The Making Home Affordable program has received extensive coverage in the media.  In fact, you may be one of the people owning Miami Beach homes either in the process of or considering applying to receive some assistance from the program designed to keep homeowners in their homes.  What you may not be aware of is the fine print going on behind the scenes if and when you sign up.

Should you decide to sign up for the mortgage assistance program, you should know that regardless of how responsible you've been in paying your mortgage every month, there is a penalty you may not like: a lower credit score.  Indeed, keeping your Miami Beach homes could mean a drop of nearly 100 points after receiving assistance.  Needless to say, this rather unfair caveat has had its share of criticism, oftentimes by the very people trying to help homeowners.

It's important to know however that receiving assistance from the Making Home Affordable program and seeing your credit score lowered is a much wiser option than if homeowners default on their Miami Beach homes and go into foreclosure.  One option will see your credit score go lower, while the other causes it to nosedive.  Your best option is to simply be aware of what you're signing up for, that way there are no unwanted surprises.