The first step consumers should take who are facing foreclosure is to contact their lender if they believe they are eligible for loan restructuring. This could result in lower mortgage payments for as long as the mortgage has to run. (Lenders are beginning to realize that permanently receiving less interest may be a better solution than foreclosing on the home.)
- The “HOPE Hotline” (1-888-995-HOPE or www.995HOPE.org) operated by the Homeownership Preservation Foundation, provides free mortgage counseling 24 hours a day, seven days a week.
- The state’s English and Spanish language consumer mortgage information websites which include helpful information for prospective homebuyers, as well as homeowners who are experiencing difficulty in keeping payments current: www.yourhome.ca.gov and www.sucasa.ca.gov.
- The agency MORTGAGE RELIEF ONLINE assists U.S. homeowners in determining if they are eligible for a loan modification or a refinancing option under the federal Making Home Affordable program (MHA). The MHA helps make mortgages more affordable and seeks to prevent foreclosures. Go to www.mortgagereliefonline.com to determine eligibility.
Mon, Jun 22, 2009
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