Loan Modifications

If you are having a tough time making your mortgage payments, you may be eligible for MHA's "Home Affordable Modification Program" (HAMP). HAMP is designed to provide deep and meaningful savings for homeowners devastated by unaffordable increases in expenses or reductions in income.

Second Lien Modification Program (2MP)

If your first mortgage was permanently modified under HAMP and you have a second mortgage on the same property, you may be eligible for a modification or principal reduction on your second mortgage as well.

Short Sale

In a short sale, the servicer allows the homeowner to list and sell the mortgaged property and agrees to accept the net proceeds from the sale even if the proceeds are less than the total amount due on the mortgage.

Home Affordable Foreclosure Alternatives (HAFA) Program

If you can't afford your mortgage payment and it's time for you to transition to more affordable housing, the "Home Affordable Foreclosure Alternatives" (HAFA) program is designed for you. HAFA provides two options for transitioning out of your mortgage: a short sale or a Deed-in-Lieu (DIL) of foreclosure. In a short sale, the mortgage company lets you sell your house for an amount that falls "short" of the amount you still owe.
In a DIL, the mortgage company lets you give the title back, transferring ownership back to them.
HAFA allows you to transition out of your home and avoid foreclosure with $3,000 in relocation assistance
and peace of mind.

Home Affordable Unemployment Program (HAUP)

The "Home Affordable Unemployment Program" (HAUP) provides homeowners struggling to pay their mortgages due to unemployment with a forbearance, which is a temporary period of time during which your regular monthly mortgage payment is reduced or suspended.

Home Affordable Modification Program (HAMP)
If you're not unemployed, but you're still struggling to make your mortgage payments,
you may be eligible for the "Home Affordable Modification Program".

FHA Home Affordable Modification Program (FHA-HAMP)
If you have a loan that is insured or guaranteed by the Federal Housing Administration (FHA), you may be eligible for a program through that government agency.

Home Affordable Refinance Program (HARP)
If you're not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the "Home Affordable Refinance Program" (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.

Principal Reduction Alternative (PRA)

If your home is currently worth significantly less than you owe on it, MHA's "Principal Reduction Alternative" (PRA) was designed to help you by encouraging mortgage servicers and investors to reduce the amount you owe on your home.

Reverse Mortgages

If you’re 62 or older – and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses – you may be considering a reverse mortgage. A reverse mortgage allows you to convert part of the equity in your home into cash without
having to sell your home or pay additional monthly bills.

Bankruptcy laws help people who can no longer pay their creditors get a fresh start – by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation.
Most cases are filed under the three main chapters of the Bankruptcy Code – Chapter 7, Chapter 11, and Chapter 13. Federal courts have exclusive jurisdiction over bankruptcy cases. This means that a bankruptcy case cannot be filed in a state court.