The government is trying to reach out to homeowners as much as possible. With the inception of the Federal government's Home Affordable Modification Program, Making Home Affordable and the numerous programs available for FHA and VA loans, it is still a wonder as to why some homeowners are still left wondering what their options are.
So for those who may not know where to go Fannie Mae has designed their own website filled to the rim with information on stopping, avoiding foreclosure. As the banks sink further and further under the paper weight of the loan modification applications it is not surprising the lenders, servicer's and government agencies are fluttering to stay afloat.
So let's recap on some of the basic loan modification options you may or may not know exist:
1).Home Affordable Modification Program HAMP
2).Home Affordable Foreclosure Alternative HAFA (short sales & deed in lieu)
3).Second Lien Modification Program 2MP
4).FHA Home Affordable Modification Program
5).FHA Home Affordable Second Lien Program
6).Rural Housing Service RHS RD HAMP
7). Making Home Affordable (UP program) Unemployment homeowners
Besides these 6 programs under the Federal government program you will find other work out options sometimes offered through your lender/servicer.
1)Traditional modification or In house modification
2)Special forbearance
3)Forbearance
4)Partial Claim (offered to only FHA borrowers)
5)Permanent modification
6)Deed in lieu
7)Short sale
Never assume that there is no work out available to you, the industry is consistently changing and new programs are always on the verge of being published to the public. Keep up to date by watching your favorite blogs, on line news and other sites like freehampreport.com. Remember applying for assistance is 100% free so do your research there are companies that offer free services for loan modifications and other needs.