-
Finding Help with your mortgage:
What happens when I miss my mortgage payments and what should I do to avoid foreclosure?
If you don't pay your mortgage foreclosure may occur. This means your lender can legally repossess (take over) your home and you must move out. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued, meaning you would not only lose your home, you also would owe HUD money.
Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future. So you should avoid foreclosure if at all possible.
If you cannot pay your mortgage take the following steps:
Look at your monthly mortgage coupons or billing statements for the lender's name and contact information. You should also know what kind of mortgage you have. Look on the original mortgage documents or call your mortgage lender.
Do not ignore letters or calls from your lender. If you are having problems making your payments, call or write to your lender's loss mitigation department immediately. Explain your situation. Be prepared to provide financial information, such as your monthly income and expenses. Without this information, they may not be able to help.
Stay in your home for now. You may not qualify for assistance if you abandon your property. Be sure to talk with your lender about your particular situation and the options available to you.
Contact a HUD-approved foreclosure housing counseling agency. Call toll free 1-800-569-4287 or TDD (800) 877-8339 for the housing counseling agency nearest you. These agencies are valuable resources. They have information on services and programs offered by government agencies and private and community organizations that might be able to help you. The housing counseling agency may also offer credit counseling. These services are usually free of charge.
Source:
http://portal.hud.gov
Foreclosure Avoidance Counseling:
HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure. As part of President Obama's comprehensive Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance, to reduce your monthly payments and help you keep your home.
If you need help understanding the Making Home Affordable programs, you can use this search tool ( http://www.hud.gov/offices/hsg/sfh/hcc/fc/ ) to find a counseling agency in your area that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your servicer.
Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.
Please select a state from the list below and click the “Go to this page” link, or select a state from the map below. This will take you to a page with additional search criteria to help you find a conveniently located housing counseling agency.
Source:
http://www.hud.gov/offices/hsg/sfh/hcc/fc/
************************************
Helpful websites:
hud.gov
fhahome.gov
hopenow.com
homeloans.va.gov
makinghomeaffordable.gov
Counseling Agencies:
http://www.hud.gov/offices/hsg/sfh/hcc/fc/
************************************
Be sure to do your own research and due diligence in order to become more knowledgeable about this subject. Not meant as legal or professional advice.
-
