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Facing Foreclosure Or Delinquency? Five Federal Programs Homeowners Should Review In 2013

GreenPath Debt Solutions provides list for troubled homeowners or exploring other options

FARMINGTON HILLS, Mich., March 26, 2013 /PRNewswire-USNewswire/ -- As homeowners receive their annual property assessments and taxable valuations in the mail, many will see the continued drop in the value of their home. Despite recent reports of declining "underwater" homeowners in the fourth quarter of 2012, there are still many homeowners looking for help.

"Property values are starting to creep up in some areas, but many homeowners are still underwater and owe more than their home is worth," said Rick Bialobrzeski , GreenPath director of communications. "Each week, we talk to hundreds of homeowners who are having trouble keeping up with their mortgage payments."

The GreenPath Debt Solutions housing department recently compiled a list of five government programs that homeowners should consider reviewing in 2013.

"Education is so important when it comes to housing programs that are available to homeowners," said Kathy Conley , GreenPath housing specialist. "If a homeowner can access one of these programs, it can possibly mean the difference between keeping and losing their home."

Here are the five housing programs, as compiled by GreenPath Debt Solutions.

1. HAMP Tier 1 and Tier 2 - The Home Affordable Modification Program (HAMP) has been extended through 2013 and expanded to help more homeowners.   HAMP Tier 2 is now an option for homeowners who:

  • Want to modify a home that is not their primary residence.
  • Previously did not qualify for HAMP, because their debt-to-income ratio was 31% or lower.
  • Previously received a HAMP trial plan, but defaulted on their trial payments.
  • Previously received a HAMP permanent modification, but defaulted on their payments.

Explore details at  Or contact a HUD-approved housing counseling agency, like GreenPath, for a free assessment of your situation and possible options.

2. Home Affordable Foreclosure Alternatives (HAFA) Updates – This program is designed to help homeowners, whose loans are not backed by Fannie Mae or Freddie Mac, transition to more affordable housing.  HAFA provides two options for transitioning:  a short sale or a Deed-in-Lieu for foreclosure. 

In a short sale, the mortgage company lets a borrower sell their home for an amount that falls short of the amount they still owe.  In a Deed-in-Lieu, a borrower transfers the title of their home back to the mortgage company.

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