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Foreclosure Prevention

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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.




Last Updated 05/28/2008 communityaffairs@fdic.gov

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