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Programs for Floridians to Avoid Foreclosure


Being at risk of foreclosure does not mean you are without options when it comes to keeping your home. And the earlier you seek out possible programs or opportunities to protect yourself from foreclosure, the better.

If you are struggling to keep up with your monthly mortgage payments, don’t ignore the problem. Seek help right away. At Jacobs Legal, we offer legal guidance and help when it comes to pursuing the best program options for you.

Below is an overview of a few government-administered programs (primarily administered through the U.S. Treasury Department and HUD) that may help save you from a Florida foreclosure.

Loan Modification Programs

These programs offer an opportunity to modify or refinance your loan so you have lower monthly payment obligations going forward. Programs include but are not limited to:

  • Home Affordable Modification Program (HAMP): This program lowers your monthly mortgage payment to 31% of your verified monthly pre-tax gross income.
  • Principal Reduction Alternative (PRA): PRA helps homeowners whose homes are worth significantly less than they owe.
  • Second Lien Modification Program (2MP): If your first mortgage was permanently modified under HAMP SM and you have a second mortgage on the same property, you may be eligible for a modification or principal reduction on your second mortgage.
  • Home Affordable Refinance Program (HARP): If you are current on your mortgage but have been unable to obtain a traditional refinance, you may be eligible to refinance through HARP.

Programs for “Underwater” Mortgages

If your home’s value has decreased and you owe significantly more than your home is worth, these programs may help:

  • Home Affordable Refinance Program (HARP) and Principal Reduction Alternative (PRA), as discussed above.
  • Treasury/FHA Second Lien Program (FHA2LP): If you have a second mortgage, you may qualify to have your second mortgage on the same home reduced or eliminated through FHA2LP.

Programs for Unemployed Homeowners

  • Home Affordable Unemployment Program (UP): UP provides a temporary reduction or suspension of mortgage payments for at least 12 months while you seek re-employment.
  • Emergency Homeowners’ Loan Program (EHLP)
  • Forbearance: If you’re having difficulty making mortgage payments because you are unemployed and have no other sources of income, you may be eligible for forbearance, including FHA’s Special Forbearance program.

In addition to these programs, you may also seek to negotiate directly with your lender or take advantage of other assistance programs not listed here. At Jacobs Legal, we’ll evaluate your situation and help you understand your best options for moving forward depending on your financial and home goals. Get in touch with us to schedule a confidential consultation.

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