Published DateMEREDITH — Since the Making Home Affordable Program's inception, Meredith Village Savings Bank (MVSB) has embraced the pogram and its lenders and lending operations personnel have stayed
abreast to changes and updates to offer educated answers and advice to their customers and community members.
MVSB has worked closely with the Federal Home Loan Mortgage Company, Freddie Mac, to offer its customers experiencing financial hardships or difficulty making payments the ability to refinance their homes at lower rates or modify their mortgages to a more manageable amount.
The deadline for the Making Home Affordable (MHA) Program, developed as part of the US government's plan to help struggling homeowners avoid foreclosure, was recently extended through December 31, 2013. The program has evolved since its creation and now includes several modification, refinance and foreclosure options for both homeowners that are at risk of foreclosure and homeowners that are able to make their payments, but who have not been able to refinance due to the sharp decrease in property values. MHA offers solutions that help homeowner's reduce mortgage payments, lower their interest rate and, if necessary, to leave their home without the impacts of foreclosure.
There are two main components to the Making Home Affordable Program: the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP). The refinance program is designed to help borrowers who may not be able to refinance due to a decline in the appraised value of their homes. The modification program is targeted to borrowers who are struggling to make their mortgage payments due to severe financial difficulties.
"Integrity is one of our core values at MVSB and we have continuously upheld our lending standards to ensure our customers are able to comfortably afford the loans we provide," said Carol Bickford, Senior Vice President and Retail Lending Officer. "A homeowner's life can change significantly throughout the duration of a mortgage. Our lenders are not only there to help our customers choose the lending product that will best meet their needs initially, but they are also there when life changes occur and a new solution is necessary."
There is no charge to apply for the Making Home Affordable Program and consumers are encouraged to visit with an MVSB lender to see what program will best help them achieve their financial or homeownership goals.