Coming to terms with the threat of a foreclosure on your home is not easy, but don’t lose hope. There are other options available to you that you should be aware of. With one of the following alternatives, you may be able to save your home from foreclosure.

Contact Your Lender First

Mortgage payments can be very difficult to balance. Fortunately, the HUD and US Treasury Department have several programs in place to help avoid foreclosures. If you’re facing the threat of a foreclosure, try to work it out with your lender first. The FHA’s (Federal Housing Administration) National Servicing Center, Hope Now, and the HUD (Department of Housing and Urban Development) Office of Housing Counseling are organizations that can assist you in getting in contact with your lender and possibly working out a compromise. The sooner you take action, the better.

If possible, try to establish a special forbearance, a mortgage modification, a partial claim, or an advance claim. A special forbearance would either reduce your payments or suspend them for a specified period of time. A mortgage modification would allow you to renegotiate the terms of your loan, including the amount. A partial claim is a type of loan that brings your delinquent loan current. No interest is paid on a partial claim. Some servicers offer the option of an advance claim, which is similar to a partial claim but may involve different terms specified by your lender.

Refinancing or Modification of Your Mortgage

Making Home Affordable (MHA)

MHA is a program created by the Obama administration to reduce monthly mortgage payments for those who are struggling. If you decide owning a home is not the right choice for your living needs, MHA can help you relinquish ownership without foreclosure. Here are some of the programs it encompasses.

Home Affordable Modification Program (HAMP)

HAMP can reduce your mortgage payments to fit a sliding scale of 31% of your monthly pre-tax income. HAMP modifications typically offer a 40% reduction in monthly mortgage payments.

Principal Reduction Alternative (PRA)

PRA helps encourage investors and servicers to lower the total amount owed on your home based on any reduction in the value of your home.

Second Lien Modification Program (2MP)

For those with modified mortgages with HAMP SM whose property has another mortgage, 2MP may be able to provide help in reducing your second mortgage. 2MP may also be able to assist with home equity loans or liens.

Home Affordable Refinance Program (HARP)

If your home has declined in value and thus caused difficulties refinancing, HARP may be able to assist in refinancing your home and providing more affordable and more stable monthly mortgage payments. HARP will at the end of this year. The program was expired on 12/31/2018.

Treasury/FHA Second Lien Program (FHA2LP)

If you have a second mortgage on your home and one or both of your servicers agree to take part, FHA2LP may be able to dramatically reduce your mortgage debt. If both agree, refinancing will be limited to 110% of the current value of your home.

Programs for Homeowners Who are Unemployed

Home Affordable Unemployment Program (UP)

UP provides a dramatic reduction or temporary elimination of monthly mortgage payments for up to twelve months or until you begin working and are ready to resume monthly payments. UP will end at the end of this year. The application deadline is December 31, 2016.

FHA Special Forbearance

If you currently have no source of income, The FHA Special Forbearance program may be able to help. It forces lenders to extend their forbearance period for up to twelve months.

Home Affordable Foreclosure Alternatives (HAFA)

With a HAFA SM, you may be able to arrange a deed in lieu or short sale to free you from your ownership. You could then seek more affordable housing elsewhere.

State Provided Assistance in Hawaii

Emergency Homeowners’ Loan Program (EHLP)

If eligible, EHLP can provide you with an interest-free loan of up to $50,000 in order to alleviate your mortgage debt.

If you weren’t able to work out a compromise with your lender that alleviates pressure caused by high mortgage payments, try one or more of the programs above. They may be able to resolve your mortgage payment issues once and for all.