Making Home Affordable Program

• The Making Home Affordable foreclosure prevention programs help distressed homeowners obtain a more affordable mortgage payment. The mortgage servicer will modify the monthly payment to be no more than 31 percent of the household's total income. The program also has a refinance program for homeowners who are current on their mortgage payment. The homeowner will be able to obtain a lower interest rate for her first-lien mortgage. Unemployed homeowners can get help with obtaining a temporary suspension or reduction on the mortgage payment. Program eligibility is detailed on the Making Home Affordable website.
  
  

Emergency Homeowners Loan Program

• The Emergency Homeowners Loan Program is for homeowners who have experienced a 15-percent decrease in income. The homeowner can apply to receive up to $50,000 to help pay her mortgage. For the first five years the loan does not have to be repaid. After that initial period, the loan balance will decline 20 percent on an annual basis. Financial aid can be received for up to 24 months or until the maximum loan amount has been exhausted. The HUD website has a list of the states that received funding.
  
  

States That Received Funding

• In February 2010, President Barack Obama and the Department of Treasury allocated funding to states that had 20-percent decreases in home values and high unemployment rates. The Hardest Hit Fund helps homeowners reduce the unpaid principal balance on their mortgage. Unemployed homeowners can get help to make the mortgage payment. Also, homeowners who have to secure a new home can get transition assistance. Homeowners must be low-to-moderate income to qualify for help. The home facing foreclosure must be the primary place of residence.
  
  

Homeownership Preservation Foundation

• The Homeownership Preservation Foundation website has information on the foreclosure process. The homeowner can connect with a housing counselor through an online chat system. The housing counselor will be able to provide a financial assessment for the homeowner and help him determine which government foreclosure program she is eligible for. The counselor can contact the homeowner's mortgage servicer and help him obtain a lower payment. These counselors are HUD-approved and provided free of charge.