The Best Mortgage Relief Programs – Help if You're Struggling
- Overview of the best mortgage relief programs
- Mortgage relief programs explained
- Mortgage relief programs summary
- Why should you use a mortgage relief program?
- When not to use a mortgage relief program
- The bottom line
Overview of the best mortgage relief programs
|Relief program||Best for|
|COVID hardship forbearance||People who need to temporarily pause mortgage payments due to pandemic-related financial hardships|
|Foreclosure moratoriums||People who are unable to make mortgage payments and would normally be at risk of foreclosure|
|Flex modification||People who need to change the terms of their existing mortgage|
|FHA (Federal Housing Administration) streamline refinance||Homeowners with an FHA mortgage that want to lower their interest rate quickly|
|VA interest rate reduction refinance loan (IRRRL)||Homeowners with a VA mortgage that want to lower or change their interest rate|
|Home equity conversion mortgages (HECM)||Seniors who have equity in their home and want a supplemental income source|
Mortgage relief programs explained
COVID hardship forbearance
FHA Streamline Refinance
VA interest rate reduction refinance loan (IRRRL)
Home equity conversion mortgages (HECM)
Mortgage relief programs summary
|Relief progran||Qualifying mortgages||What it does|
|COVID hardship forbearance||Mortgages backed by Fannie Mae, Freddie Mac, HUD, FHA, USDA, or VA||Temporarily pauses mortgage payments if the borrower is facing financial hardship due to the coronavirus pandemic|
|Foreclosure moratoriums||Mortgages backed by Fannie Mae, Freddie Mac, HUD, FHA, USDA, or VA||Temporarily prohibits foreclosures|
|Flex Modification||Mortgages backed or guaranteed by Fannie Mae or Freddie Mac||Allows borrowers to reduce their monthly payments by changing the existing terms of their mortgage|
|FHA (Federal Housing Administration) Streamline Refinance||Mortgages guaranteed by FHA||Allows borrowers with an already existing FHA mortgage to refinance quickly and lower their interest rate|
|VA interest rate reduction refinance loan (IRRRL)||Mortgages guaranteed by the VA||Allows borrowers with an existing VA mortgage to refinance and lower their interest rate or switch to a fixed interest rate|
|Home equity conversion mortgages (HECM)||Any as long as your property meets FHA standards||Allows qualified borrowers to convert home equity into cash without selling the home|
Why should you use a mortgage relief program?
When not to use a mortgage relief program
The bottom line
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