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The FDIC -- along with fellow regulators and the banking industry
-- continues the urgent search for workable solutions to our nation’s
serious subprime mortgage and foreclosure problems. Banks that originate
and service mortgage loans are encouraged to make prudent attempts to find
solutions for homeowners having trouble making their mortgage payments. Exploring
options that can keep homeowners in their homes may be one of the best ways
for lenders to mitigate losses, preserve customer relationships, and maintain
safe and stable neighborhoods.
Homeowners who currently have, or expect to have, difficulty making
their payments should contact their loan servicer or reputable counseling
agency as soon as possible to discuss options. Troubled borrowers should
be careful in dealing with organizations that encourage borrowers to cease
making payments or walk away from their home while also promising to repair
their credit. If it sounds too good to be true, it may well be a scam that
will damage the borrower's credit and cost more in the long run. Working
directly with the servicer or legitimate non-profit organizations is the
best approach for troubled borrowers.
This website provides information that may be helpful to consumers,
financial institutions, and the community groups working with them
on foreclosure-related issues.
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