Counseling

• The U.S. Department of Housing and Urban Development offers a foreclosure assistance hotline for homeowners in distress. You can gain access to a range of debt relief options both locally and nationally with the help of a foreclosure counselor. For example, in 2010, delinquent Georgia homeowners could receive $3,000 in financial assistance to bring their mortgage loans current. Foreclosure counselors also help you prepare a mortgage assistance proposal for your lender. However, you are responsible for conducting negotiations on your own.
  
  

Making Home Affordable

• The federal Making Home Affordable program offers a range of options for homeowners seeking relief from predatory lending. If you are current on your mortgage payments, you may be eligible for a refinance through Making Home Affordable. Refinancing is the process of replacing your existing mortgage with a loan bearing new terms. Refinancing to lower your interest rate or obtain better terms can lead to lower payments. However, you must have a Fannie Mae or Freddie Mac loan to qualify for a refinance through Making Home Affordable.
  
  Loan modifications are available to all homeowners. Modification works by permanently restructuring your mortgage debt to create lower payments. For example, the life of your loan can be extended with a loan modification through your lender.
  
  

Advocacy

• Advocacy organizations are available to help homeowners reduce mortgage payments. Programs like the Neighborhood Assistance Corporation of America's (NACA) Home Save program provide homeowners with counseling and debt mediation. In order to qualify for NACA programs, you must have a source of income. The program offers both refinance and loan modification options for delinquent homeowners. Instead of you contacting the lender to discuss your mortgage assistance proposal, a NACA counselor negotiates on your behalf. NACA counselors are HUD-certified.
  
  

Legal Assistance

• Consider contacting a foreclosure attorney if you are unable to qualify for mortgage assistance. If you can prove that your lender engaged in predatory lending, you may be able to stop the foreclosure process and potentially alter the terms of your mortgage loan. Organize your financial documents, including the paperwork you used to obtain your mortgage loan and any correspondence between you and your mortgage lender. Be sure to place all documents in chronological order to help your attorney find information easily.