What are my Options for Staying in my Home?
The Making Home Affordable Program
If you are looking for a way to make your mortgage payments more affordable, the federal Making Home Affordable Program may help. This program was created to help homeowners refinance or modify their mortgages to achieve monthly payments that are affordable for borrowers and will continue to be affordable in the future.
Home Affordable Refinance
Are you paying your mortgage on time, but are unable to refinance to a lower interest rate, due to a decrease in the value of your home? A Home Affordable Refinance may be the solution. This program is designed to help eligible homeowners refinance into more affordable mortgages.
Home Affordable Modification
Are you behind on your monthly mortgage payment because your interest rate has increased or because you now have less income? Are you already delinquent or in default? A Home Affordable Modification may be an option for you. This program is intended to help provide eligible homeowners with a mortgage payment they can afford.
For additional information, please visit www.MakingHomeAffordable.gov.
Home Affordable Foreclosure Alternatives:
Do you feel that you can no longer keep your home but want to avoid foreclosure? Home Affordable Foreclosure Alternatives may provide you with the options that you need. This program offers eligible borrowers who did not qualify for a permanent modification under the Home Affordable Modification program or other foreclosure alternatives a way to transition into more affordable housing and avoid foreclosure.
For additional information about HAFA: Click here
Determining If You Are Eligible
If you think you may be a homeowner who will benefit from a Making Home Affordable solution, use the self-assessment tools provided on www.MakingHomeAffordable.gov. Once you have determined that you are eligible call your lender or Freddie Mac Borrower Help Center who will work with you to refinance or restructure your mortgage.
Additional Alternatives to Foreclosure
If you do not qualify for Making Home Affordable solutions, but want to work with your lender to keep your home, there are several options, known as “retention options”. Please ask your lender or a non-profit housing counselor about the different options that may be available to you.
In addition, the Take Root South Florida Information line connects you with non-profit housing counselors who can provide information on a your options when facing foreclosure. Counselors can also act as facilitators for communication between your lender and you. Refer to our list of Trusted Participants or call the Take Root Information Line now, at 211.