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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.
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.
- 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.
Foreclosure Rescue Scams
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)
Informational Websites, Tools,
and Tips
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