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Floridians who are struggling to make their monthly mortgage payments and fear foreclosure can turn to some programs that President Obama initiated. The administrators of most of the below programs for American consumers are the Departments of Housing and Urban Development and the Treasury.

Those homeowners who are out of work might be eligible for the Home Affordable Unemployment Program, which is known as UP. The program will temporarily suspend or reduce your mortgage payments for at least a year while you search for a job.

The Making Home Affordable plan is designed to stabilize the housing market, stave off foreclosures and jump-start the economy. It allows homeowners to lock into lower interest rates on more secure home loans with lower mortgage notes.

Another program is the Principal Reduction Alternative to assist homeowners with underwater mortgages by advocating a reduction in the total owed to lenders. For consumers facing the same circumstances, the Home Affordable Refinance Program is another available option. Those who are up to date on their payments but unable to refinance due to declining home values may qualify for refinancing through this government program.

Those with second mortgages on their homes might also look into the Treasury Department’s FHA Second Lien Program. If the lender of the initial mortgage consents to take part in a FHA Short Refinance, it might be possible to reduce or even eliminate the second mortgage entirely.

Even when it seems as if you have run out of options, that may not be the case. Filing for consumer bankruptcy protection remains a viable option to stop the foreclosure clock and save your home. Consult a legal professional for more information regarding your individual circumstances.

Source: Housing and Urban Development, “Avoiding Foreclosure” accessed Feb. 27, 2015