Current Homeowner Assistance Programs

The following are just some of the Homeowner Assistance Programs currently available. Your lender may have their own program in addition to some of the homeowner assistance programs offered here. You can contact a counselor 1-866-877-1599 who can assist you in finding a qualifying program which is best suited to your circumstances. 

Fannie Mae Programs:

Home Affordable Modification Program (HAMP) – Provides assistance for homeowners who are having difficulty making their mortgage payment for reasons not related to unemployment. If qualified, options will be based upon whether the assistance needed is temporary or permanent and may include changes to the interest rate, loan balance or loan terms.

Temporary Hardship – Forbearance or Repayment Plan – Ineligible for HAMP but experiencing a temporary hardship.

Long-Term or Permanent Hardship – Forbearance or Modification- If you are ineligible for HAMP, your mortgagor may consider any permanent modification to the terms of a mortgage loan that make it more affordable, including changes to the interest rate, loan balance or loan terms.

Second Lien Modification Program (2MP) – Provides assistance if your first mortgage was permanently modified under HAMP and you have a second mortgage on the same property.

Home Affordable Foreclosure Alternatives (HAFA)-Provides assistance with a short sale or a deed-in-lieu of foreclosure in order to avoid foreclosure on a loan.

Non-HAFA Preforeclosure Sale – Long-Term or Permanent Hardship- Ineligible for HAFA and have been considered for all other home retention alternatives.

Non-HAFA Deed-in-Lieu of Foreclosure – Long-Term or Permanent Hardship – Ineligible for HAFA and have been considered for all other home retention alternatives including a short sale.

Deed-for-Lease Program- For borrowers who are eligible for a non-HAFA Deed in Lieu and who wish to remain in the property as a tenant. If your loan is not owned by Fannie Mae, contact your mortgage company to see if they offer a leasing option.

Non-Fannie Mae Programs:

VA-HAMP – Provides assistance for homeowners who have existing loans insured or guaranteed by the Department of Veterans Affairs.

Home Affordable Unemployment Program (UP) – Provides assistance for homeowners who are having difficulty making their mortgage payment due to unemployment.

Home Affordable Refinance Program (HARP) – Provides assistance loans for homeowners who are current on their mortgage but have been unable to obtain a traditional refinance due to the decline in value of their home.

Principal Reduction Alternative (PRA) – Provides assistance for homeowners whose homes are worth significantly less than they owe.

FHA Refinance for Borrowers with Negative Equity (FHA Short Refinance) – Provides assistance for homeowners who are current on their mortgage but owe more than the value of the home.

Treasury/FHA Second Lien Program (FHA2LP) – Provides assistance for homeowners by reducing or eliminating a 2nd mortgage if your first mortgage company has agreed to participate in FHA Short Refinance.

Hardest Hit Funds (HHF) – Provides monetary governmental assistance for homeowners who live in states hit hardest by the economic crisis and who are having difficulty making mortgage payments due to unemployment or under-employment. Funds have been allocated to 18 states plus the District of Columbia and each program varies from state to state.