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If you are having trouble making your mortgage payments , have already fallen behind or are in default or foreclosure, you may feel scared, ashamed or overwhelmed. It is very important that you act quickly to communicate your situation clearly to your lender and reach out for the help you need. The longer you wait, the fewer options you may have to save your home or avoid foreclosure. Here are some tips on the steps to take if you find yourself in this situation: CONTACT YOUR LENDER OR LOAN SERVICER IMMEDIATELY It is crucial that you contact your lender or loan servicer as soon as you realize that you are unable to make a payment. This is a crucial first step in addressing your situation and identifying possible solutions.It is very important that you respond to mail and phone calls from your lender. If your lender does not hear from you, they are more likely to start legal action leading to foreclosure. Provide any information requested by your lender or servicer quickly and keep records and copies of everything.
CONTACT A NOT-FOR-PROFIT HOUSING COUNSELOR Housing counselors that handle foreclosure related issues can give you advice on your options and resources at little or no cost. They may also be able to negotiate with your lender and help you find free legal services in your area. To find an approved not-for-profit housing counselor in your area, click here: http://nysdhcr.gov/Programs/ForeclosurePrevention/CounselListing.htm If you live in New York City, you can also call the Center for New York City Neighborhoods (CNYCN) at 311 or 646-786-0888. CNYCN partners with more than 50 agencies and coordinates foreclosure prevention and intervention services in all five boroughs. CNYCN can help you find the right services for your needs. Homeowners seeking counseling or advice can also call the 24-hour toll free HOPE NOW HOTLINE at 888-995-HOPE (888-995-4673). HOPE NOW is an alliance of HUD approved counseling agents, servicers, investors and mortgage lenders that provide free foreclosure prevention assistance. SEEK LEGAL ASSISTANCE Contact a lawyer and review your mortgage documents. Make sure your loan is not in violation of any laws. If you do not have a lawyer, call the New York State Bar Association’s Lawyer Referral Program at (800) 342-3661 to find one, or visit www.nysba.org. If you do not think you can afford a lawyer call the Banking Department’s Consumer Helpline for assistance in locating free legal services in your area, call the Legal Aid office in your area or visit Law Help at www.lawhelp.org/ny WATCH OUT FOR SCAMS Solutions that sound too good to be true usually are! BEWARE of anyone who asks for an upfront fee in exchange for getting you a loan modification, saving your home from default or stopping a foreclosure or tax sale. New York law prohibits the collection of such fees in most cases. Also, many not-for-profit housing counselors will help you negotiate with your lender for free. BEWARE of anyone who says they can “save” your home if you sign or transfer the deed to your house over to them so you can catch up on your mortgage payments or refinance your loan. NEVER submit your mortgage payments to anyone other than your mortgage company without their approval. Click here to learn more about How to Avoid Home Equity Theft and Foreclosure Rescue Scams QUESTIONS? If you still have questions about where to turn for assistance or don’t know who to call first or if you believe you are a victim of mortgage fraud, call the New York State Banking Department Helpline at: (877 ) BANK-NYS Our staff can help you in filing a complaint. We can also answer your questions about mortgages, personal debt and the foreclosure process and can help you find professional help and resources in your area. You can also file a complaint online. Click here to learn how to file a complaint online. |
