Helping Families Save Homes


Home and lock

This law was drafted to provide tools that can help prevent mortgage foreclosures.



The Helping Families Save Their Homes Act, which was passed on May 19, 2009, provides tools and resources for lenders, servicers and homeowners to help modify loans of homeowners at risk of foreclosure. Foreclosure prevention tools include expansion of the loan modification program to include FHA loans and mortgage loans to rural areas, development of new incentives for lenders to negotiate loan modifications for at-risk borrowers, and protection of lenders from lawsuits after making loan modifications. The legislation also establishes consumer rights for homeowners and renters.

The bill amends the HOPE for Homeowners Program, to permit reduction of excessive fee levels, provide greater incentives for mortgage servicers to engage in modifications under the Program, and reduce administrative burdens to loan underwriters by making the requirements more consistent with standard FHA practices.

Regulatory Resources

The Federal Housing Authority Web site publicizes information and program provisions about avoiding mortgage foreclosure.

February 16, 2009

Governor Elizabeth A. Duke

Stabilizing the Housing Market: Focus on Communities
At the American Bankers Association National Conference for Community Bankers, Phoenix, Arizona

October 23, 2008

Governor Elizabeth A. Duke

Foreclosure Prevention Efforts and Market Stability
Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate

February 11, 2009

Governor Elizabeth A. Duke

Stabilizing the Housing Market: Next Steps
At the Global Association of Risk Professionals’ Risk Management Convention, New York, New York

April 29, 2009

Sandra F. Braunstein, Director, Division of Consumer and Community Affairs

Financial Literacy
Before the Subcommittee on Oversight of Government Management, the Federal Workforce, and the District of Columbia, Committee on Homeland Security and Governmental Affairs, U.S. Senate, Washington, D.C.

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Community Development
(804) 697-8434