What Is Borrower’s Assistance?
Borrower’s assistance refers to programs and services offered by mortgage lenders or third-party companies to help borrowers who are struggling to make their mortgage payments. These services can include loan modification programs, which adjust the terms of the borrower’s mortgage to make it more affordable, as well as financial counseling and education to help borrowers better manage their finances.
Borrower’s assistance may also include foreclosure prevention programs, such as short sales or deed-in-lieu of foreclosure, which allow the borrower to sell their home for less than the outstanding mortgage balance or transfer ownership of the property to the lender in lieu of foreclosure. These options may help the borrower avoid the negative impact of foreclosure on their credit score and may result in a more favorable outcome for both the borrower and the lender.
Overall, borrower’s assistance is intended to help borrowers stay in their homes and avoid default or foreclosure, which can be beneficial for both the borrower and the lender.
Borrower's Assistance Resources
| Program | Contact Information |
|---|---|
| HUD Assistance | https://www.hud.gov/topics/avoiding_foreclosure |
| Home Affordable Modification Program (HAMP) | http://www.makinghomeaffordable.gov 1-888-995-HOPE This program has expired effective 12/30/2016 |
| Home Affordable Foreclosure Alternatives (HAFA) | https://www.hmpadmin.com/portal/resources/docs/counselor/brochures/mhahafabrochure.pdf 1-888-995-HOPE |
| Homeowner Assistance Fund (HAF) | https://www.ncsha.org/homeowner-assistance-fund/ |
| State | Program | Contact Information |
|---|---|---|
| State of Maryland | Home Ownership Assistance – MD HUD | https://www.hud.gov/maryland |
| MD Mortgage Assistance | https://dhcd.maryland.gov/Residents/Pages/HomeownerAssistanceFund.aspx | |
| Commonwealth of Virginia | Home Ownership Assistance – VA HUD | https://www.hud.gov/states/virginia/homeownership/buyingprgms |
| VA Mortgage Assistance | https://www.virginiamortgagerelief.com | |
| District of Columbia | HUD Approved Counseling Agencies | https://www.hud.gov/states/district_of_columbia/homeownership/foreclosure |
| DC Mortgage Assistance | https://dhcd.dc.gov/haf |