Feedback    Print    Email
In Danger of Losing Your Home to Foreclosure?

Foreclosure-Response.org has been created as a resource for state and local leaders and others interested in developing stronger housing policies. Unfortunately, we are unable to provide direct assistance to individuals and families who may be facing foreclosures. Several other resources can help address problems at various stages in the foreclosure timeline.

If you are having difficulty paying your mortgage, seek assistance early through reputable sources such as those below:
In Danger of Losing Your Home to Foreclosure
Carlton Court, Hollywood CA -- photo courtesy of McCormack Baron Salazar
While you are seeking assistance, educate yourself about how to avoid scams that promise assistance but instead put you more at risk.

Special program for homeowners with income loss or medical emergencies:

If your mortgage problems are due to unemployment, underemployment, or a medical emergency, a good first step for assistance is the Emergency Homeowners' Loan Program (EHLP) or similar assistance program. NeighborWorks America is accepting pre-applications between now and July 27, 2011 through their EHLP website. Information is also provided on similar programs being administered separately by some states.


Non-Profit Housing Counselors

When you first start having trouble with your payments, contact a non-profit housing counselor for assistance.
  • HOPE NOW, an alliance of HUD-approved counseling agents, services, and investors, provides free foreclosure prevention assistance. Visit www.hopenow.com or call 1-888-995-HOPE.

  • Neighborhood Housing Services is a national nonprofit affiliated with NeighborWorks, with local offices that offer homeownership counseling and education. Some offices also offer foreclosure prevention assistance. Visit Neighborhood Housing Services to find your local office.

  • NeighborWorks' Find a Foreclosure Counselor site (http://www.findaforeclosurecounselor.org) makes it easy to search for a nearby housing counseling agency that offers free counseling services. All agencies in the database are funded through the National Foreclosure Mitigation Counseling Program or by the U.S. Department of Housing and Urban Development (HUD).

Your Lender or Loan Servicer

Another important early step is to contact your lender and ask to speak with a loss mitigation specialist. A representative may be able to help modify your loan or work out another arrangement. Click on the links below to learn more about homeowner preservation initiatives sponsored by major lenders. (Note: Some lenders may reserve assistance for borrowers who are more than 90 days' delinquent. If your lender turns you away, contact a non-profit housing counselor rather than letting the delinquencies pile up. Getting help early is often the key to saving your home.)
Your State's Housing Finance Agency

State housing finance agencies often are a point of entry for state-provided foreclosure prevention assistance and can be good places to find resources and support. A complete list of state housing finance agencies and related contact information can be found through the National Council of State Housing Agencies.

Other Government Resources

The federal government offers numerous foreclosure assistance programs as part of Making Home Affordable. Find out more about the programs and use a simple checklist to find out which one(s) you may be eligible for at http://www.makinghomeaffordable.gov.

HUD also maintains a page with links to foreclosure prevention resources in your state at http://www.hud.gov/foreclosure/local.cfm.

The Federal Deposit Insurance Corporation (FDIC) has a foreclosure prevention toolkit which contains information for consumers on foreclosure counseling resources, loan modification and refinance programs, foreclosure rescue scams and other guidance. Visit www.fdic.gov/consumers/loans/prevention/consumer.html to access the toolkit.
Tips to Avoid Foreclosure Assistance Scams

1. Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.

2. Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.

3. Beware of people who pressure you to sign papers immediately, or who try to convince you that they can "save" your home if you sign or transfer over the deed to your house.

4. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.

5. Never make a mortgage payment to anyone other than your mortgage company without their approval.

Click here for more information.

This information was taken from www.makinghomeaffordable.gov


Fannie Mae's Know Your Options website has video guidance, interactive tools to help homeowners find programs that fit their situation, and tips on how to prepare for a conversation with your lender. You can access these tools at www.knowyouroptions.com