforts To Stabilize
the Housing Market and Help American Homeowners, October 2015.
November 2015 | Making Home Affordable
6
Continued Fragility Overall
Foreclosures
trend
downward, but
housing market
is still fragile.
Source: Housing Scorecard. The Obama Administration’s Efforts To Stabilize
the Housing Market and Help American Homeowners, October 2015.
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HMPadmin.com
HMPadmin.com
• MHA Program
Guidance
• Online
Learning
• Resources
• Newsletters
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8
Understand MHA Options
Visit the NEW MakingHomeAffordable.gov
Find
information on
MHA programs
and
participating
mortgage
companies.
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9
Industry Resources
Resources are in
place to help.
Mortgage-Help Resources
HAMP Solution
Center
• (866) 939-4469
• [email protected]
Fannie Mae
• (800) 7Fannie
• KnowYourOptions.com
• [email protected]
Freddie Mac
• (800) Freddie, select option 2
• FreddieMac.com
FHA Loans
FHA National
Servicing Center
• (877) 622-8525
• HUD.gov/offices/hsg/sfh/nsc/nschome.cfm
USDA RHS Loans
Centralized
Servicing Center
• (800) 414-1226
VA Loans
• (877) 827-3702
• HomeLoans.va.gov
November 2015 | Making Home Affordable
10
Hardest Hit Fund Supports 18 States Plus DC
HHF programs
offer solutions
tailored to meet
the particular
needs of
homeowners in
HHF states.
Visit MHA.gov for more
information.
HHF States
Alabama
Arizona
Mississippi
California
Georgia
Illinois
Indiana
Kentucky
Michigan
Mississippi
California
New Jersey
North Carolina
Ohio
Oregon
Rhode Island
South Carolina
Tennessee
Washington, D.C.
November 2015 | Making Home Affordable
11
There’s Still Work to Do
While we see
signs of
recovery, many
families and
communities
continue to
struggle with
foreclosure.
Source: RealtyTrac
November 2015 | Making Home Affordable
12
There’s Still Work to Do
While we see
signs of
recovery, many
families and
communities
continue to
struggle with
foreclosure.
Source: RealtyTrac
November 2015 | Making Home Affordable
13