CPACS

Foreclosure Prevention Counseling

Foreclosure Prevention Counseling

Loan modification (HAMP*)

Qualifications

  • Homeowners with financial hardship, including those who received loan modification previously but having a new hardship now
  • Underemployed or reduced income
  • Currently delinquent or non-delinquent
  • Make mortgage payment affordable by lowering interest rate and/or expanding to 30 years
  • Streamlined HAMP: no income proof or other documents required (Fannie Mae owned mortgage only)

Refinance (HARP*)

Qualifications

  • Fannie Mae or Freddie Mac owned mortgage only
  • Underwater mortgage eligible

Pre-foreclosure options (HAFA*)

  • Short-sale
  • Deed-in-lieu

*HAMP: Home Affordable Mortgage Program

*HARP: Home Affordable Refinance Program

*HAFA: Home Affordable Foreclosure Alternative