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Loan Modification Programs

A loan modification is dependent on a number of variables including hardship, income, loan type and program qualification, investor, or length and status of delinquency.

A loan modification could be one of the several options available to homeowners who are behind on their mortgage payments.

A housing counselor will review with a delinquent homeowner their specific financial situation and their specific goals, review loan modification options (see below) and/or other options that may be available to them and then work with the homeowner to develop an action plan to meet established goals.

The Making Home Affordable Home Page is very informative with regards to modification availability and eligibility, and also with regards to references to similar modification programs offered by Fannie Mae, Freddie Mac, Federal Housing Administration (FHA), Veteran’s Affairs (VA), and U.S. Department of Agriculture (USDA), all of which your housing counselor will explore with you.

Please note: the deadline for all Making Home Affordable program applications is December 30, 2016.



FHA Home Affordable Modification Program (FHA-HAMP)

If you have a loan that is insured or guaranteed by the Federal Housing Administration (FHA), you may be eligible for a program offered through that government agency.

FHA Short Refinance for Borrowers with Negative Equity (FHA Short Refinance)

You may be current on your mortgage payments, but owe more than your home is worth. An FHA Short Refinance could get you into a more affordable FHA-insured mortgage by reducing the principal balance and payment.

USDA’s Special Loan Servicing  (See USDA Loss Mitigation Handbook, pp 13-15.

If you have a loan that is guaranteed by the United States Department of Agriculture's (USDA) Section 502 Single Family Housing Guaranteed Loan Program, you may be eligible for a program through that government agency. Contact your servicer or a housing counselor for more information.

Veteran’s Affairs Home Affordable Modification

If you have a loan that is insured or guaranteed by the Department of Veterans Affairs (VA), you may be eligible for a program through that government agency.
See Veteran Borrowers in Delinquency and VA HAMP FAQ’s.


Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (HHF)

Struggling homeowners of eighteen states and the District of Columbia who qualify for HHF funds, may receive help through loan modification, mortgage payment assistance, and transition assistance programs. Hardest Hit Fund programs complement the Making Home Affordable Program but are not limited to homeowners eligible for Making Home Affordable. Deadline for application is December 31, 2020.

More information about Fannie Mae Standard Modification and Streamlined Modification see below.

Fannie Mae Standard Modification 

Fannie Mae Streamlined Modification




American Consumer Credit Counseling, a not-for-profit organization, is dedicated to helping consumers lower credit card debt and learn how to be debt free in the future. We offer free credit counseling where our highly trained credit counselors review consumers’ finances and credit card debt problems¸ offer credit card debt advice, and help to find the best strategy for paying down credit card debt. Counselors can also provide education around many common debt reduction strategies, including debt management, credit card debt settlement, bankruptcy, and debt negotiation services. We can compare the advantages and disadvantages of debt consolidation vs. debt settlement plans offered by debt reduction companies, and help consumers choose the plan best suited to their financial situation.

American Consumer Credit Counseling - Consolidate Debts - Better Business Bureau American Consumer Credit Counseling - Consolidate Debts - Mass Housing Approved National Industry Standards for Homeownership Education and Counseling American Consumer Credit Counseling - Consolidate Debts  - Council on Accreditation American Consumer Credit Counseling - Consolidate Debts  - NFCC Member