Housing Preservation Foundation
- The Housing Preservation Foundation has a website that provides information on the foreclosure process. Distressed homeowners can log into a 24-hour online chat session to connect with a housing counselor. The counselor can help the homeowner determine if he is eligible for any of the foreclosure prevention programs. If requested, the counselor can speak directly with the mortgage lender on behalf of the homeowner. The counselor can help him obtain a loan modification, refinance or forbearance. Foreclosure prevention services are free to distressed homeowners.
Hardest Hit Fund
- States that were impacted with the most foreclosures received money from the Hardest Hit Fund. Homeowners can get help with reducing the unpaid principal of their loan, financial aid to help make mortgage payments and aid to help those who need to secure new housing. To qualify for these programs, the homeowner must be in the low- or moderate-income levels. Also the homeowner must be able to demonstrate a financial hardship.
Making Home Affordable Programs
- President Obama implemented the Making Home Affordable programs to offer distressed homeowners an alternative to foreclosure. Qualified homeowners can get help with obtaining a loan modification, refinance and forbearance. The Home Affordable Foreclosure Alternative helps homeowners with negative equity get approval from their bank to sell the property. The Making Home Affordable website has tools to help homeowners determine if they are eligible for any of the programs. Once the homeowner has determined if she is eligible for help, she will need to get in contact with her bank to obtain an application.