FORECLOSURE HELP

The Homeowner Affordability and Stability Plan (HASP) is a $75 billion federal program, enacted in February of 2009, which aims to help up to nine million homeowners avoid foreclosure through a variety of mechanisms including reduced payments and partial forgiveness. It is the centerpiece of efforts to stem the rate of home foreclosures in this country. In addition, foreclosure prevention counseling is offered by a number of organizations across the country. Industry experts encourage homeowners to seek counseling as early as possible.

Unfortunately, foreclosure rescue scams have also been on the rise. Some of these scams cheat homeowners, thnking they are refinancing their debt, ,out of substantial sums of money and sometimes even title to their propert as well.

Homeowners facing foreclosure are particularly vulnerable to the growing number of foreclosure resce scams. Information on how to recognize and avoid these scams is available from the government, lenders, and homeownership counseling services.

HUD'S website contains a page on avoiding foreclosure, which provides consumers with links to information and tools on avoiding foreclosure, including a link to find foreclosure counseling in their area

AVOIDING FORECLOSURE

This page contains links to resources for homeowners facing imminent foreclosure

CONCERNED ABOUT YOUR EXISTING MORTGAGE? LEARN WHAT YOU CAN DO TO PROTECT YOUR HOME

The Homeownership Preservation Foundation, an independent non-profit, operates the Homeowners HOPE Hotline - 888-995-HOPE which provides free counseling and information to borrowers concerned about their mortgage.

HOMEOWNERSHIP PRESERVATION FOUNDATION-HOPE HOTLINE

The FTC lists six "Dont'ts" to help homeowners avoid foreclosure scams

A NOTE TO HOMEOWNERS-A WARNING ABOUT SCAMS

Contains tips for spotting and avoiding scams. Also provides contact information for those who have been the victimm of a foreclosure rescue scam.

BEWARE OF FORECLOSURE RESCUE SCAMS-HELP IS FREE!

Making Home Affordable Program

What Should You Do If You Think a Servicer Isn't Following the Making Home Affordable Program Guidelines

If you think that servicers are not following the guidelines for the Obama Administration's Making Home Affordable Program for modifying eligible mortgages and refinancing Fannie Mae and Freddie Mac mortgages. Here are the recommended steps to take:

1) First, go to www.makinghomeaffordable.gov, the official Treasury website for the Making Home Affordable Program. At the site, determine whether the loan is owned or guaranteed by Fannie Mae or Freddie Mac by clicking "Loan Look Up" on the ribbon on the top of the home page. Only the holder of the loan is allowed to perform this.

If the loan is a Fannie Mae or Freddie Mac loan, call (1) 1-800-7Fannie or (1) 1-800-Freddie, as appropriate, describing the specific inconsistency. Do this whether the issue relates to the refinancing or the loan modification program.

2) Next, if the loan is not owned or guaranteed by Fannie Mae or Freddie Mac you can determine if the servicer is participating in the Home Affordable Modification Program (HAMP) by going to the website and clicking "Contact Your Mortgage Servicer" on the top ribbon. To date, 16 servicers are participating, covering more than 80% of all mortgages.

If the servicer is participating, the first step is to contact the servicer using the phone number or email address listed on the site so you can appeal the issue to a supervisor. Be sure to identify the specific provision of the guidance that you believe is not being followed. If the supervisor cannot or will not correct the problem, call 1-800-7Fannie to report the disagreement. Fannie is administering the program for the Treasury Department and will work to resolve the issue.

Making Home Affordable Program Website (consumer friendly)
www.MakingHomeAffordable.gov

Site for Detailed Information on Making Home Affordable and Other Government Programs
www.FinancialStability.gov

DC Office: 500 New Jersey Avenue, NW, Washington, DC 20001-2020 I 1-800-874-6500

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