Avoid Foreclosure: Know Your Options

The Making Home Affordable  (MHA) Program is part of the Obama Administration’s broad, comprehensive strategy to help struggling homeowners and the economy. MHA offers major foreclosure prevention options and foreclosure alternatives.

1) Modify or refinance mortgage loan for lower payments through the Home Affordable Modification Program (HAMP) and related programs under FHA, VA, and USDA.

2) Reduce the loan balance on homes that have decreased in value -“underwater” mortgages through the Principal Reduction Alternative (PRA), the FHA Short Refinance, and the Home Affordable Refinance Program (HARP);

3) Providing temporary assistance to unemployed homeowners through the Home Affordable Unemployment Program (UP) and the Hardest Hit Fund (HHF).

4) Provide foreclosure alternatives if your mortgage payment is unaffordable and you want to move on with your life. Financial relocation assistance is provided upon successful closing on a short-sale or deed-in-lieu of foreclosure.

Source: Department of Treasury, Department of Housing & Urban Development
(Partial list of MHA programs)