Service Tree

The Service Tree lists all services in "branched" groups, starting with the very general and moving to the very specific. Click on the name of any group name to see the sub-groups available within it. Click on a service code to see its details and the providers who offer that service.

Foreclosure Prevention Loan Modification/Refinancing Programs

Taxonomy Code: BH-3500.3400-300

Programs available through the federal government, state housing agencies or directly from financial institutions that offer fixed rate mortgages, bridge loans or other types of mortgage services primarily for homeowners who cannot afford their current loan, are at risk for default and foreclosure and have the capacity to make the new payment in a timely manner or who owe more than their property is currently worth. The loans help borrowers refinance their mortgage into a payment they can afford, modify the terms and conditions of their current loan or reinstate a delinquent loan; and may involve a reduction in principal if the lending institution is willing to write down the loan or a reduction in the balance in a second lien in some situations. Some loans may be forgiven after a designated number of years or only become due and payable if the property is sold, refinanced or no longer owner-occupied. Most of these programs are time limited and apply only to primary residences. Applicant homeowners may be required to prove economic hardship and demonstrate that they meet income and other guidelines.

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