|foreclosure prevention: overview » financial assistance » offer refinancing products and emergency loans|
|Cause of Mortgage Delinquency||Short-term crisis (job loss, medical emergency, etc.)||Unaffordable mortgage terms and minimal refinance barriers||Unaffordable mortgage terms and serious refinance barriers|
|Community Options||Short-term emergency loans||Low-interest refinance loans, possibly with flexible underwriting requirements||Refinancing with flexible underwriting requirements, silent second mortgages, or shared appreciation loans|
|Examples||Delaware, New Jersey, North Carolina, Pennsylvania||Connecticut, Massachusetts||New Jersey, North Carolina|
|Click on the links below to learn more about loan products that can help families avoid foreclosure:|
Grant short-term emergency loans to help with temporarily unaffordable mortgages caused by issues such as job loss or illness
Make available low-interest refinance loans for homeowners with unaffordable mortgage terms that do not owe more than the home's value
Offer refinancing with flexible underwriting requirements, silent second mortgages, or shared appreciation loans for families in deep financial distress
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Offer a range of suitable refinancing products and emergency loans
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Collaborate with lenders and servicers to obtain better terms for existing borrowers
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.