The Home Affordable Refinance Program, otherwise known as HARP, was designed for homeowners who are current on their payments, but have had difficulty refinancing. This is a good option for those who how more than their home is worth, as long as the mortgage is owned by Fannie Mae or Freddie Mac.
The Home Affordable Unemployment Program, or UP, reduces or suspends monthly mortgage payments to give borrowers a cushion while they look for another job. It temporarily stops required payments for up to 12 months or reduces them to no more than 31% of gross income.
Other programs include Home Affordable Modification Program (HAMP), Home Affordable Foreclosure Alternatives Program (HAFA), Hardest Hit Fund Programs (HHF), and FHA Short Refinance for Borrowers with Negative Equity (FHA Short Refinance). Each program has its own deadline, so act fast to meet the application requirements.