For Homeowners
In default on your home loan (or about to be)?
There's help – foreclosure isn't the only option!
The government has rolled out new programs to help the millions of American homeowners who owe more on their mortgages than their homes are worth, are facing financial hardship, and are at risk of losing their homes. If this describes you, chances are good you'll qualify for assistance. To find out, follow the three simple steps below.
Three Steps That May Save Your Home
1. Check your eligibility for a change in your mortgage payment under the Making Home Affordable Modification Program (HAMP)
Answer four simple questions by checking the boxes – it's easy and confidential
http://www.makinghomeaffordable.gov/modification_eligibility.html
2. Determine if your loan is covered by the Making Home Affordable Program
Check to see if you have a Fannie Mae or Freddie Mac loan. All you need is your name and complete home address.
- Check Fannie Mae – 1-800-732-6643, 8am to 8pm (East Coast time) M-F
- Check Freddie Mac – 1-800-373-3343, 8am to 8pm (East Coast time) M-F
- If neither Fannie nor Freddie own or guarantee your loan, you may still qualify. You'll want to contact your lender or your mortgage servicer* to see if they are participating in the program. Most loans are covered, including FHA loans. Check whether your servicer is participating in the Making Home Affordable Program.
- If you don't find your servicer on the list, contact your lender and ask what assistance may be available to you. Go to HopeNow.com and look for the "Contact your mortgage company" headline.
*Note: The servicer is a firm that performs services for the mortgage lender. This includes collecting mortgage payments, paying the borrower's taxes and insurance and, when required, assisting with loss mitigation and foreclosure.
3. Contact a HUD-approved housing counselor to start the process of getting help and avoiding foreclosure
You'll need to have information about your loan and details about your finances when you call 888-995-HOPE (4673) or visit Making Home Affordable
If you are in default or about to be, it is important that you act immediately. Millions of Americans – often through no fault of their own – are caught in a financial trap which can lead to foreclosure if they don't get help. Assistance is available, but you must act.
Important Tips from the Making Home Affordable Program
Beware of Foreclosure Rescue Scams - Help Is Free!
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There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor.
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Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay – walk away!
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Beware of anyone who says they can "save" your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
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Never submit your mortgage payments to anyone other than your mortgage company without their approval.
The Obama Administration has launched a coordinated effort across federal and state government and the private sector to target mortgage loan modification fraud and foreclosure rescue scams that threaten to hurt American homeowners and prevent them from getting the help they need during these challenging times. Click here for more information.
