Federal and State Mortgage Modification Programs Foreclosure Fast Facts Foreclosure Fast Facts - Spanish version Information For Lenders and Counselors

Federal Programs:


The Homeowner Affordability and Stability Plan is part of the President’s strategy to get the economy back on track. The Plan has two programs to help homeowners:

1. The Refinancing Program – to help homeowners who can pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home. Only loans that are owned or guaranteed by Freddie Mac or Fannie Mae are eligible.

2. The Modification Program – to help homeowners who are struggling to make their mortgage payments by encouraging lenders to modify/refinance eligible mortgages to produce affordable monthly payments.

Visit www.makinghomeaffordable.gov to see if you qualify for the Refinancing Program or the Modification Program.

State Programs:

Mortgage Assistance Program (MAP) - provides temporary financial assistance, up to $20,000, to income-eligible homeowners who wish to remain in their homes but are in imminent danger of foreclosure due to short-term financial problems beyond their control. To see if you qualify, contact a counseling agency in the county in which you live. A list of agencies can be found on pages 3 and 4 of the Foreclosure Fast Facts sheet.

Mortgage Stabilization Program (MSP) - helps homeowners avoid foreclosure by either refinancing into another mortgage or modifying their existing mortgage to make the future loan payments affordable to the homeowner. Through this program the state will provide up to $25,000 in assistance to reduce the amount of the mortgage. To see if you qualify, contact a counseling agency in the county in which you live. A list of agencies can be found on pages 3 and 4 of the Foreclosure Fast Facts sheet.


Housing Assistance and Recovery Program (HARP) - provides support to non-profits and public entities that purchase the properties of distressed homeowners and then lease the properties back to the homeowners for up to three years while providing the homeowner with counseling, job training, credit repair and budget guidance, with the goal of enabling the homeowner to buy back the home when he/she has achieved a firmer financial footing. To find out more about this program contact a HARP certified counseling agency listed here.