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Having Trouble Making Payments?

Making Home Affordable Program

Making Home Affordable is part of President Obama's comprehensive strategy to get the housing market back on track. Through the Making Home Affordable Program, up to 9 million American families may be eligible to refinance or modify their loan payment to a more affordable payment now and into the future. The program has 3 provisions: modification, refinance and foreclosure alternatives.

1. Home Affordable Modification Program - HAMP

If you can no longer afford to make monthly loan payments, either because your interest rate has been increased or you have less income or you are experiencing a hardship that has increased your expenses (like medical bills), you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.

Determining Eligibility:

Some of the initial eligibility guidelines for the Making Home Affordable Modification include:

  • The unpaid principal balance that is equal to or less than $729,750 for one unit properties and higher for two to four unit properties (consult your servicer)
  • The loan was originated before January 1, 2009
  • The mortgage payment ratio (including taxes, insurance, and home owners association dues) based on gross income, must meet program guidelines
  • The mortgage payment is no longer affordable, perhaps because of a significant change in income or expenses
  • If you previously defaulted on a payment during your HAMP Trial Payment Plan or HAMP Modification you may still qualify
  • The loan must be owned by Fannie Mae or Freddie Mac or a participating investor. To check your loan to see if it is a Fannie Mae or Freddie Mac, go to look up your loan

To print a hard copy of the application and mail or fax to us, click the link below:
Home Affordable Modification Program Application Packet

2. Home Affordable Foreclosure Alternatives - HAFA

The Making Home Affordable Program will include additional foreclosure avoidance options through the Home Affordable Foreclosure Alternatives (HAFA) program. The HAFA Program will be in place April 2010. The primary options available through HAFA include Short Sale and Deed-in-Lieu of Foreclosure.

Determining Eligibility:

Before a homeowner can be considered for HAFA, the homeowner must be considered for other loan modifications or retention programs that are offered. A HAMP eligible borrower may have the opportunity to be considered for HAFA if the homeowner lacks other options and requests a short sale or deed-in-lieu.

We will consider a homeowner for HAFA if the homeowner:

  • Does not qualify for a Trial Period Plan OR
  • Does not successfully complete a HAMP trial period OR
  • Is delinquent on a HAMP modification by missing at least two consecutive payments OR
  • Requests a short sale or deed-in-lieu

The homeowner must provide a marketable title, free and clear of other mortgages, liens, or other encumbrances.

In order to assist homeowners and their representatives in understanding our HAFA Policy, we offer a HAFA Eligibility Matix. This document helps the homeowner in identifying requirements to qualify for the HAFA program.

How does the HAFA Short Sale work?

In a Short Sale, the homeowner finds a buyer and is able to sell the property for less than the full amount due on the mortgage. When a homeowner qualifies for the HAFA Short Sale, the servicer or investor approves the Short Sale terms prior to the home being listed for sale. Given that all terms of the agreement are met, when an acceptable offer is received, the servicer or investor accepts the short payoff in full satisfaction of the total amount due on the first mortgage. If you have received an offer to buy your house and haven’t started the HAFA process, you might still qualify. Contact us immediately for details.

How does the Deed-in-Lieu of Foreclosure work?

With the Deed-in-Lieu of Foreclosure, the homeowner voluntarily transfers ownership of the property to the servicer or investor in full satisfaction of the total amount due. The servicer or investor may require that the homeowner list and market the property before they agree to a deed-in-lieu arrangement.

Other terms and conditions apply to the HAFA Short Sale and Deed-in-Lieu programs. Contact a Customer Service Representative at 800-523-8654 for more details.

3. Home Affordable Refinance Program - HARP

If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may now be able to refinance.

Determining Eligibility:

Some of the initial eligibility guidelines for the Making Home Affordable Modification include:

  • The home must be owner occupied and be a 1 to 4 unit home
  • The loan must be owned by Fannie Mae or Freddie Mac. To check go to look up your loan
  • The loan must be current meaning you haven't been more than 30 days late on your mortgage payment in the last 12 months
  • The amount you owe on your first mortgage must be the same or less than the current value of your home.

Borrowers can get additional information at the Making Home Affordable website. This site includes questions and answers that will help homeowners determine if they are eligible for assistance. Borrowers may also contact PNC Mortgage's Customer Service Department at 1-866-909-1730.

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© 2014 The PNC Financial Services Group, Inc. All rights reserved. Bank deposit products and services provided by PNC Bank, National Association, Member FDIC. PNC is a registered service mark of The PNC Financial Services Group, Inc ("PNC"). PNC Mortgage is a division of PNC Bank, National Association, a subsidiary of PNC. All loans are provided by PNC Bank, National Association and are subject to credit approval and property appraisal. Terms and conditions of the offer subject to change without notice.

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