Today’s newspapers reported on the results of a survey by the Mortgage Bankers Association that indicated that more people will face foreclosure on their homes in the months ahead. A significant portion of these potential foreclosures are from fixed-rate home loans made to people with good credit who have reduced incomes or lost their jobs.
The website for the NYS Attorney General offers the following tips for homeowners who are behind on their mortgage payment:
- Call your lender or mortgage servicer immediately to discuss the available alternatives to foreclosure. Many lenders offer foreclosure avoidance programs and have pledged publicly to assist distressed borrowers.
- Respond to your lender or mortgage servicer. Some lenders and servicers contact homeowners to discuss available foreclosure avoidance options.
- Consult with a government-approved housing counseling agency.
- To find counselors approved by the U.S. Department of Housing and Urban Development (HUD) in your local area, call 1-800-569-4287 or visit http://www.hud.gov/. A list of housing counselors also can be found on the website of the NYS Banking Department at www.banking.state.ny.us.
- Refer to http://www.makinghomeaffordable.gov/ for useful information and resources concerning obtaining a loan modification and avoiding foreclosure.
- Call HOPE NOW at 1-888-995-HOPE. HOPE NOW is an alliance of housing counselors, mortgage companies, investors, and other mortgage market participants that provides free foreclosure prevention assistance.
These brochures offer some good advice and are in a .pdf format for downloading. The National Association of Realtors – NAR “How to Avoid Foreclosure and Keep Your Home” Brochure and The NYS Attorney General’s Office – “How to Avoid Foreclosure and Rescue Scams”.
If I can assist you in any way – whether preparing a free market value report for your bank or just a private consultation – no charge – to help you determine the options available to you, just call me at 631-493-0542 or email me at firstname.lastname@example.org. This is such a difficult time for so many of us – I’ll try to help in any way possible. If I don’t know the answer, I’ll find someone who can guide you.