Many community-based organizations have increased outreach efforts to assist homeowners experiencing mortgage delinquency and foreclosure by providing them with access to quality information, counseling services and resources that can lead to solutions. In addition, some national nonprofit housing counseling agencies are now working with servicers to develop foreclosure prevention programs.
However, assisting distressed homeowners may require additional foreclosure training for staff or expanding the organization capacity through partnerships with others who have a stake in keeping homeowners in their properties and maintaining the economic health of local communities. In addition to the resources identified here, local strategies are being implemented through community-based, city-wide and state-wide task forces. Check with your city and state government offices or FDIC Community Affairs Officer to find out if there is an active foreclosure task force in your area.
- FDIC Alliance for Economic Inclusion (AEI)
- NeighborWorks® Foreclosure Counselor Training (www.neighborworks.org)
- NeighborWorks® America Network Directory (www.neighborworks.org)
- NeighborWorks® Center for Foreclosure Solutions (www.neighborworks.org)
- NeighborWorks® Stable Communities (www.stablecommunities.org)
- Online Training Opportunities for Non-Profit Organizations (www.neighborworks.org)
Loan Modification and Refinance Programs
- 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.
Net Present Value (NPV) Calculator
This NPV calculator (Calculator) is being made available to the public by the Federal Deposit Insurance Corporation (FDIC) based on the agency's use of the tool during the resolution of IndyMac Federal Bank, a large mortgage lender. An NPV calculation may assist in evaluating the costs of loan modification compared to foreclosure.
Foreclosure Rescue Scams
- Beware of Foreclosure Rescue and Loan Modification Scams [Spanish]
If It's Too Good to be True, it Probably Is
- Foreclosure Rescue Scams: Another Potential Stress for Homeowners (www.ftc.gov)
- Consumer Alert — Bankruptcy Mortgage Foreclosure Scams (www.doj.gov)
- Loan Modification Scam Campaign (www.loanscamalert.org)
Selected Research Articles