The Dodd-Frank Wall Street Reform and Consumer Protection Act provided $1 billion to the U.S Department of Housing and Urban Development (HUD) to set up the Emergency Homeowners' Loan Program (EHLP). This program provided mortgage payment relief to eligible homeowners.
Unfortunately, the EHLP program has ended. Read on to find out what other programs are available for people who're struggling to make their mortgage payments.
While the EHLP program no longer exists, other programs—like the Fannie Mae and Freddie Mac Flex Modification Program, as well as proprietary (in-house) modification programs—now exist to help struggling homeowners modify their loans. Servicers and lenders also generally offer repayment and forbearance options.
Also, some states continue to offer assistance to people who are having trouble making their mortgage payments through a Hardest Hit Fund program.
If you want to learn about different ways to avoid a foreclosure, contact your mortgage company or a HUD-approved housing counselor as soon as possible. (Learn more about what HUD-approved housing counselors do.)
If you're facing a foreclosure and you need more information about how the process works, whether you have any defenses to the foreclosure, or your rights during the process, talk to a lawyer.