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Community Resources 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.
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
Selected Research Articles
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