With millions of Americans delinquent on their mortgages or in some phase of foreclosure, Uncle Sam has developed roughly a dozen programs designed to help struggling homeowners keep their properties.
"We really lead the marketplace when it comes to bending over backward to keeping people in their homes," says Brian Sullivan of the U.S. Department of Housing and Urban Development. "We want to make sure that we've exhausted all other options before families lose their properties."
Four years of anti-foreclosure efforts under the Bush and Obama administrations have spawned a confusing alphabet soup of aid programs, though. Should you apply for HAMP, or would you do better with HARP? What about HAFA?
To help sort things out, we offer a rundown of the government's major anti-foreclosure initiatives.
Sullivan also recommends homeowners in trouble contact a HUD-approved mortgage counselor for free, one-on-one advice. But he warns that you should avoid "mortgage-rescue" companies that claim they can save your home from foreclosure -- for a price.
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