Florida Real Estate News : Sarasota Florida and Beyond

The Making Homes Affordable Program (MHA) has a recent update, announced April 28, 2009 by the White House. The program offers addressing the Second Lien Program and Support for Homeowners.

The Second Lien Program will reach 1 to 1.5 Million Homeowners to reduce loan interest, pay for success incentives and a payment schedule for extinquishing second mortgages.

The Support for Homeowners Program includes making the home affordable by requiring servicers to refinace in tandem with MHA trial modification, pay for success incentives, more principal writedowns, legislation to help homesowners, and U.S. Treasury purchase of special Ginnie Mae Pools to provide liquidity.

Both of these programs need to pass the U.S. House of Representatives and the U.S. Senate.