By connecting families with financial assistance from the federal Making Home Affordable program as well as other low-cost refinance loans, second mortgages, and emergency loans, state or local housing finance agencies can help homeowners avoid foreclosure and stay in their home at a monthly mortgage payment that they can afford.

Photo courtesy of Neighborhood Housing Services of Chicago

Click on one of the links below to learn about what states and localities are doing to help families better afford their mortgage payments: Collaborate with lenders and servicers to obtain better terms for existing borrowers Offer a range of suitable refinancing products and emergency loans

You are currently reading: Financial Assistance: By connecting families with low-cost refinance loans, second mortgages, and emergency loans, state or local housing finance agencies can help homeowners avoid foreclosure and stay in their home at a monthly mortgage payment that they can afford. Other pages in this section: Counseling, Mediation and Legal Assistance Linking homeowners with both outside experts and neutral third parties can help families understand their options and reach a resolution that avoids foreclosure and its related costs for families, communities, and mortgage servicers. Extending the Foreclosure Timeline Extending the process of home foreclosure through a temporary moratorium on foreclosure or by increasing the notice period required before a foreclosure may take place may allow homeowners additional time to reduce the financial damage of foreclosure. Reduce the Risk of Foreclosures in the Future Foreclosure risks are often identifiable and preventable many years in advance. Governments can counter these risks through targeted outreach, regulations to prohibit the riskiest loans, and enhanced consumer awareness to help families make better mortgage decisions. Click here for more resources on preventing foreclosure.