Home affordable refinance program (HARP)
HARP is the government program that’s enabling homeowners around the country to refinance their mortgages despite owing more than their home is worth.
Home affordable modification program
Designed to make monthly mortgage payments more affordable and sustainable over the long term. Qualified borrowers could see monthly payments reduced to a targeted 31 percent of their monthly gross income. Please note that this program also requires you to set up an escrow account in connection with your loan.
Special forbearance program
Provides a period of reduced or suspended payments. Borrowers who qualify for forbearance plans are typically experiencing a temporary setback, but will be able to repay the past due payments in the near future.
An agreement to spread the past due amount over a specific period of time.
One or more of the terms on the borrower’s mortgage may be changed, which could help bring the account current.
Partial claim (FHA loans only)
Provides borrowers with an interest free loan for the amount necessary to bring the account current. The loan amount will be due and payable when then first mortgage is paid off.
This allows the borrower to sell their property for an amount less than the balance owed in order to avoid foreclosure.
Additional relief support
The U.S. Department of Housing and Urban Development (HUD) offers free foreclosure avoidance counseling services as part of the government’s Homeowner Affordability and Stability Plan (HASP). You may also contact HUD at 1-800-569-4287.
Learn about your options