The Obama Administration created a program to modify or refinance your mortgage and make your monthly payments more affordable. There is no charge to apply for assistance under this program and free mortgage counseling assistance is available. The program has several components, including:

  • Making Home Affordable Refinance Program—allows homeowners to refinance mortgage loans so they are within their means of paying. For example, a first mortgage on your house cannot exceed 125 percent of your home’s current market value.
  • Home Affordable Modification Program (HAMP) and the Second Lien Modification Program—allows homeowners to modify mortgage loans and lower monthly mortgage payment to 31 percent of gross income.
  • Home Affordable Unemployment Program—provides temporary assistance to unemployed homeowners, such as a minimum three-month forbearance period.
  • Affordable Foreclosure Alternatives Program—offers alternatives to foreclosure, including short sales, deed-in-lieu of foreclosure and deed for leasing programs.

    For more information on these programs, visit

Your Housing Options: Is Your Housing at Risk Now?

Back to Your Housing Options Home Page

If you’re faced with losing your housing, the My Housing Options worksheet can help you find another place to live.