Avoid Foreclosure or Eviction

On March 26, 2010, the Administration announced enhancements to the Making Home Affordable Program (MHA) and the Federal Housing Administration (FHA) refinance program to give a greater number of responsible borrowers an opportunity to remain in their homes and reduce costly foreclosures. The changes are two-fold: Provide temporary assistance to unemployed homeowners while they search for re-employment; and give lenders greater flexibility to reduce mortgage balances.

And Bank of America announced a program, initially aimed at up to 45,000 Countrywide borrowers, that will reduce principal balances up to 30% of the loan amount, to help keep people in their homes and avoid foreclosure.