Foreclosure Assistance Programs for Women

Are you working to pay your mortgage on time but falling short, or are you already at risk of losing your home? If so, it can be a very stressful time. You may be wondering what you are going to do and where you will go. However, before throwing in the towel, you should know there are programs that can help. Read on to find out about organizations that help women to prevent foreclosure.

Home Affordable Modification Program (HAMP)

HAMP is a program for those who are having trouble paying their mortgages because the payment amount consumes too much of their monthly income. The program can decrease your mortgage payment to 31% of your gross monthly income. So if you make $2,500 per month and your rent is $1,000, this program could potentially lower it to $775. On average, HAMP modifications result in a 40% drop in monthly mortgage payments and 18% of participants drop their payments by more than $1,000! Learn more about HAMP..

Principal Reduction Alternative (PRA)

PRA helps to lower your payments by taking a different approach. If your home is worth less than you owe by a large margin, the program contacts servicers and investors and encourages them to reduce the amount you owe. Learn more about PRA.

Second Lien Modification Program (2MP)

This program is designed for homeowners who have taken out second mortgages and are having trouble keeping up with their payments. It is supplementary to HAMP. It can help to lower the payments on your second mortgage.

Learn more about 2MP.

Home Affordable Refinance Program (HARP)

If you are having difficulty paying your mortgage payments but are still current, and have a loan owned by Fannie Mae or Freddie Mac, HARP can help you to refinance into a more affordable loan without new or additional mortgage insurance. No minimum credit score is required and you can likely get a lower interest rate which lowers your payments. Learn more about HARP.

Treasury/FHA Second Lien Program (FHA2LP)

The FHA2LP can help you if you are upside down on your mortgage by refinancing it into an FHA-insured loan. Learn more about FHA2LP.

FHA Special Forbearance

If you have an FHA loan and have come across an economic hardship, you may qualify for forbearance. The special forbearance program can suspend your payments for up to 12 months while you work through your situation. Learn more here.

Home Affordable Foreclosure Alternatives (HAFA)

If you have exhausted all other avenues and need find a cheaper home, this program can help you to sell it as a short sale or a deed-in-lieu of foreclosure. A HAFA short sale can help you to avoid foreclosure, owe nothing more on the home once it’s sold, and get $10,000 of financial assistance to help with relocation. To qualify,

Learn more about HAFA.

Neighborhood Works

Neighborhood Works is an organization that can help you to learn about your options and get advice when you are facing foreclosure. It will connect you with a HUD-approved housing couseling agency. To get support, call 1-888-995-HOPE (4673).

Local Foreclosure Avoidance Counseling

The U.S. Department of Housing and Urban Development (HUD) has counseling agencies in place across the country that aim to prevent homelessness and promote self-sufficiency. They will do everything in their power to help you avoid foreclosure, if that is what you want. The counselor can help you determine if you are eligible and can help you complete a package for your servicer. Best of all, the services are free. For help, head over to this website to find a counseling agency in your local area. You will find all of the contact information you need to reach it including the physical address, email address, and phone numbers.

Facing a foreclosure can be one of the most stressful events a person experiences in their lifetime. You bought your home and planned on owning it in-full one day and now that hope is at risk. But you are not alone. There are programs to help you every step of the way whether you want to lower your payments, temporarily suspend your payments, or go ahead and look for a new, more affordable, home. Contact the program above that can best assist you in your situation.