Wednesday, Jun 5 2013 4:45PM

The Making Home Affordable Program will be extended through 2015.

The U.S. Department of the Treasury and the U.S. Department of Housing and Urban Development (HUD) announced that distressed homeowners will have until December 31, 2015, to obtain housing assistance from the Making Home Affordable Program. The program was originally slated to end in December 2013. 

The program is one of the key national initiatives designed to provide financial relief to homeowners who are facing foreclosure and struggling to cover their mortgage payments. Since 2009, the program, which facilitates the Home Affordable Modification Program (HAMP) has provided direct relief to more than 1.3 million homeowners, and enabled individuals to receive permanent modifications and undergo foreclosure mitigation to avoid losing their properties. 

"Helping responsible homeowners avoid foreclosure is part of our wide-ranging efforts to strengthen the middle class, and Making Home Affordable offers homeowners some of the deepest and most dependable assistance available to prevent foreclosure," said Treasury Secretary Jacob Lew. "Extending the program for two years will benefit many additional families while maintaining clear standards and accountability for an important part of the mortgage industry."

The government has made several changes to many of its affordable housing initiatives, including the Home Affordable Refinance Program (HARP). Once prohibited from obtaining relief from lenders, qualifying homeowners facing underwater mortgages may now apply for assistance through the program if they meet certain conditions.

For more information, check out this resource: The U.S. Department of Housing and Urban Development