Options for Homeowners Struggling to Keep Their Homes


Before making the crucial decision to walk away from your home, have you explored all the options available? Since the housing crisis began in 2007, there are several government sponsored programs that provide options for homeowners seeking solutions to keep their homes. It’s in your best interest to explore these options before making any decisions.

At the Making Homes Affordable (MHA) website, you can answer a few simple questions and find a government program to help. Here is a guide to the government sponsored options available for struggling homeowners. The links will help get you started in pursuing the best option.

Home Affordable Modification Program (HAMP)

Designed to lower your monthly payment by reducing your interest rate, extending the length of your loan, or reducing principal owed. Get details about HAMP.

Home Affordable Refinance Program (HARP)

For borrowers who are current on their mortgage owned by Fannie Mae or Freddie Mac here is a program that may allow you to refinance to a more affordable monthly payment. Get details about HARP.

Home Affordable Foreclosure Alternatives Program (HAFA)

A program for homeowners or some rental property owners that offers relief through a short sale or deed-in-lieu of the property. Get details about HAFA.

Home Affordable Unemployment Program (UP)

A 12 month suspension or reduction of your mortgage payments while searching for a new job. Get details about UP.

FHA Short Refinance Program

FHA Short Refinance offers current borrowers a refinance into an FHA loan at a balance more reflective of the current value of the home. Get details about the FHA Short Refinance Program.

Hardest Hit Fund Programs (HHF)

Available in 18 states, including Indiana, these program vary by state. The programs generally offer payment assistance and principal reduction. Get details about HHF.

Housing Counselor Consultation

Struggling homeowners can find and talk to a professional counselor first before making any decisions. This service is coordinated by the Department of Housing and Urban Development (HUD). These counselors know about more than just HUD programs. They can also help a homeowner with Fannie Mae, Freddie Mac, and what local agencies are offering also.


An alliance of mortgage companies, counselors, investors, regulators and other mortgage market participants to address problems and create solutions. Through the HOPE LoanPort and Homeowner Connect struggling homeowners may explore these and other options that may be available to avoid losing their home.

Instead of making the devastating decision to walk away from your home, review the plentiful options for homeowners available with these government sponsored programs. Find the program that seems most likely to fit your circumstances or start with a counselor and review your options. It’s entirely possible that there is assistance to get you through this rough spot.

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