List of Programs to Help Mortgage Holders

Making Home Affordable

The Making Home Affordable program was created in February 2009 to help homeowners avoid losing their homes to foreclosure. Through Making Home Affordable, you can apply to refinance your home, modify your loan payments, get help with unemployment or restructure a second mortgage. Eligibility varies based on the program you choose. However, credit history is not a factor for any of Making Home Affordable's mortgage assistance programs. No matter the option you choose, you must be able to make a long-term commitment to the adjusted payments on your loan.

The Neighborhood Assistance Corp. of America, or NACA, is a nationwide advocacy organization that helps homeowners with less than perfect credit buy homes and restructure predatory loans. Through the Home Save program, NACA provides homeowners with the option of refinancing or modifying mortgage debt to create payments that fit within their monthly budgets. In order to qualify for assistance through NACA, you must have a verifiable source of income. Generally, income is verified through pay stubs. If you are self-employed, a copy of your previous year's tax return and bank statements from the last six months is required. Unlike many other mortgage assistance programs, NACA negotiates with your lender on your behalf.

The United Way administers a range of foreclosure relief programs for homeowners. Options vary by city but often include financial assistance and relocation services. For example, in Georgia, homeowners could apply to receive $3,000 to remedy a past due mortgage through the United Way's Fresh Start program. The aid was offered in 2010 to homeowners more than three months in arrears on their mortgages. Foreclosure relocation services are available through United Way to help displaced homeowners find safe, affordable housing after being evicted from their homes.

State laws vary regarding home mortgages. If you are unable to afford a real estate or foreclosure attorney, consider consulting with a foreclosure counselor to learn your rights as a homeowner. HUD-certified foreclosure counselors can help you navigate the foreclosure process, from submitting a hardship letter to your lender to your right of redemption once the foreclosure process concludes. Your right of redemption refers to the amount of time you have before or after your foreclosure to take back your home.