On May 20, 2009, the President signed the “Helping Families Save Their Homes Act of 2009.”  This new law provides the Federal Housing Administration (FHA) with additional loss mitigation authority to assist FHA mortgagors under the Making Home Affordable Program (MHA).  The MHA Program is designed to help homeowners retain their homes and to prevent the destructive impact of foreclosures on families and communities.  

One key component of MHA provides homeowners the opportunity to reduce their mortgage payments by the use of a loan modification through the Home Affordable Modification Program.  When initially introduced to the public, MHA excluded FHA insured mortgages, stating that FHA would develop its own standalone program.  This Mortgagee Letter announces a new FHA Loss Mitigation option, the FHA-Home Affordable Modification Program (FHA-HAMP).  FHA-HAMP will provide homeowners in default a greater opportunity to reduce their mortgage payments to a sustainable level.  This Mortgagee Letter is effective August 15, 2009.

 To view the Mortgagee Letter in its entirety, please click here.

To view the Attachment, please click here.

About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 700 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.