As the housing crisis evolved, Treasury launched additional programs under MHA to help struggling homeowners find a solution that was right for their situation. These include:
The Principal Reduction Alternative (PRA) assists homeowners with a loan-to-value ratio exceeding 115 percent.
The Home Affordable Unemployment Program (UP) is designed to provide temporary forbearance for unemployed homeowners.
The Second Lien Modification Program (2MP) provides a mechanism for servicers to modify second liens when a homeowner receives a first lien modification through HAMP.
The Home Affordable Foreclosure Alternatives Program (HAFA) helps homeowners exit their homes and transition to a more affordable living situation through a short sale or deed-in-lieu of foreclosure. HAFA provides a streamlined process and important protections for homeowners.