The Economic Consequences of Homelessness in The US

The Federal government provides free resources to get you the help you need.
Homeowners can call the Homeowner’s HOPE Hotline at 1-888-995-HOPE
(4673) for information about the Making Home Affordable Program and to speak
with a HUD approved housing counselor. Assistance is available in English and
Spanish, and other languages by appointment.
HUD.org is another free website where you may go to find a local counselor in
your region. HUD.gov
MakingHomeAffordable.gov also has many resources for you to check online. It
allows you to compute estimated payments as well as has other resources.
Making Home Affordable
Fannie Mae has a tool available where you can check to see if your loan is
owned by Fannie Mae and thus potentially eligible for the program Fannie Mae
Loan Look Up
Freddie Mac has a tool available where you can check to see if your loan is
owned by Freddie Mac and thus potentially eligible for the program Freddie Mac
Loan Look Up
Hardest Hit Funds
The housing crisis that began in 2007 led to unprecedented home price declines and
sustained and higher unemployment in certain parts of the country. Families in these
areas have been particularly hard hit by this crisis as they have struggled to make their
monthly mortgage payments and grappled with deeply underwater mortgages.
First announced in February 2010, the Hardest Hit Fund provides $7.6 billion to the 18
hardest hit states, plus the District of Columbia, to develop locally-tailored programs to
assist struggling homeowners in their communities.
HHF programs are designed and administered by each state’s Housing Finance Agency
(HFA). Most of these programs are aimed at helping unemployed homeowners remain
in their homes while they search for new employment and those who owe more on their
mortgage than their home is worth. State HFAs have until the end of 2017 to utilize
funds allocated under HHF.
Loan Modifications
Those struggling with mortgage payments are able to request modifications from the
mortgage providers. While requirements will vary depending on who the mortgage
providers are, some criteria are common. Applicants requesting modifications must be:
experiencing a documented financial hardship. This can include being laid off.
missing several payments already.
the owner of the residence, and the mortgage must be for a primary residence.
still financial secure, so as not to have filed for bankruptcy yet.
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