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Programs to Help You Avoid a Foreclosure Crisis

Goverment programs that give mortgage relief so you can avoid a foreclosure when you're in a financial crisis.

By
Laura Adams, MBA,
October 23, 2014

Programs to Help Avoid a Foreclosure CrisisEven though the economy is slowly improving, one out of every 17 homeowners is behind on his or her mortgage payments. Foreclosure continues to devastate families and communities across the country.

If you’re struggling to pay your mortgage each month, there are government programs designed to help you avoid foreclosure. Oftentimes homeowners are working so hard to keep their homes that they may be unaware that help is available.

The best place to turn to if you’re in danger of losing your home is the Making Home Affordable (MHA) Program at Makinghomeaffordable.gov. MHA is a free federal resource that’s helped more than 1.5 million families since it launched in 2009. It was designed as part of a comprehensive plan to stabilize the U.S. housing market by helping homeowners get mortgage relief and avoid foreclosure.

The program offers a range of solutions such as refinancing at a lower interest rate to reduce monthly payments, loan modification, principal reduction, second lien modification, and programs specific to FHA and VA loans. MHA has been extended through at least December 31, 2016.

To find out if you’re eligible for MHA assistance, visit Makinghomeaffordable.gov or call 888-995-HOPE (4673) to speak to a HUD-approved housing counselor for solutions based on your circumstances.

Other Links You Might Like

Buying a Home After Foreclosure

How to Survive a Financial Crisis

Should You File Bankruptcy?

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