Are you facing foreclosure or mortgage payments you may not be able to afford? Here’s some advice to help you:
Do's and Don'ts
Are you facing foreclosure or mortgage payments you may not be able to afford? Here’s some advice to help you:
Do's and Dont's
DO call your lender or servicer the minute you think there might be a future problem with paying your mortgage on time. The lender or servicer is the first person you should talk to. They deal with these situations every day. They do not charge a fee to modify your loan if you are eligible and qualified.
DO call the Arizona Mortgage Foreclosure Help Line (1-877-448-1211) for a FREE bilingual connection to an Arizona counselor trained to assist you in working with your lender to modify your loan. Or visit them on the web at: http://www.housingaz.com/ShowPage.aspx?ID=248
DO walk away from anyone that wants you to pay a fee for their help. There is never a fee to get assistance or information from your lender or a HUD-approved housing counselor. Call 1-877-448-1211 or click here to see a list of HUD-approved free counselors throughout the State.
DO be wary of anyone who says they can save your home if you will simply deed it over to them. Signing your home over to anyone can quickly lead to the loss of your home.
DO Contact your lender immediately to implement a "work out" program or a plan, if you fall behind on your mortgage payment. If you cannot bring your mortgage payments current, think about selling your home and keeping the equity you have built up.
DO NOT pay a fee for loan modification services.
DO NOT sign documents with blank spaces or blank documents.
DO NOT sign any documents that you do not understand.
DO NOT ignore lender "warning letters."
If you think you are a victim of a foreclosure rescue scam or a mortgage loan modification company, you should fill out and sign a formal written complaint form with the Arizona Department of Financial Institutions ("DFI") http://www.azdfi.gov/Consumers/Complaints/Complaints.html
If you believe you have been the victim of consumer fraud, you should first contact the company in writing and specifically request the relief that you feel is appropriate.
It is often best to file your complaint directly with a state or federal agency charged with regulating the person or business who is the subject of your complaint. In addition to filing a complaint directly with the regulatory agency, you can also file a complaint online with the Arizona Attorney General's Office.
For more information on Foreclosure Prevention Information see the following links:
US Department of Housing and Urban Development
Federal Trade Commision
Board of Governors of the Federal Reserve System
IRS
Fannie Mae
Comptroller of the Currency Administrator of National Banks, US Department of the Treasury
Southwest Fair Housing Counsel
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12.26.2007
