Special workout options are available to you if your mortgage is owned or insured by Fannie Mae, Freddie Mac, the Federal Housing Administration (FHA), the Veterans Administration (VA), or the Rural Housing Service (RHS). Read the articles below to learn if you can take advantage of one of the foreclosure prevention programs for these kinds of loans. Also, learn about the different types of government help that’s potentially available if you’re the victim of a natural disaster.
Help for Homeowners With FHA Loans
If you have an FHA-insured loan and are struggling to make mortgage payments, HUD has programs to help you avoid foreclosure.
Is an FHA Loan Foreclosure Different Than Other Foreclosures?
If you have an FHA loan, you’re entitled to a special loss mitigation process to help you avoid a foreclosure. But the foreclosure itself isn’t any different.
Foreclosure of SBA Disaster Loans
If you get an SBA disaster loan and put up your home or other real estate as collateral for the debt, you might lose the property to a foreclosure if you later default.
What Is the Deadline to Get a CARES Act Forbearance?
The deadline to get a CARES Act forbearance depends on what kind of loan and property you have.
Getting a Payment Deferral After a COVID-19 Forbearance
If you’ve put off making your mortgage payments with a coronavirus-related forbearance, you might be able to delay repaying the skipped amounts.
Federal and State Foreclosure Relief, Suspensions, and Moratoriums During the Coronavirus Crisis
Learn what relief, like a moratorium, might be available if you're facing a foreclosure during the coronavirus outbreak.
Fannie Mac, Freddie Mac Issue COVID-19 PMI Termination Guidelines
If you want to cancel the private mortgage insurance on your Fannie Mae or Freddie Mac loan, a couple of late payments because of COVID probably won’t hurt you.
CFPB Rule Restricting Mortgage Foreclosures Until 2022
Under a federal rule, mortgage servicers had to help homeowners avoid foreclosure during the COVID-19 pandemic. This rule expired in 2022.
$50M in Mortgage Relief Available to North Dakota Homeowners
June 20, 2022. Eligible homeowners in North Dakota can get financial assistance to pay mortgage payments and cover other housing-related expenses.
$50M in Mortgage Relief Available to South Dakota Homeowners
Eligible South Dakota homeowners can get a loan of up to $25,000 to pay their mortgage payments or a grant of up to $5,000 to pay utility costs.
VA Announces New Relief Program for Mortgage Borrowers Exiting COVID-19 Forbearances
The U.S. Department of Veterans Affairs (VA) created a program to help mortgage borrowers whose COVID-19 forbearances are ending.
FHA COVID-19 Loan Modification Program for Mortgage Borrowers
FHA offers a loan modification option for homeowners affected by COVID-19.
The latest COVID–relief package includes money to help people facing foreclosure keep their homes.
FHA Expands and Extends COVID-19 Foreclosure Relief Options
January 30, 2023. FHA is making its COVID-19 loss mitigation options available to everyone with an FHA-insured mortgage, regardless of the nature of their hardship.
Help for Veterans Struggling With Mortgage Payments
If you are a veteran and are struggling to make your mortgage payments, you may be able to refinance with a VA streamline refinance loan or refund the loan with the VA.
Is a VA Loan Foreclosure Different Than Other Foreclosures?
If you have a VA-guaranteed loan, the foreclosure process is the same as for other types of loans—but the servicer has to give you every opportunity to avoid foreclosure.