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Foreclosure Prevention

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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.

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

Loan Modification and Refinance Programs

  • Loan Modification Program for Distressed Indymac Mortgage Loans
    This program is available for most borrowers who have a first mortgage owned or securitized and serviced by IndyMac Federal where the borrower is seriously delinquent or in default. The program is designed to achieve affordable and sustainable mortgage payments for borrowers and increase the value of distressed mortgages by rehabilitating them into performing loans.
  • HOPE for Homeowners (H4H) (www.hud.gov)
    The HOPE for Homeowners (H4H) program was created by Congress to help those at risk of default and foreclosure refinance into more affordable, sustainable loans. H4H is an mortgage option designed to keep borrowers in their homes.





Last Updated 01/02/2009 communityaffairs@fdic.gov

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