The following simple terms may provide solutions to complex issues when it comes to saving your home from foreclosure or a short sale.

HAMP – Home Affordable Modification Program (HAMP)


Lenders can redefine mortgage terms in your favor to help borrowers with conventional mortgage loans and avoid foreclosure. Not all lenders participate in HAMP. Website

HAFA – Home Affordable Foreclosure Alternatives (HAFA)


Designed for homeowners who have applied to HAMP for assistance but have had no success with their loan modification program. To participate in HAFA, homeowners must still meet HAMP’s eligibility criteria (principal residence, first-lien mortgage, serious delinquency, unpaid balance under $729,750, and a mortgage payment over 31 percent of gross income). Effective April 5, 2010. Website

HARP – The Home Affordable Refinance Program (HARP)


Allows home owners to refinance into lower mortgage interest rates, even if their property value has gone down. Available through June 2010.

Fannie Mae has another option for homeowners who are facing foreclosure. HomeSaver Advance (HSA) (website ) was developed for borrowers who are at least two months late on their mortgage payments and are financially ready to begin making current payments again but can’t handle a standard repayment plan right away.