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Consumer Resources
If you are having difficulty making your mortgage payments, one of the
most important things you can do is be proactive. Review the terms and
conditions of your mortgage, learn about the foreclosure process for residents
in your state and what may lead up to it, and find out more about the resources
on a local, state and national level available to assist you in working
with your lender and your finances.
| What is foreclosure?
In the contract you signed when your mortgage lender loaned you
money to buy your house, you agreed that if you can’t repay
the loan, the lender can foreclose to take ownership of the house.
If you do not pay your monthly mortgage payment, you are technically
in default on your mortgage. State laws vary, but generally, a loan
that is as little as 90 days delinquent can be considered in foreclosure.
Your lender may send you a notice indicating that they are starting
foreclosure proceedings, but don't wait; take steps to prevent a
foreclosure as soon as you realize you are having trouble paying
the mortgage.
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These links provide concise general information and advice.
Foreclosure Counseling Resources
If you are in foreclosure trouble or may be in the future, call or visit a homeowner
or foreclosure counselor.
General Guidance
FDIC Consumer News Articles
Other information you may find helpful can be found at the following
website links.
Military Personnel Mortgage Payment Relief and Protection
Foreclosure
Provisions of the Servicemembers Civil Relief Act (www.hud.gov)
Foreclosure Rescue Scams
Informational Websites, Tools,
and Tips
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