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
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 call the Department of Financial Institutions (“DFI”) at 602-255-4421 and file a complaint if you think you’ve been exploited by a Mortgage Loan Modification Company. When you call, press “0” and ask for Consumer Affairs. Click here to see more information, a link to our complaint form in either English or Spanish (with instructions about the complaint process), and a description about the information we will need for DFI’s investigation.
DON’T be afraid of your lender or servicer. If you are eligible and qualified they can help you and they will not charge a fee. If you are eligible and qualified, they will tell you. If you are not eligible and qualified, the loan modifier who wants you to pay a fee cannot help you but will keep the fee you paid.
DON’T pay up-front fees to a loan modifier. These companies are not licensed or regulated.
DON’T sign documents with ANY blanks.
DON’T sign documents you don’t understand.
DON’T ignore mail from your lender or servicer.
Facing Loan Foreclosure, a Foreclosure Rescue Scam, or an approach by a Mortgage Loan Modification Company?
If you are, call The Arizona Mortgage Foreclosure Help Line (1-877-448-1211). The Help Line has a single mission: To help Arizona homeowners reach trained local housing counselors across our State. |
MORE HELP:
Neighborhood Housing Services of Phoenix, Inc.
Website:www.nhsphoenix.org
1405 East McDowell, Suite 100
Phoenix AZ 85006
Phone: 602.258.1659
Maricopa County Community Legal Services (CLS)
305 S. 2nd Ave., Phoenix, AZ 85036-1538
Main: 602-258-3434
Toll Free: 1-800-852-9075 or Foreclosure Rescue: 602-682-3410
CLS also has offices in Mesa, Kingman, Yuma, Prescott, and San Luis. Call the CLS 800 number if you need their help in or near any of these Arizona communities.”
Southern Arizona Legal Aid, Inc.
Website: http://sazlegalaid.org/
2343 E. Broadway Blvd. 2nd Floor
Tucson, AZ 85701
Phone: 520-623-9461 or 800-248-6789
Southern Arizona Legal Aid, Inc. also has offices in Casa Grande, Bisbee, Lakeside, Nogales, Sacaton and Whiteriver. It has staff that covers matters in Sells. Call their 800 number if you need their help in or near any of these Arizona communities. Free consumer and homeowner legal information is available at http://azlawhelp.org/
There are new federal programs that may help some borrowers modify or refinance their mortgage debt. Click here to see the Making Home Affordable Program’s website. The eligibility and qualification criteria are detailed so visit the site and make contact with the program if you think they may be able to help
Ways to Avoid being a victim of a foreclosure scam or mortgage loan modification company:
• 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."
Links to Foreclosure Prevention Information
Office of the Arizona Governor Jan Brewer
http://azgovernor.gov/Economy_Tips.asp
Arizona Foreclosure Prevention Task Force – www.arizonaforeclosuretaskforce.com
Arizona Department of Housing
http://www.housingaz.com/ShowPage.aspx?ID=248
Neighborhood Housing Services of Phoenix – www.nhsphoenix.org
Federal Deposit Insurance Corporation – www.fdic.gov
Let us investigate
- 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/CAD/Complaint_Form.htm.
- You must provide a detailed timeline of the events and the entities and persons involved along with all corresponding documentation.
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12.26.2007
