Hardest Hit Fund

• Homeowners in states hit hard by job losses may be able to receive help through the Hardest Hit Fund. This fund was established to support state-based and local efforts that assist struggling homeowners. The program provides options for homeowners that cannot make their mortgage payments. These options vary by state.
  
  

Home Affordable Modification Program

• The Home Affordable Modification Program, or HAMP, helps borrowers that are at serious risk of default. The HAMP program lowers the homeowner's monthly payments to 31 percent of the borrower's monthly income by reducing interest rates, extending the life of the loan or deferring part of the principal.
  
  

Home Affordable Foreclosure Alternatives Program

• The Home Affordable Foreclosure Alternatives Program, or HAFA, helps homeowners by allowing them to short-sell their home. The house is sold at a reduced price and the amount is used to satisfy the debt. Other homes may be eligible for a deed-in-lieu, through which the homeowner transfers the ownership of the property back to the servicer.