As of January 2026, President Trump has enacted initiatives focused on increasing homeownership access by restricting large institutional investors from purchasing single-family homes, aiming to reduce competition and lower costs for families. These efforts include executive orders targeting investor purchases and promoting, through federal agencies, sales to individual, owner-occupant buyers.
The Homeowner Assistance Fund (HAF) program provides funding to government entities to assist eligible homeowners who have been financially impacted by the COVID-19 pandemic to pay their mortgage and other qualified expenses related to mortgages and housing.
The Homeowner Assistance Fund was established by the American Rescue Plan Act to help homeowners who have been financially impacted by COVID-19 with certain housing-related costs. The program's goal is to prevent: Mortgage issues like delinquencies, defaults, or foreclosures.
Your credit score
According to FICO, a foreclosure could lower your FICO® score by 100 points or more. Relief options that modify your mortgage terms, suspend or reduce your payments, or allow you to sell or leave your home and avoid foreclosure may also have negative impacts on your credit.
The California Mortgage Relief Program provided grants to thousands of homeowners who faced financial hardships as a result of the Covid-19 pandemic.
The American Relief Act, 2025, provides more than $16 billion in disaster relief payments to producers who suffered revenue, quality or production losses to crops, trees, bushes, or vines due to qualifying disaster events in calendar years 2023 and 2024.
Monthly payments on a $70,000 mortgage vary significantly, but generally fall between $350 to $700+ for principal & interest, depending heavily on the interest rate, loan term (e.g., 15 vs. 30 years), and if property taxes/insurance are included, with typical rates (around 6-7%) on a 30-year loan landing in the $400-$500 range for P&I, while a shorter term or higher rate pushes payments up.
Homeowner Assistance Fund (HAF)
Eligible homeowners can use HAF funds to pay past-due mortgage payments and other housing costs, including homeowners insurance, property taxes, utilities, housing association fees, partial claims, and some home repairs.
If you can't pay your mortgage, immediately contact your lender and a HUD-approved housing counselor to explore options like forbearance (pausing payments), a repayment plan, or loan modification, as waiting reduces your choices; other solutions include short selling or deed-in-lieu of foreclosure, but always watch for scams by avoiding upfront fees and promises of guaranteed fixes.
To qualify for mortgage forgiveness, you generally need to prove significant financial hardship (like job loss or reduced income), have your mortgage on a primary residence, and apply through your lender for options like loan modification, short sale, deed-in-lieu, or specific government programs (e.g., HAF), providing extensive financial documents to show your situation, though lenders rarely forgive debt outright, preferring other relief.
Helping more than 6 million families stay in their homes through modified mortgages: The Making Home Affordable Program is a critical part of the Obama Administration's broad strategy to help homeowners avoid foreclosure, stabilize the country's housing market, and improve the nation's economy.
Good news: The bill brings back the tax deduction for mortgage insurance premiums—and this time, it's permanent. Translation: If you're buying your first home with a smaller down payment, this could save you an extra $1,500–$2,000 a year on your taxes. That's real money back in your pocket.
Mortgage Interest Deduction Also Secured
The legislation also makes permanent the current $750,000 mortgage interest deduction limit ($375,000 for single filers), which was set to expire after 2025.
Paying an extra $1,000 a month on your mortgage significantly accelerates paying off your loan, saves you thousands in total interest, and builds equity faster by applying the extra funds directly to the principal balance. It shortens the loan term, potentially by many years, but requires discipline and ensuring the extra funds go to principal, not just future interest.
What to do if you can't pay your mortgage
Increasing your monthly payments, making bi-weekly payments, and making extra principal payments can help accelerate mortgage payoff. Cutting expenses, increasing income, and using windfalls to make lump sum payments can help pay off the mortgage faster.
Monthly payments on a $400,000 mortgage
At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $2,661 a month, while a 15-year might cost $3,595 a month.