Lowering Mortgage Payments Through the Making Home Affordable Program

David Zak, lawyer with the firm of Zak Law Offices, strives to help clients take advantage of the federal Making Home Affordable Program. To date, David Zak has leveraged his experience as a lawyer to help mortgage holders receive balance reductions of up to $200,000.

Enacted by President Barack Obama in 2009, the Making Home Affordable Program provides relief for mortgage holders who find themselves overwhelmed by home loans. The program offers a variety of solutions, from lowering of monthly mortgage payments to foreclosure-free ways to exit a troublesome mortgage. The program also offers solutions for homeowners who owe more than their home’s value or for those who have become unemployed.

For borrowers who would benefit from a lowering of monthly payments, the Home Affordable Modification Program (HAMP) helps arrange such a change with borrowers. The program has solutions available for borrowers with traditional lenders as well as those working with such government guarantors as the Federal Housing Administration and the Department of Veterans’ Affairs (DVA).