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
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.
Loan Modification and Refinance Programs
Foreclosure Knocking at Your Door?
Your Home -
Mortgage Modification Programs are Available
- Making Home Affordable (www.makinghomeaffordable.gov)
Making Home Affordable is a program the Obama Administration has introduced
to help stabilize the housing market and help Americans reduce their monthly
mortgage payments to more affordable levels. Eligible participants may
have the opportunity to either refinance or modify their residential mortgage
loans. The Home Affordable Refinance Program gives up to 4 to 5 million
homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac
an opportunity to refinance into more affordable monthly payments. The
Home Affordable Modification Program commits $75 billion to keep up to
3 to 4 million Americans in their homes by preventing avoidable foreclosures.
This website provides homeowners with detailed information about these
programs along with self-assessment tools and calculators to empower borrowers
with the resources they need to determine whether they might be eligible
for a modification or a refinance under the Administration's program.
Foreclosure Rescue Scams
FDIC Consumer News Articles
Other information you may find helpful can be found at the following
Military Personnel Mortgage Payment Relief and Protection
Provisions of the Servicemembers Civil Relief Act (www.hud.gov)
Informational Websites, Tools,