Term Foreclosure Prevention Loan Modification/Refinancing Programs
Code BH-3500.3400-300
Definition Programs available through the federal government, state housing agencies or directly from financial institutions that offer fixed rate mortgages, bridge loans or other types of mortgage services primarily for homeowners who cannot afford their current loan, are at risk for default and foreclosure and have the capacity to make the new payment in a timely manner or who owe more than their property is currently worth. The loans help borrowers refinance their mortgage into a payment they can afford, modify the terms and conditions of their current loan or reinstate a delinquent loan; and may involve a reduction in principal if the lending institution is willing to write down the loan or a reduction in the balance in a second lien in some situations. Some loans may be forgiven after a designated number of years or only become due and payable if the property is sold, refinanced or no longer owner-occupied. Most of these programs are time limited and apply only to primary residences. Applicant homeowners may be required to prove economic hardship and demonstrate that they meet income and other guidelines.
Created 11/24/08
Changed 12/8/16
Use References Foreclosure Prevention Loan Modification Programs
Foreclosure Prevention Mortgage Refinancing Programs
H4H Home Loans
H4H Home Mortgages
Hardest Hit Fund Programs
HomeSafe Georgia
HOPE for Homeowners Mortgage Refinancing Loans
Mortgage Modification Programs
See Also References Foreclosed Property Redevelopment Programs (TB-3000.2000)
Foreclosure Filing Offices (FJ-1600.2000)
Foreclosure Records (DF-7000.2270)
Homebuyer/Home Purchase Counseling (BH-3700.3000)
Homesteading Assistance (FT-3300)
HUD Approved Counseling Agencies (BH-3700.3200)
Mortgage Delinquency and Default Counseling (DM-1800.5000)
Mortgage Fraud Reporting (FN-1700.1470-520)
Mortgage Modification Scam Reporting (FN-1700.1470-523)
Mortgage Payment Assistance (BH-3800.5000)
Predatory Lending Assistance (DM-1800.6400)
Predatory Lending Awareness Programs (BH-3700.6500)
Tax Foreclosure Assistance (DM-1800.8500)
External Classification Terms Housing (AIRS HO-300)
Housing (CAN HO-300)
Housing Expense Reduction Support (NTE L82)
Housing Support (NPC L06)
Housing Support (NTE L80)
Low to Moderate Income Housing Loans (UW 3.3.02.01)
Related Concepts Ex-Offender/Reentry Services
Financial Services/Benefits
Named Programs
U.S. Services/Targets
Facet Service
Comments
Bibliographic References "Basic Consumer Facts about the HOPE for Homeowners Program", Federal Housing Administration website, U.S. Department of Housing and Urban Development, http://portal.hud.gov/pls/portal/docs/PAGE/FHA_HOME/CONSUMERS/H_FOR_H_CONSUMER_FACT_SHEET/H4H%20CONSUMER%20FACT%20SHEET.DOC

"New Foreclosure-Prevention Programs Available in 18 States and D.C.", Tara-Nicholle Nelson, http://www.walletpop.com/2011/03/07/new-foreclosure-prevention-programs-available-in-18-states-and-d/

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